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ViaWest & JLL sign Fortune 50 tenant for half of building
PHOENIX, January 11, 2016 – Demand for modern office space within the ASU Research Park remains high, as confirmed by the delivery and partial lease-up of Nexus @ ASU Research Park – a 123,863-square-foot, Class A office building recently renovated and reintroduced to the market by owner ViaWest Group.
Prior to ViaWest’s renovation this two-story, functionally obsolete, R&D building had many challenges, including inadequate parking, low ceiling heights, obsolete clean rooms, and an extremely tired office build-out. ViaWest saw opportunity where others saw problems, and so far it appears to be paying off. Since taking ownership, ViaWest has extended the ground lease to 89 years, increased the parking ratio to over 6:1,000, and completed a multi-million dollar site and building renovation designed by award-winning architect Patrick Hayes.
Before the paint had dried on the improvements, multiple companies were already jockeying for position to lease the newly renovated creative office space. Ultimately, ViaWest executed a lease with a tech-centric Fortune 50 tenant to lease 60,000 square feet, which equates to approximately half of the building. This a welcome addition to ASU Research Park’s already impressive roster of high-profile tenants and serves to further bolster the Valley’s improving employment base while adding to the corporate diversity of the local Phoenix economy. “It was great watching our vision unfold and we couldn’t be more pleased with the outcome to-date. We had a lot of fun working with our team of architects and brokers to create something relevant, cool, and functional for today’s tenants,” said Danny Swancey of ViaWest.
An additional 64,889 square feet remains available at Nexus, with approximately 450 cubes in place for a plug-and-play lease opportunity. Located at 8375 S. River Parkway and 8600 S. Science Drive within the ASU Research Park in Tempe, Arizona, Nexus totals 123,863 square feet in two stories. The project offers easy access to the Loop 101, US 60 and Loop 202, and is minutes from Chandler Fashion Center with 320 shops and restaurants. Amenities within the Park include 6 miles of jogging and bike trails, 18 acres of lakes, roving security, and day care services.
“This site has transformed from a traditional office building occupied by NXP Semiconductors and Wells Fargo into a premier, creative space that is ready to meet the needs of the modern office user,” said Mark Gustin of JLL. He added, “ViaWest recognized the opportunity to transform this building to meet current market demand, and did an excellent job of bringing that strategy to fruition. We believe our early, positive lease activity is a strong indicator of more success to come.”
According to JLL’s most recent office market report, downtown Tempe leads the Valley for Class A office space demand and construction. As inventory there tightens, nearby submarkets and developments like the ASU Research Park are reaping the reward.
About ViaWest GroupEstablished in 2003, ViaWest Group is a Phoenix-based full service commercial real estate acquisition, development, property management, investment and advisory firm. ViaWest Group has been one of the fastest growing real estate investment companies in the Valley over the last few years with over $300 million of recent acquisitions. Since inception, ViaWest has been involved in over $600 million of commercial real estate transactions. ViaWest Group is looking to acquire and develop more office, industrial, retail and commercial land parcels in the Southwestern United States. Visit www.viawestgroup.com or contact Steven Schwarz at (602) 957-8300 ext 102, firstname.lastname@example.org, Gary Linhart at (602) 957-8300 ext 101, email@example.com or Danny Swancey at (602) 957-8300 ext 104, firstname.lastname@example.org.
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. A Fortune 500 company 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 $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
In Phoenix, JLL is a market leader employing more than 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2014, the Phoenix team completed 12.2 million square feet in lease transactions valued at $918 million, directed $75 million in project management and currently manages a 23.1 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.
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