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News release

PHOENIX, AZ

Work of Art: Partnerships Create New Hub for Phoenix’s Midtown Market

Phoenix Mayor Greg Stanton, McCarthy Cook & Co. and JLL Celebrate the Creation of the Central Arts District and Renaming of Viad Corporate Center to Central Arts Plaza


PHOENIX, March 3, 2015 – Unveiling their new vision for Phoenix’s Midtown submarket, California-based McCarthy Cook & Co. and the Phoenix office of JLL will join Phoenix Mayor Greg Stanton on Wed., March 4 to celebrate the official renaming of Viad Corporate Center to Central Arts Plaza.

Built in 1991 as the Dial Corporation headquarters and still the headquarters for Dial Corp.’s successor, Viad Corp., Central Arts Plaza totals 500,000 square feet in 24 stories at 1850 N. Central Ave. The project anchors the newly created Central Arts District, an area bounded by Roosevelt Street, Virginia Avenue, Seventh Street and Seventh Avenue in Phoenix. It is also directly adjacent to the Phoenix Art Museum, Phoenix Theatre and Arizona Opera, and is a short walk to the Heard Museum and Phoenix Metro Light Rail.

The Central Arts District is home to the greatest concentration arts venues in the Phoenix metropolitan area.  In 2014, McCarthy Cook joined forces with Midtown business and arts leaders to create the Central Arts District. “We saw an opportunity to embrace and support this extraordinary concentration of the cultural jewels of Phoenix,” said Edward Cook, Co-President of McCarthy Cook. “Renaming Viad Corporate Center to Central Arts Plaza underscores our commitment to this vision, and recognizes our project’s role as a hub connecting the numerous prestigious firms located at the building to the Central Arts District’s vibrant art scene.”

Central Arts Plaza provides Class A office amenities including unobstructed 360-degree views of the entire Valley, a full service café and outdoor lounge, 10,000-square-foot fitness center, 150-person conference center with breakout boardroom and the 200-seat Playhouse on the Park performance theatre. The project has an outstanding park, sculpture garden and major water feature open to the public.

Central Arts Plaza encourages the arts on site with attractions ranging from opera in the lobby to a rotating lobby gallery that will feature art from local artists and students attending nearby schools.

“Central Arts Plaza is a world-class office project located at the heart of the new Central Arts District, with a unique mix of amenities found nowhere else in Phoenix,” said JLL Managing Director John Bonnell, who leads the project’s exclusive leasing broker team including JLL Vice Presidents Brett Abramson and Chris Latvaaho. “The unrivalled quality of this project and its nexus to the burgeoning arts scene and new residential and retail developments is a great combination, and the reason the project consistently outperforms nearby Downtown and North Central properties.”

“Central Arts Plaza provides tenants a unique opportunity to enjoy a Class A atmosphere, first class on-site amenities and accessibility to the entire Valley,” added Abramson. “A building of this quality will most likely never be duplicated.”

California-based McCarthy Cook currently owns more than 1 million square feet of Class A office space in Phoenix. JLL is the exclusive leasing broker for the company’s Phoenix portfolio.

About McCarthy Cook & Co.
McCarthy Cook & Co. was formed in 1995 as a real estate investment and development company. Since 1995, McCarthy Cook & Co. has completed $4.7 billion in transactions representing 10.4 million square feet of commercial office and mixed-used projects. During the same period, the firm has developed or has under development approximately 1.6 million square feet of office, retail and residential projects. The professionals at MCC specialize in the investment, development and operation of commercial real estate properties in the western United States.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Phoenix, JLL is a market leader employing nearly 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets and development services. In 2013, the Phoenix team completed 10.3 million square feet in lease transactions valued at $512 million, directed $72 million in project management and currently leases and/or manages a 22.8 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.