EverWest, in partnership with WHI Real Estate Partners L.P. 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.
According to MarkerInsider, City Office REIT was the buyer and paid $51 million for The Quad. Those close to the sale said it broke price-per-square-foot records in the South Scottsdale office market.
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.
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.”
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.
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.
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.
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.
Outside of Phoenix, EverWest’s renovation and repositioning activity includes LINQ in Redondo Beach, California, The Yard in Denver and Upcycle in Austin.