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Discover Financial Services Expands at Drawbridge Realty's The Grove at Black Canyon in Phoenix

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Discover expands with 15,000 s.f. addition to existing short-term lease

PHOENIX - eTradeWire -- Drawbridge Realty, an investor and operator of strategically important corporate facilities, has executed a lease amendment with financial services firm Discover Financial Services, Inc. at The Grove at Black Canyon, a Class A office building in Phoenix.

The Grove at Black Canyon is a 95,208 square foot (s.f.), four-story, institutional-quality office building located at 11001 N. Black Canyon Highway in the city's Metrocenter submarket.

Drawbridge first signed Discover to a short-term lease for 31,957 s.f. at the property in 2022. The amended lease and 15,000 s.f.-plus expansion executed late last month brings Discover's total presence in the building to two full floors and leased through February of 2029.

The Grove at Black Canyon was formerly occupied as a single tenant by Mass Mutual Insurance and was originally constructed in 1986 and renovated in 2009 and 2013. Drawbridge acquired the building in December 2015 and recently completed renovations of the four-story atrium-style lobby, fitness center, and employee grab-n-go food areas.  The building is being marketed by Ashley Brooks and Sean Spellman @CBRE Phoenix. (https://cbre.ent.box.com/s/trg6kn3s607usihy2xkim0it257ma2xs)

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In 2023, Drawbridge Realty scored leasing successes in many of its target markets with leasing activity totaling 569,000 s.f. This followed total leasing activity of over one million square feet in 2022.

About Drawbridge Realty

Drawbridge Realty is a San Francisco-based real estate investment company focused on acquiring, developing, and managing commercial property investments in high growth technology and innovation-driven markets across the U.S. Its portfolio primarily consists of strategically important office and research properties leased long-term to large corporations. Drawbridge has a successful history of creating value for corporate clients and investors and has completed transactions involving major companies including Apple, Arrow Electronics, Bayer, Broadcom, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, Myriad Genetics, NI, Northrop Grumman, SAIC, and Take-Two Interactive. www.drawbridgerealty.com

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Source: Drawbridge Realty

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