Renaissance Square Renovation Helps Attract Major Law Firm
Cantor Law Group inked a 24K SF lease in the two-building Renaissance Square in Downtown Phoenix. The owner's ongoing $50M renovation of the property was an important factor in the deal.
In April, the property's owner, a JV between Cypress Office Properties and funds managed by Oaktree Capital Management, kicked off the $10M first phase of renovation at Renaissance Square. The initial phase will include upgrades to building lobbies, elevators and restrooms, as well as adding a 7K SF multi-purpose conference facility and move-in-ready office suites.
“The renovations now underway, together with the addition of several on-site project amenities, should be well-received by tenants as we work to stabilize the property,” Cypress principal Ron Lack said.
Renaissance Square totals nearly 970K SF in two Class-A towers bounded by West Adams and West Washington streets and Central and First avenues.
“Plans to modernize and renovate Renaissance Square were critical in Cantor’s decision to relocate,” JLL Managing Director John Pierson said. “The firm’s new space will be designed to improve efficiency and functionality, while allowing for future growth."
The firm will not be giving up Downtown Phoenix's amenities to make the move from its current location at CityScape, Pierson said. Such an urban location helps attract and retain top talent. Also important to the law firm is that the property is within walking distance of 140 courtrooms in Downtown Phoenix.
Pierson, along with colleagues Trevor Pratt and Jenna Borcherding, repped Cantor Law Group in its site selection and lease negotiations. Bill Blake of Lee & Associates repped the landlord.