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The 10-story tower will join two other office towers and two condominium buildings in the project at Tempe Town Lake.
Construction has started on the third and final office building in Tempe’s 43-acre Hayden Ferry Lakeside development.
The 10-story office building is going up on the southeast corner of Mill Avenue and Rio Salado Parkway. The 265,000-square-foot tower will join two other office towers and two condominium buildings in the project on the south shore of Tempe Town Lake.
The tower is expected to be completed next year; it will be boat-shaped to keep with nautical theme of Hayden Ferry Lakeside.
The other two office towers are 98 percent leased, with tenants including Microsoft, Morgan Stanley, KPMG, Citrix, Silicon Valley Bank and Metlife, according to the developers Ryan Cos. and Parkway Properties.
“The entire (Hayden Ferry Lakeside) complex represents the many dreams that residents and city leaders had when Tempe Town Lake was first conceived,” Tempe Mayor Mark Mitchell said in a statement. “This is the type of well-designed, multi-use development we had envisioned, and it will stand the test of time.”
Hayden Ferry Lakeside was launched in 2002 by then-owner SunCor. The project has helped spur other development along the lake.
Last summer, the $600 million mixed-use development Marina Heights was launched east of Hayden Ferry Lakeside. State Farm will anchor the 2-million-square-foot project. Sunbelt Holdings and Ryan Cos. are working with Arizona State University to develop Marina Heights.
Hayden Ferry Lakeside II, a 12-story tower, sold to Parkway for $86 million in 2012. Parkway also owns the first tower.
“There are very few opportunities for users with large space requirements in downtown Tempe, which is being recognized nationally as a progressive, urban and thriving city,” said Molly Carson, vice president of Ryan.
The third tower is part of Arizona’s Government Property Lease Excise Tax program, which means tenants don’t have to pay property taxes for up to eight years.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
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PLEASE NOTE, I CHANGED BROKERAGES BUT CELL PHONE AND E-MAIL STAY THE SAME.
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
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