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| Curt Kremer |
PHOENIX, AZ – Phoenix-based
developer George Oliver has completed a $38.8 million,
two-building acquisition and will invest almost $14 million in additional
capital to bring a new creative office portfolio to the heart of downtown
Chandler, Arizona.
Rebranded to The Alexander and The Johnathan, the buildings
will be named after Chandler namesake Alexander Johnathan (A.J.) Chandler.
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| Chandler, AZ Mayor Kevin Hartke |
“There is a tremendous energy in downtown Chandler right now
– from new tech growth and new multifamily development to its collection of
experiential, highly walkable amenities,” said Curt Kremer, George Oliver
Founder and Managing Partner.
“We are hopeful that our new concepts, The Alexander and The Johnathan, will thrive in this kind of environment, continuing our mission of delivering highly functional office spaces with a best-in-class amenity package.”
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| Planned Alexander Office Development, Chandler, AZ |
The Alexander will commence a $5 million shell building
transformation in the first quarter of 2020, creating a 112,000-square-foot,
five story modernized office building at 25 S. Arizona Pl.
These renovations
will improve the building from Class B to premier Class A modernized office
space, enclosing a current ground floor plaza and adding shared spaces and a
health-and-wellness-inspired amenity package.
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| Brian Ackerman |
Features within The Alexander will include a training center
with seating for 60 people, a coffee and juice bar, hospitality-inspired lobby
and lounge area, outdoor activity and game area, quiet library-themed common
workspace and a billiards room.
The wellness center will offer a cardio room furnished with Peloton equipment, a yoga room, private showers and an attached zen-inspired outdoor space. The improvement plan will also update major building systems such as elevators, restrooms and mechanical systems.
George Oliver purchased the 1987-built Plaza 25, once a
prestigious financial center, from long-time owner and tenant First Credit
Union for $16.3 million.
The wellness center will offer a cardio room furnished with Peloton equipment, a yoga room, private showers and an attached zen-inspired outdoor space. The improvement plan will also update major building systems such as elevators, restrooms and mechanical systems.
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| John Pierson |
A sale-leaseback agreement will keep First Credit Union in the building under a 10-year lease, leaving the building 79 percent occupied between First Credit Union and other tenants.
Vacant spaces not pre-leased during renovation will be built as move-in ready suites with a George Oliver-styled office design.
George Oliver has also purchased the adjacent,
107,510-square-foot, fully occupied Chandler City Center building for $22.5
million from Tryperion Partners and Griffin Partners.
Located at 55 N. Arizona Pl., this building will be rebranded by George Oliver as The Johnathan with an almost $3 million initial capital investment plan.
The rebrand will include upgrades similar to The Alexander
including an updated exterior paint scheme, a new main building entry sequence,
new landscaping, lobby and bathroom improvements, and mechanical upgrades to
bring the building to modern efficiencies and visually tie the two buildings
together as one.
Located at 55 N. Arizona Pl., this building will be rebranded by George Oliver as The Johnathan with an almost $3 million initial capital investment plan.
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| Ryan Timpani |
JLL Executive Vice President Brian Ackerman represented First Credit Union in the sale-leaseback and helped to facilitate the purchase of Chandler City Center. JLL Managing Director John Pierson served as the leasing expert for Plaza 25.
“This project received multiple offers in a very competitive
process that was supported, in part, by the confidence that all parties have in
George Oliver’s reputation and track record,” said Ackerman.
“Their renovations
will be a game changer for how tenants use and enjoy these buildings, and will
keep First Credit Union and its significant jobs in downtown Chandler.”
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| Todd Noel |
Surrounded by a density of office, multifamily, retail and
hospitality amenities, The Alexander and The Johnathan sites have a very strong
walkability score of 86 in a high-demand infill suburban office location.
Each building is served by its own, adjacent parking garage with a parking ratio of approximately 6:1,000 square feet. Both buildings will also be institutionally managed by Arcadia Management, sharing a full-time building concierge and full-time building engineer.
The design and architecture for The Alexander and The
Johnathan are being led by George Oliver Design. RSG Builders is the general
contractor. Western Alliance Bank is the project lender.
Each building is served by its own, adjacent parking garage with a parking ratio of approximately 6:1,000 square feet. Both buildings will also be institutionally managed by Arcadia Management, sharing a full-time building concierge and full-time building engineer.
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| Andrew Cheney |
Ryan Timpani and Todd Noel of Colliers are the exclusive leasing brokers for The Alexander.
Andrew Cheney and Colton Trauter at Lee & Associates are the exclusive leasing brokers for The Johnathan.
The Alexander and The Johnathan are part of a growing local
portfolio of notable George Oliver projects including serving as developer of
The Quad in Scottsdale and as owner and developer of CASA in Phoenix’s Uptown
neighborhood and Lofts at The District in North Scottsdale.
MEDIA CONTACT:
Stacey
Hershauer
480.600.0195
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