PHOENIX—Construction and conversion has begun for The Circuit Tempe, a 190,000-square-foot ultra-modern, high density, class A office project at 615 S. River Dr. in Tempe. Formerly an industrial manufacturing facility for Jabil Circuit, the sizable building has been dramatically re-designed to serve as the Valley's first speculative large-scale, millennial focused office property. Jerry Noble, Pat Devine, Jackie Orcutt and Ryan Bartos of Cushman & Wakefield of Arizona serve as exclusive leasing agents for The Circuit Tempe.
Situated on the Loop 101 and University Drive, the 16.5-acre property rests in the heart of a booming Tempe office market. The Southeast Valley has recently attracted substantial interest from tech companies and large office users who are committed to attracting and retaining a young, educated workforce.
Bartos tells GlobeSt.com, “This project is cool and unique to the market, like what you might see in New York or San Francisco. It will be a community within a building. Millennials are dictating the way in which real estate decisions are being made. The work schedule has changed; it's no longer nine to five, it's 10 to 10. Employees may leave the building for a while and come back and work later. Working after hours gives them a chance to utilize some of these cool spaces like the bocce ball court, the grilling area and other features. Access to the university was very important as well as the ability to utilize the labor coming out of Gilbert, Chandler and Mesa.”
Gensler has redesigned the masonry industrial building.
EverWest Real Estate Partners and CarVal Investors purchased the manufacturing project from Jabil Circuit Inc. in July 2014.
“This acquisition was underwritten for high-end office from the start,” says Curt Kremer, managing director of acquisitions with EverWest. “We identified the facility as a great opportunity for a project unlike any other in the marketplace. The location at the Loop 101 and 202 and its proximity to Arizona State University is ideal for delivering our vision. We believe this property will attract a range of businesses from across the user spectrum. The recent change in our standard office culture is promoting a collaborative workplace to attract the millennial labor pool and we are committed to delivering a product to allow our end users to do just that.”
The Circuit Tempe will feature indoor and outdoor spaces designed for efficiency, density and collaboration. According to a new Cushman & Wakefield report Facing the Millennial Wave, today's millennial office users are seeking expansive floor plates conducive to the flexible, collaborative-based workspace concept. The open space ambience at The Circuit Tempe will be completed with 17-foot ceiling heights and an abundance of natural light through the addition of 60-plus skylights, new 14-foot floor to ceiling high-performance windows, and large glass roll up doors.
The Circuit Tempe will provide a unique combination of indoor and outdoor spaces for its tenants. Sizable landscaped patios will encourage outdoor meetings in a comfortable garden setting. Outdoor bocce ball courts, misting systems, barbecues and flat screen TVs promote recreational breaks during the workday.
“This is truly an adaptive, re-use project,” says Kremer. “We are re-purposing a wide variety of existing elements from the property's previous manufacturing life. Smoke hatches are being re-purposed into skylights. Outdoor steel structures at the site are being re-made into benches and the existing security fences are being creatively applied to outdoor patio spaces and retention areas. Concrete and masonry debris from the demolition will be saved and later added to the retention areas in a decorative fashion. We have taken an obsolete manufacturing facility and applied the re-use and recycle theory to create a unique and exciting work environment.”
Young working processionals place priority on transportation options and convenience. The Circuit Tempe contains a remarkably generous parking lot with a 7:1000 parking ratio and will also feature 140 bicycle racks for those who ride to work. The property is 1.7 miles from Arizona State University, 7 miles from Old Town Scottsdale and 8 miles to the Phoenix Sky Harbor Airport
The Circuit Tempe is planned for completion in April 2015.
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.
