JVT Asset Management's One Compass Center, a 28-acre mixed-use project, will include three 140,000-sf office buildings and a 150,000-sf one. Construction is under way on the first 140,000-sf, class-A, four-story office building in the Phoenix complex.

The speculative project should deliver in September, Denise Reed, general manager at JVT Asset Management, tells GlobeSt.com. Construction on the site's second building will occur based on the leasing pace of the first structure. The space is expected to lease for $22.50 per sf to $23.50 per sf, with suites as small as 2,500 sf.

The project, which is at 3150 S. 48th St., is as well placed as any in the Valley. The site is adjacent to the Hohokam Expressway, which leads into Interstate 10 or Loop 202. It also sits just south of Sky Harbor International Airport and has convenient access to the airport via the Sky Harbor Expressway, which runs from University Drive through the airport to Van Buren Street. The project sits right on the border between Phoenix and Tempe.

The project sits in a submarket where new development has been active for about two years. More than 500,000 sf of office space is under construction, second only to the Scottsdale area in volume. Developers and tenants are drawn to the area because it is at the nexus of the Valley's freeway system, close to the airport and convenient for employees who might live in any parts of the Valley. JVT Asset Management has owned the 29-acre parcel for a number of years and just last year liquidated its office portfolio in the Valley, Reed says.

Tempe-based John Mahoney Architects has designed the 140,000-sf office building, with D.L. Withers acting as general contractor. Jim Watkins, John Cerchiai and Fred Darche of the Phoenix office of Lee & Associates are the project's leasing agents.