The Grove is one of the most anticipated office and mixed-use developments in Phoenix. AZCREW hosted a project tour this week, giving a peek inside the 180,000 square feet of office space that is spoken for by tenants and in the coming months more will be in use. Companies such as JLL, Sendoso, Clayco, Clear Sky Capital, JPMorgan Chase and Banner Health are some of the tenants. The $400 million development includes three office buildings, upscale dining, and retail, 58 luxury residences and The Global Ambassador hotel. The design of the building and interior was done by George Melara of Nelsen Partners and Judi Testani of Testani Design Troupe. RED Development and Alliance Bank of Arizona provided the financing and Okland Construction was the general contractor.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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