The developer is a joint venture of Stoltz Management Co. of Bala Cynwyd, PA and GoldenTree InSite Partners of New York City. Construction began this month. The first building is slated for the first quarter of 2008, the second one year later. The project architect is JMA and the general contractor is Martin Harris Construction. Stoltz and GoldenTree did not respond for requests for additional detail on the project.
"Gaming and hospitality companies continue to relocate office and administrative functions out of hotels and casinos into nearby office buildings, providing excellent tenant demand for the Airport submarket and for this project in particular," says Rob Vahradian, managing director of GoldenTree InSite Partners, in a prepared statement.
Stoltz and GoldenTree acquired the development site in March 2006 as part of a package deal that included nine buildings total 600,000 sf of office/flex space and four development parcels. Seven of the buildings and two of the parcels are in Hughes Airport Center while the remainder are in Hughes Cheyanne Center.
Full-service asking rents range from $3.10 to $3.25 per sf per month. The valley's class A office market finished the first three month of the year with a 7.4% vacancy rate, according to Applied Analysis, a locally based economic research firm.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
