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Mercury Rises for 96,000-SF Office Condo Project

SCOTTSDALE, AZ-The 30-acre Ironwood Square development is coming out as the largest single-office condo project to rise in the Valley. A month into construction, the $12-million, 16-building first phase is more than half sold.

By Beverly Ford | Updated on March 04, 2003

SCOTTSDALE, AZ-A 30-acre office complex in North Scottsdale has barely broken ground, but buyers are already scrambling to get into the 96,000-sf, 16-building first phase, plunking down $175 per sf for office shells that are more than half sold out.

“We’re rockin’ and rollin’ with this thing,” Jim Riggs, a principal with owner Shea Commercial, tells GlobeSt.com, referring to the first phase of the three-phase Ironwood Square development, which broke ground just last month. The construction marks the largest single-office condo project the Valley has ever seen, with about 160,000 sf in two phases rising in overlapping building stages, Riggs said.

Riggs said Ironwood Square’s location between 92nd and 96th streets, across from Scottsdale Healthcare North Hospital, is a prime draw for medical office investors who have already grabbed up 51,000 sf of shell space, making the 96,000-sf, $12-million Phase I more than half sold out. Also, realtor Keller-Williams has already signed on for half of one building as did Great Southwest Mortgage.

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