Bank Expands Downtown Phoenix Headquarters at CityScape Phoenix

RED Development Executes Lease for Additional 46,323 Square Feet Creating Space to Accommodate New Employees and to Better Serve Clients

inbusinessPHX.com

RED Development announced today that Western Alliance Bank is once again expanding its foothold at CityScape Phoenix after signing a lease to add an additional 46,323 square feet to its existing headquarters.

When Western Alliance Bank first opened within CityScape in 2010, the main office and its local banking division, Alliance Bank of Arizona, was comprised of just one branch that occupied a single floor. Fast forward to today, the financial organization has grown significantly, making seven amendments over the years, to now hold two lease agreements with RED Development. While the changes brought Western Alliance Bank’s headquarters to approximately 155,000 square feet across six floors, this latest milestone will also create 110 new seats to accommodate new part-time, remote and contract employees, as well as offering meeting rooms.

“This expansion allows us to increase valuable working and collaborative spaces for our employees and clients in an easily accessible, highly desirable centralized building that has become a key silhouette of the Phoenix skyline,” said Don Garner, CEO of Alliance Bank of Arizona. “From spaces for interns, contractors, potential new hires and remote-working employees to increased conference spaces and huddle rooms that allow us to safely gather and develop creative solutions for our clients, the new space in CityScape’s Western Alliance Bank building will round out our approximately 155,000-square-foot footprint and accommodate our future growth and ability to better serve clients.”

As the state’s largest locally -headquartered banking division, Alliance Bank of Arizona offers a full spectrum of loan, deposit and treasury management capabilities, plus superior service. With nine offices in greater Phoenix, Tucson and Flagstaff, the banking division is a valued resource for Arizona’s business, real estate, professional, municipal and nonprofit communities.

“The commercial real estate industry is on the rise in Downtown Phoenix and this agreement is a testament to Western Alliance Bank being among the first tenants at CityScape to believe in our vision of making the mixed-use center the ultimate destination to live, work and play in the area,” said Jeff Moloznik, vice president of development at RED Development. “It’s been our pleasure to accommodate and help foster the growth of the bank from the beginning and we look forward to continuing our strong relationship in the years to come.”

Located in the heart of Downtown Phoenix, CityScape Phoenix is a place where people come together for dining, nightlife, shopping, entertainment, business, living, community events and celebrations of all kinds. The perfect spot for a spontaneous night out on the town, CityScape Phoenix is a $500 million mixed-use, high-rise destination that is home to more than 20 retailers including Urban Outfitters, Stand Up Live, The Arrogant Butcher and Kimpton Hotel Palomar Phoenix. CityScape Residences, 224 luxury apartments, sit atop the hotel and residents have full-access to the property’s world-class services. Surrounded by light rail stops and adjacent to the Valley’s premier professional sports and entertainment venues, CityScape Phoenix is steps away from the Phoenix Suns Arena, the Arizona Diamondbacks Stadium, the Phoenix Convention Center, Arizona State University’s downtown campus and state and government offices. In an area that once lacked a central core, CityScape Phoenix has become an authentic urban space that connects people and generates energy, creativity, enterprise and excitement all day, every day in one central location. It all starts here.

A wholly integrated commercial real estate company, RED Development maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 21 properties totaling 9 million square feet in 7 states. For more than 20 years, RED has been a preferred partner for national retailers and investors. The company also works with third-party property owners seeking RED’s expertise in remerchandising and repositioning properties to improve profitability and appeal. A privately held company headquartered in Phoenix, AZ, RED builds on its development capabilities as an active acquirer of existing properties.

Alliance Bank of Arizona, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2003, Alliance Bank of Arizona offers a full spectrum of loan, deposit and treasury management capabilities, plus superior service. With nine offices in Greater Phoenix, Tucson and Flagstaff, along with Western Alliance Bank’s powerful array of specialized financial services, the banking division is a valued resource for Arizona’s business, real estate, professional, municipal and nonprofit communities. Alliance Bank’s wide-ranging commitment to giving back to its communities has earned the prestigious Corporate Philanthropy Award from the Phoenix Business Journal. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance was #1 best-performing of the 50 largest public U.S. banks in the most recent S&P Global Market Intelligence listing and ranks high on the Forbes “Best Banks in America” list year after year.

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