Mark IV Capital entered into a 170,000 SF build-to-suit for an office building at Chandler Freeway Crossing with General Motors.
GM selected Chandler Freeway Crossing as the last of its four sites nationally to house their Information Technology (IT) Innovation Centers which will be used to in-source their company’s innovation capabilities and strengthens their global competitiveness.
The transaction was facilitated by the City of Chandler, which worked with GM to provide incentives to enhance job growth within the city. GM expects to hire 1,000 high-wage employees over the next five years in the Chandler location.
Chandler Freeway Crossing is on the NEC of South 101 and 202 freeways in Chandler. The business park also houses the North American headquarters for ASML (60,000 SF), which is currently being completed, and the Phoenix operations of Smart Modular (20,000 SF).
It offers convenient access to Chandler Fashion Center and Phoenix Sky Harbor International Airport.
Mark IV plans to continue to offer buildings on a speculative and build-to-suit basis. Real estate brokers representing the landlord in the deal were Dave Seeger, Karsten Peterson and Mark Detmer with Jones Lang LaSalle. General Motors was represented by Mark Collins of CBRE out of Detroit, and Mike Conner and Chris Hook of CBRE Phoenix.
“We are very excited about this transaction, and the branding it affords the City of Chandler as one of the preeminent technology centers in the country, and Chandler Freeway Crossing as one of the preeminent business parks in Arizona,” said Paul Cate, CEO of Mark IV Capital.
Mark IV Capital is working with Wes Balmer of the Balmer Architectural Group in the design of the building.