Hines, the international real estate firm, and Cousins Properties, an Atlanta-based REIT, have purchased 2.5 acres of land located directly on Mill Avenue in Downtown Tempe to develop 100 Mill. 100 Mill will consist of a 280,000-square-foot, 15-story class AA modern office tower and a hotel or multifamily tower. The Hines and Cousins joint venture has completed final entitlements for the site and is currently finalizing construction plans for the office tower.
“Hines is pleased to bring 100 Mill, an innovative and exciting project, to Tempe’s new skyline in partnership with Cousins Properties,” said Brandon Dillingham, director of development for Hines’ Arizona office. “We are embracing innovative trends in urban development to create a new landmark for Downtown Tempe.”
“Cousins is proud to be a partner in the 100 Mill project. We are thrilled to add 100 Mill to our best in class Downtown Tempe portfolio of Hayden Ferry Lakeside, Tempe Gateway and 111 West Rio,” said Will Creyer, vice president and local market leader of Cousins.
The joint venture has hired the CBRE team of Bryan Taute and Charlie von Arentschildt for office leasing. “We’re excited to be a part of the only office building currently being developed in Downtown Tempe and to continue our partnership with both Hines and Cousins. With direct access to light-rail, walkable urban amenities, recreational activities on Tempe Town Lake, world-class architecture and access to the best demographics in Metropolitan Phoenix, we’re excited to continue to attract best-in-class companies to Downtown Tempe,” says Bryan Taute, executive vice president of agency leasing at CBRE. For leasing inquiries, contact Bryan Taute at (602) 735-1710 or bryan.taute@cbre.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet.
