CBRE has been awarded the marketing assignment for the ±240,000 SF office portion of Chandler Viridian, the $150 million, mixed-used project to be developed by Hines. The multi-faceted development project will be located on the former Elevation Chandler site near Chandler Fashion Center. Construction on the project is slated to begin 1Q 2015 and will include multifamily and hospitality components in addition to the premier, class A office product.
The Offices at Chandler Viridian will benefit from an excellent infill location in the heart of Chandler’s major employment and tech-hub. In addition to the strong corporate employment located to the southwest in the Price Road Corridor, the property will also boast proximity to numerous restaurant, retail and entertainment options within blocks of the project in addition to amenities that will be on-site upon Viridian’s completion.
Hines is a world-class developer with a keen understanding of what modern office users want and CBRE is incredibly excited to be a part of this project,” said CBRE’s Jerry Roberts, who along with Corey Hawley and Pat Boyle will head up the marketing and leasing team for The Offices at Chandler Viridian. “With its corporate friendly environment and diverse, well-educated workforce, Chandler Viridian will be located in the core of one of the Valley’s major employment hubs. Chandler is already well-known for drawing industry leaders from all knowledge-worker sectors including high technology, aerospace,bioscience and financial services. The addition of a premier, live-work-play environment offered by Hines’ Viridian will only serve to further enhance the area’s appeal for major employers.”
The state-of-the-art project is expected to draw the interest of major companies looking to locate or expand in metropolitan Phoenix, and will be a welcome addition to a submarket currently suffering from a dearth of available office product, particularly large blocks of quality contiguous, space. At the end of Q2 2014, the Chandler submarket led the Valley office market with a vacancy rate of 10.1 percent, compared to a 22 percent vacancy Valley-wide. Additionally, class A space in Chandler recorded a vacancy rate of only 3.9 percent at mid-year, compared to 16.9 for the entire metro area.
We expect The Offices at Chandler Viridian will be met with high demand from users. The City of Chandler is as business-friendly as any in the Valley and the community’s strong leadership has created an environment that companies want to locate in,” said Roberts. “Unfortunately, those users are currently faced with a lack of available product to suit their needs. Viridian will help to satisfy some of that demand.”
At build out, the 25.6-acre Chandler Viridian will feature 335 apartments units in a four-story building, ±240,000 square feet of office space in a six-story building, a 10-story, 150,000-square-foot hotel with 180 rooms and two pads for retail/restaurants. The pedestrian friendly project will feature gardens, promenades, courtyards and plazas that would be interconnected with 1.5 miles of paths and trails. The commercial components of office, hotel and retail will be developed on the northern portion of the tract and the multi-family residential units would be situated in the southern part of the site along the west side of the 101 Loop/Price Road Freeway and just north of the 202 Loop/San Tan Freeway.