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$10M Office Project Begins at Pinnacle in Kierland

SCOTTSDALE, AZ-Furst Properties has no qualms about adding another 143,144 sf despite the Valley's glut of office space. The developer says the office complex's surefire draw is a location in the Valley's fastest growing region.

By Beverly Ford | Updated on September 24, 2003

SCOTTSDALE, AZ-Despite the Valley’s high office vacancy rate, building has begun on a $10.4-million project at the Pinnacle in Kierland in North Scottsdale. The 143,144-sf building, the third in the development’s lineup, will deliver in October 2004.

Beverly Eernisse, vice president of property management for developer Furst Properties, tells GlobeSt.com that the third building at the Pinnacle in Kierland complex is expected to be fully leased within a year of its completion. “We’ve been very fortunate in the past,” Eernisse says, noting that Pinnacle I, the first building in the project, leased within four months after completion while the second phase, Pinnacle II, was fully occupied 18 months after construction ended.

The third phase of the 15.5-acre project at Greenway-Hayden and Scottsdale roads across from Kierland Commons, one of the Valley’s top retail and office centers, has not yet signed any tenants, but will rent for about $27.50 per sf full-service for a five-year lease term.

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