Holualoa Companies has unveiled plans to revitalize the Park One office development in the Biltmore area in Phoenix as it rebrands the property to its new name, WaterView.
The 217,433-square-foot office property located on 14 acres on east Highland Avenue will undergo extensive improvements to both interior and exterior spaces over the course of the next year.
The improvements include remodeling vacant suites to provide modern, move-in ready offices for companies looking to move quickly into the market, as well as improvements to common areas and the creation of collaborative outdoor amenities and workspaces to take advantage of the existing two-acre lake that is the centerpiece of the project.
Outdoor improvements will include new recreational features including a putting green, outdoor games, hammocks, fire pits, increased shading, outdoor sofas and lounge chairs. The interior improvements are expected to be completed by the end of 2022, with the exterior improvements scheduled for completion in the first quarter of 2023.
The project already boasts attractive open space including a two-acre lake. 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. Its location in the Camelback Corridor has already led to a vibrant tenant mix.
“We look forward to enhancing this property and making WaterView one of the most attractive Class A office options in the Biltmore submarket,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “The property already has some unique and exceptional features, and by further improving the already attractive on-site features we believe we will create an exceptional office experience for current and future tenants.
Previous 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 Companies purchased the property in December 2021 in a $50.1 million transaction with Dallas-based Velocis, a private equity fund manager. Andrew Cheney and Colton Trauter of Lee & Associates manage leasing for the property.