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Scottsdale Office Asset Gets New Owner in $38 Mil Trade

12/21/21

Yonezawa-Miller Company LLC paid $37.75 mil ($344/sf) for Kierland Corporate Center I, a 109.8k sf, Class A office building in north Scottsdale, AZ. The property, sold by Starwood Property Trust, was 93% leased at time of sale.

Built in 2000, the four-story building is situated on just over 2.5 acres at 7047 E Greenway Pkwy. Kierland Corporate Center I includes a subterranean parking garage. The property offers tenant and visitors an exceptional walkable environment with near-immediate access to the Scottsdale Quarter and Kierland Commons, two of the premier outdoor lifestyle shopping centers in the Southwest.

Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye with Cushman & Wakefield represented the seller in the transaction. Brad Anderson and Mike Strittmatter, also with C&W, provided leasing advisory during the sale process, as well as leasing services for the seller leading up to the sale.

“Kierland Corporate Center I is a premier Class A building well positioned in the heart of the Kierland/Scottsdale Quarter urban infill hub,” said Wichterman. “Despite the pandemic, the property achieved remarkable office leasing success in 2020/2021, with nine deals either signed or pending during that period, representing nearly 70% of its net leasable area, and demonstrating the building’s strong market appeal.”

“North Scottsdale’s urban hub is a true ‘live-work-play’ environment combining substantial retail, residential, hospitality and office space. A limited and diminishing supply of office due to multifamily redevelopment, coupled with strong demand for space in this unique half-mile walkable environment, has set the stage for tremendous near term rent growth and long-term stability for Kierland Corporate Center I,” added Coover.




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