PHOENIX, AZ –  Owners of Renaissance Square, Downtown Phoenix’s iconic office towers at 2 and 40 N. Central Ave., have engaged Lee & Associates, RSP Architects and Wespac Construction to completely reimagine the nearly one million square foot Class A property.

The ownership group, a joint-venture between funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Cypress Office Properties, LLC (“Cypress”), has selected Lee & Associates (“Lee”) as exclusive leasing representatives for the property.  Lee Principals, Craig Coppola, Bill Blake, Andrew Cheney, Colton Trauter and Associate, Gregg Kafka, were named the office brokers for this project.

“We are honored to work on leasing up this landmark property undergoing a major renovation.  The new owner’s vision and significant capital commitment will transform Renaissance Square into the best office location in Phoenix” said Coppola.

Oaktree and Cypress have also tapped RSP Architects and Wespac Construction to create a modern vision for the property. Along with a complete redesign of the lobbies, the property will undergo a renovation of all common area spaces, with the addition of new collaborative work spaces, an indoor/outdoor conference center and tenant lounge to replace a rooftop tennis court.

“We are excited to be working with Lee, RSP and Wespac who have each successfully transformed other high-profile assets and share our commitment to making Renaissance Square Phoenix’s premier office property,” said Mark Jacobs, Managing Director of Oaktree.

“As a trusted design partner, we are excited for the opportunity to co-create a new identity for these late-1980’s buildings in conjunction with Oaktree, Cypress and Wespac,” said Alissa Franconi, Senior Associate of RSP Architects. “With the reposition and location in the heart of Phoenix’s central business district, Renaissance Square will once again take its place as a jewel for Downtown.”

The trophy asset, located at the intersection of Central Ave. and Washington St. in the heart of Downtown Phoenix, already offers unparalleled features and nearby world-class amenities. The property features six on-site restaurants, abundant parking and 24-hour security. There are over 40 restaurants within 250 feet of the property, 11 professional sports and entertainment venues within 1,000 feet and a Metro light rail station at the property’s front door. Additionally, there are 25 multi-family developments with over 3,400 units within one mile and walking distance to most Downtown courthouses.

For more information, Coppola should be contacted at 602.954.3762, Cheney is at 602.954.3769, Blake at 602.954.3761, Trauter at 602.474.9503 and Kafka can be reached at 602.954.3777.

TEMPE, AZ – A sale of a 26,750-square-foot office building at University Tech Center, 1860 W. University Dr., sold for $3,798,500 in an off-market transaction. Price per square-foot was calculated at $142.05.

Lee & Associates Principals, Bill Blake and Colton Trauter, facilitated the transaction for the buyer, 1860 W. University Drive, LLC, which is controlled by iT1 Source who will use the facility as their headquarters. University Tech Center, LLC was the seller. Financing was arranged by Tom Altieri of MidFirst Bank.

iT1 was formed in 2003 with the goal of becoming the leading value-added reseller in the technology industry by providing best-in-class solutions. The company chose Tempe for their headquarters as a strategic decision to source a talented workforce from Arizona State University.

The office center was built in 1987 and is located just west of Arizona State University. The location is in a high employment concentration area and is desirable for its easy access to the SR 143 (Hohokam Exp.), I-10, Loop 202 with proximity to Phoenix Sky Harbor International Airport.

For more information, Blake can be reached at 602.954.3761 and Trauter can be contacted at 602.474.9503.

SCOTTSDALE, AZ – Lee & Associates brokers have negotiated a seven year-plus industrial lease for 28,378-square-feet at 101 Scottsdale North at 16648 N. 94th St., Scottsdale.

Lee principals Mark Linsalata, Bill Blake and Colton Trauter negotiated on behalf of the landlord C&DNB 04, LLC. John Quatrini of Shell Commercial procured the tenant, WR Group.

WR Group is one of the world’s fastest growing international manufacturers and distributors of high-end personal care products.

Built in 2004, the modern, state-of-the-art multi-tenant offi ce/industrial property consists of two separate, but attached buildings; a 101,128-square-foot distribution facility and a 43,454-square-foot office building. Space remains available in both buildings.

The property is located just east of the Loop 101, south of Bell Rd. and adjacent to many Scottsdale Airpark retail and entertainment amenities.

For more information, contact Mark Linalata, SIOR, at 602.912.3539, Bill Blake, SIOR, at 602.954.3761, and Colton Trauter at 602.474.9503