The Allstate Insurance Company signed a lease for 66,000 square feet of space in a downtown Tempe office project, in what is one of the largest leases signed in the Valley this year. Allstate’s lease is in the Tempe Gateway building, an eight-story structure owned by Microsoft co-founder Paul Allen’s Vulcan Real Estate.
Allstate plans to move into the Tempe location in September. The new lease brings Tempe Gateway’s occupancy up to 64 percent and reflects the improving office market in Tempe.
Tempe Gateway is a 260,000 square foot building that was new and vacant when Vulcan bought it in 2010. The building is the first purchase that Seattle-based Vulcan made outside of its home market.