PHOENIX, AZ– Jones Lang LaSalle has renewed Fortune 100 firm Honeywell (NYSE:HON) in a long-term, 252,000-square-foot industrial lease that keeps the company, and as many as 400 local jobs, at its aerospace facility at 19019 N. 59th Ave (top left photo).in Glendale, Ariz.
Honeywell has operated out of the Glendale industrial/flex building for 25 years.
Managing Directors Anthony J. Lydon, SIOR (top right photo), Marc Hertzberg, SIOR (middle left photo), Don Mudd (lower left photo) and John Bonnell (middle right photo) in the Phoenix office of Jones Lang LaSalle represented the building owner, Lexington Realty Trust (NYSE:LXP), in the lease.
Andy Sexson of Colliers International in Chicago represented Honeywell.
“This lease reflects a confidence that Phoenix can continue to produce, deliver and retain the top-flight engineers that Honeywell needs for its business,” said Lydon. “It also protects a sizeable number of well-paying jobs, which is a win for the local economy.”
Honeywell has approximately 122,000 employees worldwide, including more than 19,000 engineers and scientists. It serves customers with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials.
The building owner, Lexingon Glendale LLC, is an affiliate of Lexington Realty Trust—a leading investor in single-tenant commercial properties throughout the United States.
“Phoenix has seen a sharp drop in its availability of big block industrial space,” said Lydon. “Right now, we only have three local industrial buildings over 200,000 square feet that are available to tenants. This has some companies pursuing build-to-suit alternatives and has developers considering inventory industrial construction. These are significant steps forward in the real estate cycle for this product type.”
Contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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