Transaction Is One of the Largest Non-Renewal Leases in 2023
November 15, 2023
PHOENIX –Transwestern Real Estate Services (TRS) announces that it brokered a 70,347-square-foot sublease on behalf of WWEX Group at 7350 N. Dobson Road in Scottsdale, Arizona. Transwestern brokers Scott Baumgarten, Jordan Wade, Chase Bourdelaise and Allie McCracken represented the leading third-party logistics company in the lease.
The building is part of the Riverwalk office development in Scottsdale. The space was formerly an office for GlobalTranz, which was acquired by Worldwide Express in 2021, with the company announcing its new global branding as WWEX Group in October 2023. WWEX Group subleased the space to Open Network Exchange, which was represented in the transaction by Cushman & Wakefield.
“WWEX Group has had a long-standing commitment to the Phoenix market through GlobalTranz,” said Baumgarten. “Transwestern worked with their team to assist them with a long-term lease obligation in Riverwalk as part of a regional consolidation effort focused on enhancing their employees’ experience in the area. We were successful in marketing this excellent opportunity, and we found a terrific subtenant in Open Network Exchange.”
According to research from Transwestern, as of the close of the third quarter, the Scottsdale submarket consisted of 24.6 million square feet of office space with a vacancy rate of 14.5%.
About WWEX Group
WWEX Group helps businesses expertly navigate the supply chain. We are a clear leader for SMB and mid-market companies, delivering enterprise logistics capabilities to businesses of all sizes. Without trucks and drivers, WWEX Group relies on purpose-built, people-backed technology plus decades of experience to provide a complete ecosystem of logistics solutions that drive commerce forward. For more information, please visit www.wwexgroup.com or follow us on social media.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Five dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.