PHOENIX—Glimcher Realty Trust has broken ground on Block M at Scottsdale Quarter, a six-story, approximately 170,000-square-foot class A, mixed-use building in North Scottsdale. Located at the southeast corner of the high-end lifestyle center, the new tower will feature premier office space, above ground-floor retail, plus an additional parking garage for both tenants and visitors. The tower is expected to deliver in the summer of 2015.
Glimcher has partnered with Brad Anderson and Mike Strittmatter at CBRE to market the new office space. IBEX Construction out of New York City has been selected as the general contractor for the new building. American Girl has already been announced as the anchor retail tenant, which will occupy 12,000 square feet for their experiential store. This will be the first American Girl store in the state of Arizona.
“We are extremely pleased to continue development of phase three at Scottsdale Quarter with the groundbreaking of Block M,” says Marshall A. Loeb, president and chief operating officer for Glimcher. “Demand for space at The Quarter continues to be high further signifying the center's appeal for businesses looking for a vibrant, upscale office environment.”
Existing office space in the center is nearly 100% leased as momentum at the property continues. In May, Starwood Hotels & Resorts, a premier office tenant at Scottsdale Quarter, expanded to more than 67,000 square feet.
Following the development of the south parcel, Scottsdale Quarter will be a 1.2 million-square-foot lifestyle center offering a premier, experience-centered environment. The addition of the luxury residential component of Crescent Scottsdale Quarter, combined with the existing upscale retail amenities, provides office tenants a premium, all-inclusive environment.
Scottsdale Quarter, which sits on 28 acres at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, includes 370,000 square feet of upscale retail, restaurant and entertainment options and 203,000 square feet of class A office space. The new six-story building will feature contemporary architecture integrated into the project, with high ceilings and views of the surrounding mountains.
“Leasing activity on the building is very strong considering how early we are in the construction process,” says CBRE's Anderson.
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