PHOENIX-Cassidy Turley BRE Commercial has been selected as the exclusive marketing agent for the office portion of Arizona Center, a 1-million-square-foot, mixed-use project in downtown that is owned and managed by General Growth Properties Inc.
Arizona Center’s office space includes One Arizona Center, a 326,000-square-foot, 19-story office tower at 400 East Van Buren St., and the Garden Office Pavilion, an 115,000-square-foot, two-story garden office building at 455 N. 3rd St. One Arizona Center is a class A asset, while the Garden Office Pavilion is a class B asset.
Previously, Colliers International’s local office handled office leasing for Arizona Center, which is adjacent to the Phoenix Convention Center and serviced by three Metro Light Rail stops within walking distance to the property. The firm had worked on the property since 1990. The new leasing team with Cassidy Turley BRE Commercial includes Mark Stratz, Tyler Wilson, and Don Arones.
“We believe that working in conjunction with Cassidy Turley will be a great asset for our property,” according to Lisa Gordon, senior leasing representative with Chicago-based General Growth Properties. “Having a team that understands the dynamics of a Downtown market and can focus on successfully negotiating office lease transactions for Arizona Center was key in our selection of this team.”
The team competed against two other firms for the assignment, Stratz tells GlobeSt. “I think the local GGP team was looking for some new ideas and a fresh approach to ramp up a new marketing effort,” he notes. “All owners are trying to fill their assets, and goal number one for Arizona Center is to increase occupancy.”
Current office tenants at Arizona Center include APS, Snell & Wilmer, Arizona State University, University of Arizona, SmithGroup and Fox Sports Network. The tower is 88% occupied, and the office pavilion is 70% occupied, according to Stratz.
“The tower is doing very well – it is ahead of the market from a leasing perspective,” Stratz says. “But the garden building is lagging.”
Stratz says the new team will focus on attracting both traditional and non-traditional tenants to Arizona Center. The tower leases for $22 per square foot, full-service, while the garden office building leases for $16 per square foot, full-service.
Arizona Center provides office tenants with an “open-air oasis” in the middle of the city, according to Stratz. “Tenants are surrounded by relaxing courtyards, lush gardens and fountains,” he says, adding that they also have access to a variety of retail stores, seven sit-down restaurants, four fast casual eateries, onsite covered parking garage, valet service and a variety of entertainment amenities including live outdoor music concerts from October through April.
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