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5/05/14
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Greenlaw Partners and The Broe Group are marketing Tempe 10/60 Corporate Center (formerly known as Corporate Fountains), a 90k sf office project in Tempe, AZ, for lease. Demand for high density space in Tempe spurred demolition of a portion of the complex to achieve a higher parking ratio. Greenlaw Partners and The Broe Group purchased the project for $3.5 mil.
After demolition of center building |
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Tempe 10/60 Corporate Center is located at 4415 – 4625 South Wendler Dr, alongside Interstate 10 and just south of the I-10/SR-60. The project originally totalled 110k sf in two 45k sf, two-story buildings and one 20k sf, single-story building. Upon review of the property, Greenlaw and The Broe Group recognized the opportunity to add value to its investment through a number of key physical changes. In an effort to increase density, the smaller, 20k sf building—located at the center of the property—was demolished to create a two-building, 90k sf campus.
The demolition upgraded the project’s parking ratio from 5:1,000 to 7:1,000. The new owners plan to complete additional improvements in the coming months, including the demolition-rebuild of existing building interiors.
Originally built in 1985, Tempe 10/60 Corporate Center features 10-foot ceilings, floor-to-ceiling windows, generous landscaping and immediate freeway visibility and access to Interstate 10 via Baseline Road. It is minutes from the I-10/US-60 interchange, Arizona Mills Mall, Sky Harbor International Airport and Arizona Grand Resort.
Dave Seeger and Karsten Peterson of JLL have the marketing assignment. According to JLL’s Q1 2014 Phoenix Office Report, tenants across the Valley are beginning to see their already limited space options dwindle in hot submarkets like Tempe. This is driving up rental rates and creating growing upside potential for owners, including those with high-density space that is attractive to users like call centers, high tech companies and financial institutions.
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