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Shea Commercial Buying 72,000 SF of Second-Story Office

SCOTTSDALE, AZ-The office space is located on the top floor of four adjacent two-story buildings here that are under construction as part of the 1.1-million-sf, 11.3 acre Scottsdale Waterfront project being developed by a joint venture of Golub & Co., Starwood Capital and International Development.

By Brian K. Miller | Updated on March 27, 2005

SCOTTSDALE, AZ-Locally headquartered Shea Commercial is buying 72,000 sf of office condo space under construction here as part of the 1.1-million-sf, 11.3-acre Scottsdale Waterfront project that is rising in Downtown adjacent to the southern extension of Scottsdale Fashion Square Mall. Bordering the north bank of the Arizona Canal at the southwest corner of Camelback and Scottsdale roads, it is one of the largest mixed-use projects under way in the Arizona.The project developer is a joint venture of Golub & Co., Starwood Capital and International Development. In addition to the office space, the overall development will include two 13-story residential towers, restaurants, galleries, upscale retailers, underground parking and pedestrian-friendly streets similar to the “San Antonio River Walk” in Texas. The project includes five acres of open space and more than $11 million in landscaping, sidewalks and public art improvements.Opus West recently acquired the entitled land for the residential towers from Starwood, according to local sources. The office space Shea is purchasing is located on the top floor of four adjacent two-story buildings that will have retail and restaurants on the ground floor. Shea is being represented in-house by Tina Burger and Angie West, who are brokering the acquisition as well as the re-sale of the office condos.The office and retail space faces Camelback Road. Burger tells GlobeSt.com the retail is fully leased and the office space will be ready for move-in by early 2006. The tentative asking rate for the office condos is $265 per sf on the shell. Office space is available in up to 20,000-sf chunks. Burger says the signed retailers include Eddie V’s Seafood & Grill, Pink Taco, Sur la Table, P.F. Chang’s China Bistro, Sauce, Borders Books & Music, Urban Outfitters, Waterfront Market, Fiesta Bowl Museum & Shop and Isaac Jewelers.

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