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| Rendering of The Quad, 6200 – 6390 East Thomas Road, Scottsdale, AZ |
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| CJ Osbrink |
Phoenix,
AZ – EverWest,
in partnership with WHI Real Estate Partners L.P. (“WHIREP”) and
co-developer George Oliver Companies, has completed the sale of The Quad,
a landmark redevelopment project that reformed a 1982-built executive suites
campus into a next-generation creative office community in Scottsdale, Arizona.
Located
at 6200 – 6390 E. Thomas Rd., at the northwest corner of 64th Street
and Thomas Road, The Quad represents a $23 million renovation that between July
2016 and November 2017 delivered 166,606 square feet of creative office space
in 14 modern, multi-tenant buildings – an effort that earned the project the
NAIOP 2017 Redevelopment Project of the Year award.
CJ
Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of
NKF Capital Markets represented EverWest and WHI in the transaction.
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| Kevin Shannon |
Bryan
Taute and Charlie von Arentschildt of CBRE were the project’s exclusive leasing
brokers and partners in bringing The Quad from zero to 98 percent leased. The
architect for The Quad is Denver-based Gensler. The general contractor is RSG
Builders.
“The
transformation from Scottsdale Executive Villas to The Quad was an incredible
combination of ideas that ended up creating a first-of-its-kind product in our
market,” said George Oliver Companies Managing Director Curt Kremer.
“The team
provided the framework for these buildings that ultimately attracted a
tremendous roster of tenants. That community of tenants was the final piece in
the puzzle, and makes The Quad everything it is today.”
“The
Quad is one of the most unique office properties in Scottsdale, representing a
collaboration between some of the most successful office renovation experts in
the industry,” said EverWest Senior Director Amr Ceran, who manages the
company’s Arizona and Southern California real estate portfolio, including
investment, redevelopment and lease-up.
“That expertise is reflected in this campus and its successful tenancy.”
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Amr Ceran
Office suites feature open ceilings, efficient floor plates, and include private outdoor workspaces with sliding patio doors that create an indoor-outdoor work environment.
Buildings at The Quad are connected by park-styled courtyards and seating areas with free, property-wide Wi-Fi and music.
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Tenants
at The Quad range in size from 25,000 square feet – represented by a lease from
online home seller Opendoor – down to 1,900 square feet, with the average
tenant occupying 7,000 square feet.
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| Curt Kremer |
All
suites are centered around a 4,500-square-foot gathering facility with
state-of-the-art conference and event space, a full catering kitchen, a
tenant-exclusive fitness center with showers and lockers, and Pitch, an on-site
restaurant serving breakfast, lunch, dinner and an after work drink to tenants,
guests and neighbors.
Other
features of The Quad’s community-centric site plan include three dog parks, a
bocce court, bike parking and a direct connection to the Cross-Cut Canal
multi-use path. For employees who commute to work by car, The Quad offers a
5/1,000 parking ratio.
The
Quad is located approximately three miles from the Loop 101 and Loop 202
freeways, two miles from Old Town Scottsdale and is minutes from Sky Harbor
International Airport, Arizona State University and downtown Tempe.
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| Ken White |
EverWest’s
Phoenix activity over the past 24 months includes the sale of The Madison - a
Class A office campus located in the heart of Phoenix’s Camelback Corridor;
Great American Tower – a landmark downtown Phoenix high-rise office building
that the company improved prior to sale; and 10 Chandler, a 553,000-square-foot
flex/industrial building located in the Chandler Tech Corridor.
It
also includes renovation of The Circuit in Tempe from a former semiconductor
building into 185,000 square feet of creative office space that is now
more than 75 percent leased to Oscar insurance and On Q
Financial.
EverWest is currently renovating Seville Professional Center, a
two-story building totaling 92,581 square feet on North Scottsdale Road.
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| Paul Jones |
Outside
of Phoenix, EverWest’s renovation and repositioning activity includes LINQ in
Redondo Beach, California, The Yard in Denver and Upcycle in Austin.
EverWest Real Estate Investors LLC, a wholly owned
subsidiary of GWL Realty Advisors, is a real estate investment and operating
company based in Denver, Colorado.
The company’s goal is to create significant
value for investors through a combination of capital appreciation, strategic
acquisition, development, capitalization, repositioning and management of
commercial real estate assets.
For more information on EverWest, visit www.everwest.com.
For more information on GWL Realty Advisors, visit www.gwlra.com.
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| Brunson Howard |
WHI Real Estate Partners L.P. (“WHIREP”) is a Chicago-based
investment firm focused on repositioning middle-market real estate assets
throughout the United States.
WHIREP manages a series of discretionary
investment funds on behalf of university endowments, foundations, pension
plans, family offices, and other investors.
For more information about WHI Real
Estate Partners L.P., visit www.whirep.com.
For more information, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
NYSE: MMI
