PHOENIX—In a commitment to maintaining the legacy of the Biltmore Financial Center while evolving the property for current collaborative work environments, ViaWest Group is launching a multi-million-dollar renovation of the three class-A office buildings. The financial center totals approximately 635,000 square feet at the northwest corner of 24th Street and Camelback.
The renovation begins this month and is expected to be complete in July. The upgrades are to include eight new speculative suites ranging in size from 1,600 square feet to 11,000 totaling 35,000 square feet. The suites will have modern entries with built-in reception desks, comfortable break rooms with upgraded appliances and significant interior glass.
Other new features include a 3,500-square-foot tenant lounge with 20+ seat conference room, made-to-order food service, flat-screen media wall, indoor/outdoor co-working space and games. The one-acre plaza will be overhauled with a new fountain, providing significant shade from new landscaping and offer an assortment of outdoor seating and meeting spots. The café will be upgraded with beer and wine, enhanced architecture and patio. The 4,400-square-foot gym will be renovated with new equipment, improved bathrooms, workout space and a new yoga/fitness room. The lobby space, corridors, bathrooms, and elevator lobbies will also be upgraded. In addition, there will be significantly enhanced signage and building entries throughout complex yielding increased synergy between all the buildings and amenities.
Steven Schwarz, a founding partner of ViaWest Group, tells GlobeSt.com: "ViaWest Group's renovation of the Biltmore Financial Center will enhance the day-to-day tenant experience at the property in a way that appeals to today's workforce, including both the institutional and entrepreneurial worker, while being mindful of the property's important legacy in the Valley. With unparalleled views, convenient parking, access to decision makers, and the soon-to-be completed renovation, the Biltmore Financial Center will continue to be the Camelback Corridor's premier destination for business."
ViaWest Group purchased the Biltmore Financial Center in 2015 for $163.1 million (or $257 per square foot). At the time, the transaction was the largest multi-tenant office sale in the Phoenix area since 2007 and third largest sale ever in the metropolitan area, according to CoStar.
Major Biltmore Financial Center tenants include Fennemore Craig, Colliers International and Northern Trust. The complex comprises three buildings including the four-story Biltmore Financial Center I at 2390 E. Camelback Rd. at 210,494 square feet, the 11-story Biltmore Financial Center II (Northern Trust Tower at 2398 E. Camelback Rd.) at 288,076 square feet, and the six-story Biltmore Financial Center III located at 2394 E. Camelback Rd. at 134,889 square feet.
DAVIS of Tempe is the architect. The general contractor has not yet been finalized. The Design Element of Phoenix is the landscape architect. Trademark of Phoenix is providing the signage.
"For more than 30 years, the Biltmore Financial Center is where businesses and leaders have launched and grown their companies and careers. The renovation will continue to invigorate the complex and further attract Phoenix's distinguished financial and legal institutions to cohabitate with today's creative class," said Schwarz.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
