Nine-story, Class A project is one of Arizona’s largest ever speculative office buildings
TEMPE, Arizona – With demand for Tempe, Arizona office space at an all-time high, Lincoln Property Company (LPC), Goldman Sachs and City of Tempe Mayor Mark Mitchell broke ground today on the second Class A office building at The Grand at Papago Park Center.
Totaling 352,000-square-feet at 1027 W. Roosevelt Way in Tempe, Arizona, The Grand Building Two is one of Arizona’s largest ever office buildings to break ground as a purely speculative endeavor. It is scheduled for completion in second quarter 2019, becoming the second of eight Class A office buildings slated to be built by Lincoln Property Company within the 60-acre mixed-use project called The Grand at Papago Park Center.
“The vacancy rate for Class A Tempe office space is at a record low, currently sitting at sub-two percent, and companies continue to flock here for Tempe’s amenities, educated labor pool and premier work environments,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “With over 1.8 million square feet of office space proposed, The Grand is the largest, most extensive and impressive example of this in the submarket.”
“Moving forward with a project like this speaks to the confidence the real estate community has in a Tempe business address,” said Mitchell. “This project will bring new companies and thousands of new jobs to Tempe. We thank all of The Grand’s project partners for their investment in our community.”
The newest office building at The Grand will provide state-of-the-art creative office space with a two-story lobby, modern and flexible floorplates, and an open office concept highlighted by 12-foot floor-to-ceiling vision glass windows. Among the project’s distinctively unique features are a 10,000-square-foot amenity lounge with a full-service restaurant, indoor/outdoor seating, TV viewing area and two conference facilities will full audio-visual technology.
Other Building Two amenities include a private fitness facility and a modern rooftop lounge designed for tenant events and collaboration, with seating areas, an architectural shade element, catering conveniences and sweeping views of the Papago Buttes, Hole in the Rock and Camelback Mountain.
For commuting employees and visitors, The Grand at Papago Park Center is served by two light rail stops and two Loop 202 freeway diamond interchanges, with an ingress and egress plan that can reduce commute times by as much as 30 percent compared to more congested, nearby office projects.
At build-out, The Grand at Papago Park Center will total 3.2 million square feet of mixed-use office, multifamily, hotel, retail and restaurant space surrounding a dynamic central water feature and pedestrian-friendly, multi-use paths that meander throughout the project. It offers approximately one-half mile of freeway frontage on the Loop 202/Red Mountain Freeway between Priest Road and Center Parkway, on the last developable parcel within the 350-acre Papago Park Center, one of the largest business parks in Arizona.
The Grand at Papago Park Center is within minutes of Arizona State University and the amenities of downtown Tempe, which include three hotels, 28 entertainment venues and 80 restaurants within a three-mile radius. It is at the first off-ramp from Phoenix Sky Harbor International Airport and is also close to Interstate 10, the Loop 101 and the 51 Freeway, and attractions like Papago Park, Papago Golf Course, Phoenix Zoo, Desert Botanical Garden, Tempe Town Lake and Phoenix Municipal Stadium. Corporate neighbors include ADP, First Solar, KPMG, MUFG, SAP, Silicon Valley Bank, SRP, State Farm and Wells Fargo.
The Grand at Papago Park Center is named after the adjacent Grand Canal, a waterway developed in the 1870s to bring water from the Salt and Verde rivers to Metropolitan Phoenix. The canal was recently relocated to run through The Grand project, creating a large central water feature for the development.
LPC is developing the entire office component of The Grand at Papago Park Center, which will encompass 1.8 million square feet in eight Class A office buildings and three parking garages. The first office building delivered earlier this year and is now fully occupied.
LPC also serves as the property manager. Jerry Roberts and Patrick Boyle of Cushman & Wakefield serve as the project’s exclusive leasing brokers. DAVIS is the office project architect and Whiting-Turner is the general contractor. More about The Grand at Papago Park Center is available at the project’s website: www.thegrandtempeaz.com.