Waste Management | National Back Office Operations Center

Property Description

The Property is leased to Waste Management of Arizona, Inc. a subsidiary of Waste Management, Inc., the guarantor on the lease, and the leading provider of comprehensive waste management services in the United States. The Property was developed as a quasi-build-to-suit for the Tenant by Opus West in 2008. Beginning January 1, 2009, the Tenant initially occupied approximately half of the Property (63,476 square feet), and in July 2013 expanded into the remaining space (68,374 square feet).

Business Essential Attributes

The Property is a business essential asset for the Company, as it will be the primary location for multiple key operating departments within the company including: Credit and Collections, Billing and Accounts Origination. In conjunction with the recent expansion and lease extension, a new $3.2 million, three-story parking garage was constructed to accommodate the Tenant’s high density use at the Property resulting in an above-market parking ratio of 7.2 stalls / 1,000 square feet of net rentable area. Additionally, back-up power generation systems were installed to assure continual operation at the facility in the event of a power outage.

Additional Property Information

As a first generation user of the space, the entirety of the tenant improvements at the Property were specifically constructed to meet the Tenant’s needs. Together with the large, efficient single-story floor plate, a backup power generator and the significantly above market parking ratio, the Property is ideally suited for a high density user like the Tenant. Furthermore, the location, in the center of the Deer Valley Submarket of Phoenix, adjacent to Interstate 17, facilitates ready access to the affordable and highly skilled labor pool which the Tenant relies upon. The Deer Valley Submarket is characterized as a back-office location that has historically been one of the metropolitan area’s strongest single-tenant submarkets and is home to more Fortune 500 companies than any other submarket in Phoenix.

Waste Management | National Back Office Operations Center

Phoenix, Arizona

PROPERTY AT A GLANCE

Property Type: Office
Square Footage: 131,850

Lease Expiration: December 31, 2023
Renewal Option(s):
Two 5-year options at 95% of Fair Market Value
Rent Increase(s): $0.50 PSF per annum
Tenant: Waste Management of Arizona, Inc.
Lease Guaranteed by Waste Management, Inc. (S&P: BBB)
Website: www.wm.com
NYSE*: WM

*Stock ticker symbol is for Waste Management, Inc., the guarantor of the lease.