Known for its office projects, Hines bring a project out of the ground at the southwest corner of Bell Road and the Pima Freeway section of Loop 101. Based on market averages, the project's development cost should exceed $40 million.

Hines' Joseph Pitchford tells GlobeSt.com that the first phase is a 100,000-sf office building that will be fully leased to Regus Business Centers, one of the largest providers of executive office suites in the country. The United Kingdom-based company has leased space in no less than eight of Hines office projects in the US.

The other two buildings in the office campus will also be 100,000-sf structures tailored to single-tenant users. "We identified this as a good location for single-tenant buildings," Pitchford says. "There are a lot of medium- and large-size companies that like the north Scottsdale area. There is a lot of demand for regional and corporate headquarters."