Ernst & Young Signs 20,000 SF Lease at New Downtown Mixed-Use Development

PHOENIX, Arizona – Cushman & Wakefield have announced that Ernst & Young, a global leader in assurance, tax, transaction and advisory services, signed a 20,000-square-foot lease at Block 23 at CityScape.

Jerry Roberts and Pat Boyle of Cushman & Wakefield’s agency leasing group negotiated the lease on behalf of RED Development. Larry Downey and Brett Thompson of Cushman & Wakefield’s tenant advisory group represented Ernst & Young.

Located at 101 E. Washington Street in Downtown Phoenix, Block 23 at CityScape is a brand new Class A, mixed-use development expected to be completed in June 2019. Ernst & Young’s new office will be located on the top floor of the six-story building. They will be relocating from their current location at Renaissance Tower in January 2019.

“It’s a great opportunity to be on the top floor of a new building, the first new construction in Downtown in many years,” said Larry Downey.

At completion, Block 23 will encompass 1.5 million square feet and provide a true mixed-use environment that will allow tenants live, work, and play all in the heart of the newly reinvented downtown core. Included within the development will be 300 luxurious residential units, a 45,000-square-foot urban Fry’s Fresh Marketplace and 230,000-square-feet of creative office space.

The office space has been designed with the next generation of office users in mind. The 45,000-square-foot floor plate is the biggest in the Central Business District (CBD) and can be easily divisibly. The product will be truly unique with full height glass throughout, contemporary open ceilings and a 16-foot slab to slab height.

Disposition underscores continued strength of Central Phoenix’s Midtown office submarket

PHOENIX, ARIZONA – EverWest Real Estate Partners and American Realty Advisors have completed the disposition of the Great American Tower, a landmark high-rise office building at 3200 N. Central Ave., in the heart of Phoenix’s Midtown office submarket.

Great American Tower, acquired in 2007, has been recapitalized and improved with a series of upgrades that, among other things, have earned the building an ENERGY STAR® ranking of 97 and a “Kilowatt Krackdown” award from the Phoenix Building Owners and Managers Association (BOMA) Green Building Committee.

Chris Toci, Chad Littell and Larry Downey of Cushman and Wakefield represented EverWest and American Realty Advisors in the sale. The new property owner is Colorado-based DPC Companies, a privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.

“This is an exciting time to own and operate office space in the Central Avenue corridor,” said Amr Ceran, Senior Director for EverWest. “Tenant interest is strong, and there is still solid upside potential for landmark properties like Great American Tower.”

“The Central Phoenix/Midtown office submarket is being transformed by the addition of over 4,000 multifamily units either under construction, planned or proposed,” added Toci. “In addition, large-scale expansions of two significant healthcare firms – Dignity Health and Banner Health Systems – have begun to dominate the submarket with 337,000 square feet of leasing during the previous 18 months.”

Built in 1985, Great American Tower is a 24-story, Class A high-rise office building totaling 344,527 square feet, with average building floorplates of 15,000 square feet. The property sits on 2.6 acres at the high-profile intersection of Osborn Road and North Central Avenue. It is currently 86 percent leased to a diverse tenant roll including Dignity Health as well as legal, finance, engineering and government entities.

Great American Tower sits adjacent to the 39-acre Park Central Mall and across the street from the One Lexington condominium high-rise. The Edison Midtown urban condominium project is under construction across the street.

EverWest Real Estate Partners, LLC is a Denver-based leading private real estate investment manager and operator who invests in core, value-add and opportunistic investments in office, industrial, multi-family, retail and mezzanine debt investments. EverWest serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest provides a full-service investment management operating platform through its five regional offices with established acquisition, asset takeover, asset management, property management, financing, operations, risk management, advisory and reporting capabilities to its clients. EverWest has regional offices in Boston, Chicago, San Francisco, Los Angeles and Phoenix.

With over $8.0 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 28 years, American has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties.

For more information on EverWest investment and development opportunities, visit www.EverWest.com or call EverWest Senior Director Amr Ceran at 602.875.6255.

Cushman & Wakefield Negotiates Sale for Senior Housing Conversion

PHOENIX, AZ – Cushman & Wakefield announced Monday that the former Giant Industries corporate headquarters office building at 23733 N. Scottsdale Rd. has been sold to an investor that will convert the property into an assisted living facility.

Generations at Pinnacle Peak, LLC of Grand Haven, MI, acquired the property from United Insurance Co. of America, a company formed by Kemper Corporate Services, Inc. in Chicago.

Cushman & Wakefield Vice Chairman Larry Downey represented the seller in the transaction.

“This transaction evolved into one of the more complicated and creative transactions I have been involved with,” said Mr. Downey. “The buyer evaluated the site with a keen eye towards the demographics of the area and suitability for the future assisted living usage. This prime location within the luxury housing area of North Scottsdale was well-suited for this purpose rather than a corporate office space, and the buyer’s foresight translated into an ideal solution for the property.”

The two-story building was constructed in 1989 and contains approximately 66,283-square-feet of office space. The structure is situated on 3.98 acres of land just north of the intersection of Scottsdale and Pinnacle Peak roads.