Phoenix Office Building to Undergo $17M Revamp
- Feb 27, 2019
George Oliver Cos. has revealed redevelopment plans for CASA, a 181,188-square-foot office building located in Phoenix’s Uptown neighborhood and previously known as Catalina Terraces. The owner intends to invest $17 million in the refurbishment program, which will transform the property into a modernized office space focused on health and wellness, and slated for completion in the third quarter of 2019.
Located at 7878 N. 16th St., the Class A building was completed in 1989 and last changed ownership in late 2018, when George Oliver acquired it for $16.5 million from Gemini Rosemont, according to Yardi Matrix. Improvements—scheduled to begin in April—will feature upgraded lobbies and restrooms, a new landscape package and a revamped exterior, while also maintaining the property’s Spanish architectural roots, including natural wood elements and smooth stucco finishes.
Plans call for amenities such as a training center with the ability to host about 60 guests, two courtyards with seating to serve as a relaxation and collaboration area, and an on-site, owner-operated coworking facility aimed to accommodate users ranging from one to 10 desks. Additionally, a tenant lounge and café operated by Kaleidoscope Juice will open at CASA in the fall of 2019. George Oliver has also unveiled plans for a wellness center with a yoga room, a fitness facility with showers, an on-site meditation room, a hair salon, a dog park and a two-story, climate-controlled dining area with lounge space and food truck parking.
“This is the first modernized office project of its kind in the metro Phoenix market to put health and wellness at the heart of its design,” Curt Kremer, George Oliver founder & managing partner, said in prepared remarks. “We’ve done our best to listen to the demand drivers of the modern-day tenant and deliver an office space complete with all of the services that today’s businesses need to excel—with equally high-quality wellness amenities that curate personal development and deliver a sense of community.”
Western Alliance Bank originated the renovation funding and RSG Builders will spearhead the improvement process, while Arcadia Management will provide management services. Colliers International is in charge of leasing, with Executive Vice Presidents Ryan Timpani and Todd Noel leading marketing efforts.
“Its one-of-a-kind amenities set it apart from the competition as occupiers of space continue to relocate to assets that allow them to attract and retain top talent. With the residential and retail renaissance taking place in the surrounding neighborhood of Uptown Phoenix, CASA is well positioned to lure a diverse and robust tenant base,” Timpani added.
In August 2017, a joint venture between George Oliver, EverWest Real Estate Partners and WHI Real Estate Partners sold The Quad, a 14-building campus in Scottsdale, Ariz. Vancouver-based City Office REIT acquired the creative office property for $51 million.
Renderings courtesy of George Oliver