JLL to lease Arizona’s first-ever cross-laminated timber building
Mortenson project breaks ground in Tempe, Arizona
PHOENIX, Arizona, May 12, 2021 – Leading U.S. developer and builder Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on its anticipated The Beam on Farmer Class A office building in the heart of downtown Tempe, Arizona, and named the Phoenix office of JLL as the building’s exclusive leasing broker.
The five-story, 184,000-square-foot office building is the first in the state to feature exposed Cross Laminated Timber (CLT) construction as the primary structural system. The CLT process utilizes young trees and combines layers of natural timber for an eco-friendly building approach.
“Obviously COVID was a major curveball to this project, but the team remained committed to the core thesis of the development and we couldn’t be more proud to bring the first Class A, cross laminated timber office building in the state to the downtown Tempe market,” said George Forristall, Director of Real Estate Development at Mortenson. “Now more than ever, we believe this unique product offering will set the new standard for a healthy workplace and deliver an unparalleled experience to future tenants.”
Located at 401 S. Farmer Ave., The Beam on Farmer will deliver a unique office product to downtown Tempe, with a modern-meets-vintage mix of solid timber, concrete, steel and glass. Interiors will feature 13’ exposed wood ceilings, 40,000-square-foot open floorplates and an Under Floor Air Distribution (UFAD) system providing best-in-class air quality and energy efficiency. The building is served by an adjacent parking garage with a 4/1,000 parking ratio. The Beam on Farmer embodies an active design and will uniquely offer users a healthy building experience, with contactless features from “car to cube.”
“Throughout the past year, the Tempe market has demonstrated great resilience through the COVID pandemic, and we could not be happier to be bringing a unique product like The Beam on Farmer to our community,” said Tempe Mayor Corey Woods. “As businesses navigate what the future of the workplace environment may look like, The Beam on Farmer will play a key role in welcoming new businesses to our city, while establishing a foundation for a healthy workplace environment.”
“The Beam on Farmer sits in the most sought-after office submarket in the Valley,” said JLL Managing Director Ryan Timpani, who serves as the project’s exclusive leasing broker along with JLL Managing Director Mark Gustin. “The project’s cross-laminated timber construction profile will be the first of its kind in the Valley, creating a delivered product that is certain to draw employers from a wide range of industries looking to attract and retain the best talent.”
Locationally, The Beam on Farmer offers direct access to the Loop 202 freeway, is minutes from Sky Harbor International Airport and downtown Phoenix and sits at the hub of the Valley’s vast employment pools. The building has a Walk Score of 78, walkable to the Light Rail and Tempe Streetcar networks, hundreds of downtown Tempe restaurants, retail stores and hotels, and Arizona State University.
Cross laminated timber creates zero waste and will capture 3.5 tons of carbon dioxide. Scrap material from CLT production is also used to create other products or biofuel.
Completion of the beam is anticipated in May 2022. The project architect is RSP Architects.
For more on The Beam at Farmer, visit www.thebeamtempe.com.
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Mortenson is a U.S.-based, top-20 developer, builder and provider of energy and engineering services committed to helping organizations move their strategies forward. Mortenson’s expanding portfolio of integrated services ensures that its customers’ investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers. Founded in 1954, Mortenson has operations across North America with offices in Chicago, Denver, Fargo, Iowa City, Milwaukee, Minneapolis, Phoenix, Portland, San Antonio, Salt Lake City, Seattle, Washington, D.C., and in Canada. For additional information, visit www.mortenson.com.
About PGIM Real Estate
As one of the largest real estate managers in the world with US$188.5 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of 31 Dec. 2020, net AUM is US$124.3 billion and AUA is US$42.8 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
About Urban Development Partners
Urban Development Partners (UDP) is an Arizona based developer engaged is transformative and authentic environments for people to live, work and play by blending complementary uses and human scale design.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
In Phoenix, JLL is a market leader employing more than 646 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2020, the Phoenix team completed 75 million square feet in lease and sale transactions valued at $2.2 billion, directed $186 million in project management and currently manages a 54.2 million-square-foot portfolio.
For further information, visit www.jll.com.