PennyMac Signs Full-Building Phoenix Office Lease

The national lender has established a local presence with one of the largest lease commitments inked in the metro since the start of the pandemic.
3201 E. Elwood St. Image courtesy of JLL

National lender PennyMac has signed a full-building, 74,625-square-foot office lease at 3201 E. Elwood St. in Phoenix. The commitment marks the company’s first local office, as well as one of the largest leases signed in the metro since the start of the COVID-19 pandemic last March. PennyMac is scheduled to occupy the Class A space this December. JLL assisted the landlord, Arnold Realty LLC, in the negotiations.

The two-story building came online in 2001 in a federal Opportunity Zone, according to CommercialEdge. Amenities include an on-site cafeteria, shared outdoor spaces and more than 400 parking spaces.

The property is located some 6 miles southeast of downtown Phoenix and 6 miles west of the 18-story office development in Tempe, Ariz., where Amazon signed a 95,000-square-foot lease in August. Sky Harbor International Airport is less than 4 miles north.

JLL Managing Directors Mark Gustin and Dave Seeger represented the building owner in the deal. A few days ago, another JLL team assisted Blackstone in leasing 41,000 square feet at a Shorenstein Properties office building in Miami.