Cousins Properties and Hines announced today that they have commenced development of 100 Mill, a 287,000-square-foot, 18-story office tower in downtown Tempe, Arizona. Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture developing the project.
Located on the southwest corner of Mill Avenue and Rio Salado Parkway and adjacent to Cousins’ existing 1.3 million square foot Tempe office portfolio, 100 Mill is now 44% pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm.
“We are excited to partner with Hines and to break ground on this Class A trophy office building in the heart of downtown Tempe, where Class A vacancy is in the low single digits,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties.”100 Mill will offer our growing customers immediate access to the light rail, the vast amenities along Mill Avenue, and to leading talent at Arizona State University.”
Initial occupancy is expected in the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.
“We are thrilled to partner with Cousins on this new development in downtown Tempe,” said Brandon Dillingham, Managing Director of Hines. “Our pre-leasing activity is affirmation of the strong office demand in the Tempe submarket. We look forward to developing this premier office space in this vibrant city.”
