Trammell Crow Co., Prudential JV Feed Chandler, Ariz.’s Hungry Office Market
- Jan 16, 2015
Trammell Crow Co. and Prudential Real Estate Investors have answered Arizona’s growing demand for office space with the planned development of Mach One, two two-story Class A office buildings, totaling 210,000 square feet, in Chandler, Ariz.
“Mach One is specifically designed to attract and accommodate tenants with above- average employee populations needing a large amount of office space,” Jim Mahoney, Trammell Crow Co.’s senior managing director for its Phoenix business unit, told Commercial Property Executive. “This Chandler/Gilbert office submarket has a current vacancy rate of roughly 8 percent. While representing 3 percent of the Metro Phoenix office inventory, between 2012 and 2014, this submarket captured 15 percent of the metro-wide net absorption, validating the attractiveness of the location.”
Mach One will include two 105,000 square foot office buildings featuring centrally loaded plates with chevron layout, 6.5 per 1,000 parking ratio, 16-foot floor-to-floor heights, and 12-foot finished ceiling capability.
Building amenities will include covered parking areas, shaded outdoor seating, and large windows that provide abundant natural lighting. Each office building will incorporate open workspaces and functional lobbies to provide seating and space for collaboration.
The office campus is located on 19 acres at the southeast corner of Loop 202 and Cooper Road near the Chandler Municipal Airport, and is directly adjacent to more than 1 million square feet of retail amenities.
“Each floor of the development will be 50,000 square feet so the target-tenant mix will focus on requirements ranging from 50,000 square feet to 200,000 square feet,” Mahoney added. “From a location standpoint, Mach One is situated adjacent to a full diamond interchange on Loop 202 near the Chandler/Gilbert city border. These two communities have been among the fastest growing cities in the country and characterized by populations with higher levels of education and average incomes.”
Mach One is located within walking distance to several restaurants, banking and shopping amenities, all typical requirements of tenants in this marketplace.
Construction is scheduled to commence in early 2015.
Trammell Crow Co. has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and more than 540 million square feet.
Butler Design Group will serve as lead architect, Willmeng Construction Co. as the general contractor and Alliance Bank of Arizona is the lender. Bryan Taute and Charlie Von Arentschildt of CBRE Phoenix will handle leasing and marketing.