Holualoa Companies has purchased Park One, a prominent office park in the Camelback Corridor with plans to renovate and rebrand it.

The firm has purchased Park One, a 217,433-square-foot office property located on 12 acres on east Highland Avenue with attractive open space including a two-acre lake, in a $50.1 million transaction from Dallas-based Velocis, a private equity fund manager. Built in the mid-1980s, the site includes four-story and two-story office buildings, a freestanding, high-visibility 7,544 square foot restaurant building, and expansive outdoor landscaped spaces.

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The project will be rebranded as WaterView, and Holualoa plans extensive improvements to make it a highly competitive Class A office project, including remodeling its vacant suites to provide modern, move-in ready offices for companies looking to move quickly into the market. Its location in the Camelback Corridor has already led to a vibrant tenant mix.

Recent investments to the buildings include: upgraded lobbies, corridors, bathrooms, elevator cabs, as well as the addition of an on-site café, fitness center, tenant lounge, and conference center. The buildings also feature modern lighting and ceiling systems in tenant suites and common areas, new air filtration systems, and EV charging stations. Holualoa plans to further improve the common areas to create collaborative outdoor amenities and workspaces to take advantage of the existing two-acre lake that is the centerpiece of the project.

Holualoa Companies is no stranger to the area, having developed the Class A Camelback Collective office and AC Hotel by Marriott Phoenix Biltmore project in 2018 and having owned many other office buildings in the Camelback Corridor over its 35+ years in the market.

The purchase continues a trend of high-profile transactions that Holualoa Companies has executed in recent months despite the economic conditions created by the pandemic. The company also announced several other transactions over the past year.

“We see a tremendous opportunity with this property to refresh and reposition it for a very competitive office market in the Camelback Corridor,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “WaterView already enjoys a strong tenant base and has some distinctive features that make it an ideal office location for companies looking to locate in this area. We look forward to seeing the property achieve its full potential and are excited about its prospects moving forward.”

The team from Cushman and Wakefield, including Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover, handled the sale of the property. Andrew Cheney and Colton Trauter of Lee & Associates manage leasing for the property.