Integrate Chooses Downtown Phoenix, Inks Anchor Deal At Monroe Building

PHOENIX, Oct. 19, 2016 /PRNewswire/ — Could Phoenix be the desert answer to Silicon Valley? Following a number of influential tech companies that have recently announced relocations to Arizona, another leading software company is moving its headquarters to Downtown Phoenix. Integrate (www.integrate.com), a leading developer of marketing software, has leased the entire 19^th floor Penthouse Level of 111 West Monroe, advancing a trend of both established technology companies and entrepreneurial start-ups leasing space in the building, and joining a growing constituency of tech-based companies now basing operations from the Silicon Desert.

“Integrate is growing at a rapid pace and making the move to tech-centric Downtown Phoenix was a natural fit for us,” said Jeremy Bloom, CEO of Integrate. “The Monroe Building offers a unique environment that aligns with our company culture and entrepreneurial spirit, while providing a solid foundation fr us to keep growing,” he said. 

With an atmosphere and amenities geared toward entrepreneurial organizations, the Monroe Building has attracted a number of high profile technology firms, including Galvanize, Gainsight, Allbound and Uber.

“We still believe that ‘today’s Downtown Phoenix‘ is the smartest bet in the region; the combination of new infrastructure, world class education, and cool local flavor is compelling, especially in light of our competitive pricing posture,” said Tim O’Neil, a partner with the Monroe Building.

The Monroe Building offers move-in ready creative office suites; a 96-point Walkscore (higher than many Silicon Valley office properties); and first-floor retail that is entirely comprised of local, boutique retailers, including wine, coffee and pizza shops.  Other amenities include free Wi-Fi in the common areas, high speed Internet, a mobile app/text valet service for visitor parking, close proximity to the Light Rail, as well as numerous restaurants and hotels within walking distance. The high tech, mid-century modern aesthetic is an ideal atmosphere for businesses looking to promote creativity and increase efficiency.

According to a July article in the New York Times, big name tech companies are pulling up stakes in Silicon Valley and resettling in Phoenix as a financial decision many corporate heads are calling a ‘no brainer’.  Not only does Phoenix offer special corporate subsidies and benefits for companies bringing tech jobs, but the lower cost of living offers a higher quality of life for people long accustomed to paying higher prices and suffering longer commutes in Silicon Valley.

According to real estate research firm Reis, as of 2^nd quarter 2016, San Francisco had an average asking rental rate of $50.43/SF and a vacancy rate of 10.1%, compared to Phoenix, which had an average asking rate of $24.39 and a vacancy rate of 24.6%. Phoenix offers substantially lower cost of operations with rents at less than 50% of the cost in San Francisco and more plentiful options. The cost to buy a home in Phoenix is also less than a quarter what it is in San Francisco, with median home price in Phoenix at $221,000 versus $812,000 in San Francisco, according to Zillow.

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SOURCE The Monroe Building

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