Open Network Exchange inks one of Valley’s biggest office leases of the year
Oct 30, 2023, 4:05 AM
A growing software firm is ready to take occupancy in a large office in Scottsdale.
Scottsdale-based Open Network Exchange Inc. is just weeks away from opening in the more than 70,000-square-foot space it subleased at Riverwalk on Salt River Pima Maricopa Indian Community land along Loop 101.
At 70,347 square feet, Open Network Exchange’s lease is the largest nonrenewal lease of the third quarter, according to a market report from Cushman & Wakefield. Founded in 2020, Open Network Exchange is a software sales platform that works in business-to-business marketing.
The last occupant of the space was Worldwide Express, which merged with logistics technology firm GlobalTranz in 2021. Worldwide Express signed a lease in 2022 for a more than 18,500-square-foot space at the Arbor office redevelopment by George Oliver, which is located on Mill Avenue in Tempe.
“They were left with 70,000 square feet that they still had a long-term lease obligation on at Riverwalk. We marketed it and found a great subtenant for them,” said Scott Baumgarten, a senior vice president with brokerage firm Transwestern.