PennyMac Signs Lease for 75KSF Phoenix Office Building

Mortgage lender PennyMac Loan Services recently announced it had signed a lease for 3201 E. Elwood St. in Phoenix, a 74,625-square-foot office building.

The landlord — Oklahoma City-based Arnold Realty LLC — was assisted in the negotiations by JLL managing directors Mark Gustin and Dave Seeger.

Situated right next to I-10 and within easy access of Sky Harbor International Airport, the property is prime Class A office space. It’s also only six miles southeast of downtown Phoenix and is conveniently located about halfway between Phoenix and Tempe. Amenities of the two-story building include a sizeable cafeteria, shared outdoor spaces and ample parking. PennyMac is scheduled to occupy its new office space in December 2021.

 “PennyMac was looking for a high-quality, well-amenitized building that would help it fill and retain high-level local sales positions at its first Phoenix office location,” Gustin said. “This building meets all of those requirements, with a contemporary work environment and easy access for employees living in the East, Central and West Valley submarkets.”

PennyMac is among the largest lenders in the United States, boasting more than 5,000 employees nationally and $400 billion in serviced loans. The recent lease represents the Westlake Village, Calif.-based company’s first foray into Phoenix office space for rent. Recently, another lender also signed a major lease in the Phoenix metro: Specialty lender Trinity Capital leased office space in The Department at 1 N. 1st St in December 2020.

Prior to the pandemic, Phoenix had experienced considerable growth, thanks to the tech sector and other industries with high-profit margins. PennyMac’s lease is one of the largest to be signed since the pandemic began in March 2020.