The McShane Companies, a Rosemont, Ill.-based development firm, purchased for $6.7 million at 10.5-acre parcel at 315 N. 44th St. in Phoenix. The parcel is in the Phoenix Gateway Office Park, which is at the corner of 44th and Van Buren streets. The area is just north of Sky Harbor International Airport.
McShane is partnering with Scottsdale-based Globe Corp. to build two four-story Class A office buildings on the site, which represents McShane's first development in Arizona. The two building will total 228,808-sf. The total development cost is expected to be more than $45 million, based on industry estimates.
Construction has begun on phase one of the project, which includes a 114,414-sf office building and a parking deck. The office building is expected to be completed by year-end. The land was sold by Carr America Realty Corp. of Phoenix.
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