George Oliver Plans Massive Phoenix Redevelopment Project
The has acquired a two-building office property with plans to redevelop it into creative office space with a total investment cost of $53 million.
Phoenix-based George Oliver has acquired a two-building portfolio for $38.8 million in Downtown Chandler. The developer will spend an additional $14 million to rebrand the buildings as The Alexander and The Johnathan, high-end creative office space.
The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five story modernized office building. These renovations will improve the building from class-B to class-A office space, which will feature a ground floor plaza and adding shared spaces and a health-and-wellness-inspired amenity package.
The Johnathan is an adjacent, 107,510-square-foot, fully occupied building, which George Oliver purchased for $22.5 million from Tryperion Partners and Griffin Partners. The developer will include a $3 million initial capital investment plan.