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September 22, 2021
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Macquarie Asset Management Acquires Phoenix Office Redevelopment Project in $56 Mil Deal

8/13/21

Global asset manager Macquarie Asset Management has acquired CASA, an experiential, Class A office redevelopment in Phoenix’s popular Uptown neighborhood, for $56.5 mil. The property was sold by Phoenix-based developer George Oliver in a deal that works out to $312/sf, a transaction we’re told sets a new price-per-square-foot record for the Piestewa Peak submarket.

Located off of the Piestewa Fwy/State Route 51 and Northern Avenue, at 7878 N. 16th St, CASA mixes modern Spanish architecture with lifestyle amenities designed around health and wellness. Among these are a 60-guest conference center, library, wellness center with a yoga room, fitness center and on-site meditation room.

The project includes high-finished office space as well as co-working suites in CASA Coworking that are fully furnished with access to shared conference rooms and breakrooms, a private coworking lounge, high speed internet access, and the building’s full-time concierge.

Two centralized courtyards with a water feature serve as hubs for relaxation and collaboration. CASA also includes a dog park and a two-story dining experience with dedicated food truck parking, shaded outdoor dining and outdoor game and lounge areas.

While COVID halted many large metro Phoenix leases, strong tenant demand at CASA over the past 18 months pushed the property’s occupancy. Existing tenants at CASA include Rockwell Automation, City National Bank, The Money Store, Olsson, Phoenix Association of Realtors, North & Co and local favorite Kaleidoscope Juice, which operates an on-site café and lounge serving organic food, coffee and juice.

A final lease push this summer brought the building to fully committed with the new Medicom headquarters relocation from North Carolina and new offices for DR Horton Title and Cross Country Mortgage.

Ryan Timpani and Nick Bialkowski of JLL are the exclusive leasing brokers for CASA. In the sale, JLL’s Benjamin Geelan and Brian Ackerman represented George Oliver, who purchased CASA, previously known as Catalina Terraces, in December 2018.





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