Once a former mall, the Galleria Corporate Center has plans to add two acres of land, which is entitled for construction of up to 220,000 square feet of office, according to the joint venture ownership group.
Stockdale Capital Partners purchased the 537,110 square foot Galleria Corporate Center in 2013 and is about to complete a multi-million dollar renovation of the building’s lobby and common areas. Originally constructed in the 1990s as a retail mall, the Galleria was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson.
Stockdale Capital Partners and Jasper Ridge Partners formed an institutional joint venture to recapitalize ownership of the Galleria Corporate Center in Scottsdale. The recapitalization includes plans to add the land entitled for more office space.
Jasper Ridge is a discretionary investment manager with more than $15 billion in assets and offices in Menlo Park, Sacramento, Calif., and Ft. Worth, Texas. Los Angeles-based Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 60-year family office heritage focused on owning and operating commercial real estate over multiple asset classes throughout the West and Southwest.
“We continue to see significant upside in the Phoenix-Scottsdale market and believe the newly-renovated Galleria offers the absolute best location for employers to experience the tremendous growth and rich amenities of downtown Scottsdale”, said Daniel Michaels, Managing Director at Stockdale Capital Partners, “we look forward to continuing our success at this asset with our new partner Jasper Ridge.”