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February 25, 2024
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New AZ Mixed-Use Project Seeing Considerable Leasing Activity


There’s been a lot of recent tenant activity at The Watermark | Tempe, a new high-end mixed-use project in Tempe, AZ. This includes the completed openings of 10 retail and restaurant tenants, along with three significant office lease transactions.

Dog Haus Biergarten, Monroe’s Hot Chicken and Restore Hyper Wellness are three of the latest retailers to open up. These latest openings bring the total to 10 fully open and operating tenants in the mixed-use project’s ground floor. Other retailers include V’s Barbershop, Aria Nail Bar, F45 Training, Sugar Me Wax, Restore Hyper Wellness + Cryotherapy, Dog Haus Biergarten, Monroes Hot Chicken, Crumble Cookies, DRNK Coffee/ QWENCH Juice, and Sweet Republic.

The three new office leases executed at The Watermark | Tempe during the pandemic total a combined 77k sf of occupancy and bring the Phase I tower to 95% leased. Align Technology, which designs and manufactures the Invisalign orthodontic system and other dental technology, signed for 34k sf of space on the 13th floor of the building. Align will move its global corporate headquarters and approximately 150 jobs from San Jose into its new Tempe location later this year, once construction is completed.

The 16-story Watermark is located on the north shore of Tempe Town Lake. The first phase of the project features 265k sf of Class A office space and 44k sf of high-end retail and restaurant space. Amenities at the development include a fitness center, lounge/conference center, game room, various on-site services, and an elevated “Sky Walk,” connecting the adjacent parking structure to the ninth floor “Sky Lobby.” Tenants of the project include WeWork and iBuyer firm Opendoor.

Cushman & Wakefield’s Brent Mallonee leads the leasing efforts for the retail/ restaurant space, while C&W’s Brad Anderson and Michael Strittmatter head the office leasing efforts for the project.

“Recent leasing activity at The Watermark, even amidst the challenges brought on by the COVID-19, has really bucked the macro trends since the pandemic and demonstrates the project’s resilience and is a direct result of its unmatched quality,” said Strittmatter. “The vision for the project is coming to life with these retail openings and additional high-caliber office tenants recently signed.”

Premier endcaps with generous patios in the retail area and two speculative office suites totaling 19.6k sf remain available in Phase I of the project. The second phase will include additional ground floor retail/ restaurant opportunities and another office tower with upwards of 340k sf. Phase II is currently available for pre-leasing. Please contact Cushman and Wakefield’s Brent Mallonee for retail/ restaurant inquiries and Brad Anderson or Michael Strittmatter for office inquiries.

The Watermark | Tempe is located along Scottsdale Rd near Arizona State University, the Mill Avenue District and Old Town Scottsdale. The property offers immediate access to a full-diamond interchange at the Loop 202 Fwy and four minutes away from a light rail stop at the Tempe Transportation hub, connecting the Watermark to metro Phoenix’s largest labor pools, amenities and destinations.

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