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May 22, 2019
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Scottsdale Creative Office Campus Sells for Around $50 Mil


The Quad, a 14-building, 166.6k sf creative office project in Scottsdale, AZ, was sold by a venture consisting of EverWest, WHI Real Estate Partners LP and George Oliver Companies, who redeveloped what had been a 1982-built executive suites campus into a next-generation office complex.

Although a deal price was not given out, according to MarkerInsider, the property was purchased for $51 mil by City Office REIT. That works out to a little over $300/sf, a price we’re told is a record for office product in the South Scottsdale market.

Repositioning of the project, located at 6200 – 6390 E. Thomas Rd, at the northwest corner of 64th St and Thomas Rd, was a $23 mil undertaking that lasted from July 2016 until November 2017. The now modern, renovated campus was named the NAIOP 2017 Redevelopment Project of the Year award.

CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital Markets represented EverWest and WHI in the transaction. Bryan Taute and Charlie von Arentschildt of CBRE were the project’s exclusive leasing brokers and partners in bringing The Quad from zero to 98% leased. The architect for The Quad is Denver-based Gensler. The general contractor is RSG Builders.

“The Quad is one of the most unique office properties in Scottsdale, representing a collaboration between some of the most successful office renovation experts in the industry,” said EverWest Senior Director Amr Ceran, who manages the company’s Arizona and Southern California real estate portfolio, including investment, redevelopment and lease-up.

Tenants at The Quad range in size from 25k sf – represented by a lease from online home seller Opendoor – down to 1.9k sf, with the average tenant occupying 7k sf. Office suites feature open ceilings, efficient floor plates, and include private outdoor workspaces with sliding patio doors that create an indoor-outdoor work environment. Buildings at The Quad are connected by park-styled courtyards and seating areas with free, property-wide Wi-Fi and music.

All suites are centered around a 4.5k sf gathering facility with state-of-the-art conference and event space, a full catering kitchen, a tenant-exclusive fitness center with showers and lockers, and Pitch, an on-site restaurant serving breakfast, lunch, dinner and an after work drink to tenants, guests and neighbors.

Other features of The Quad’s community-centric site plan include three dog parks, a bocce court, bike parking and a direct connection to the Cross-Cut Canal multi-use path. For employees who commute to work by car, The Quad offers a 5/1,000 parking ratio.

The Quad is located approximately three miles from the Loop 101 and Loop 202 freeways, two miles from Old Town Scottsdale and is minutes from Sky Harbor International Airport, Arizona State University and downtown Tempe.

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