Cotton Center, Phoenix, ArizonaOffice Redevelopment
Acquired in 2015 in a joint-venture with True North Management Group, the Class-A property is well-located in the Phoenix Airport submarket. The asset consists of one two-story, 116,858 SF, office building and two one-story flex buildings with 147,627 SF. All three buildings were constructed in 2000. At the time of acquisition, the office building was vacant and under parked to meet the needs of today’s back office tenants. In an effort to re-position the property, all three buildings were painted, the office building roof was replaced, and outdoor furnishings were added to patio spaces. Interior improvements included lobby renovation, new furniture, artwork, and restroom updates. To meet the parking requirements a parking garage was added bringing the parking ratio to 7/1000. White box preparation of vacant suites was also completed which provided a springboard to new leasing activity.
Camelback Center, Phoenix, ArizonaOffice Redevelopment
In collaboration with Travelers (formerly St. Paul Properties), the 2001 vintage 9-story, 232,617 SF Class-A building located in the prestigious Camelback Corridor was purchased in late 2004. Prior to acquisition, the asset had underperformed the market—a high-end area for shopping, dining, hospitality, and financial services tenants—and was 40% occupied. Repositioning efforts included the addition of a building café and exterior patio enhancements, including new furniture and landscaping. Interior common area improvements included complete renovation of the main lobby as well as tenant lobby and floor finishes, improved signage, updated lighting and entrances in the parking garage. A strategic pre-build program was adopted to enhance leasing activities. At disposition, a little over two years later, the asset was 94% leased.