Trammell Crow Breaks Ground in Scottsdale
- Dec 18, 2019
Trammell Crow Co. has commenced construction of Axis Raintree in Scottsdale, Ariz. The development will comprise 175,000 square feet of Class A speculative office space and is slated for completion in the fourth quarter of 2020. Maricopa County public records showed that Western Alliance Bank originated a $40.3 million construction loan for the project.
READ ALSO: CMBS Market Update and Forecast for 2020
The asset will be situated at the southwest corner of Raintree Drive and 87th St. on an 8.2-acres site, less than 1 mile from loop 101 freeway, and will be close to several dining and retail options. Additionally, Yardi Matrix data showed that the project is located in a high-density submarket, with approximately 20 million square feet of office space within a 5-mile radius. According to Trammell Vice President Cullen Mahoney, the development is the first Class A office project to be constructed in north Scottsdale since 2015.
The building will include 16-foot deck-to-deck height, floor-to-ceiling glass and several tenant amenity areas such as a café lounge and 40-person training room. RSP Architects will design the three-story asset. Bryan Taute and Charlie Von Arentschildt from CBRE’s Phoenix office will oversee leasing activities. Earlier in October, Trammell Crow Co. also broke ground on a 2.7 million-square-foot logistics project in Las Vegas.