Members of the development team break ground on Portico Place II in Chandler.
Irgens breaks ground on Portico Place II in Chandler
Irgens has broken ground on Portico Place II, a 48,173 sf, two-story, class-A multi-tenant office building located at 2195 West Chandler Boulevard. This speculative office building is being developed in response to growing demand for new, contemporary office space in the southeast Valley submarket by commercial office tenants. Current class-A office vacancy in the Southeast Valley is at a five-year low, and Portico Place II will be the first speculative, multi-tenant office building of similar size developed in the Valley in nearly six years.
“With Portico Place I recently finalizing leases to reach 100 percent occupancy we feel this submarket is one of the Valley’s most active business corridors, where Portico Place II can provide a high-profile opportunity for that aligns with the demand of office tenants in the southeast valley,” said Jason Meszaros, Vice President /Market Manager for Irgens. The modern design incorporated in the project is intended to provide regional office tenants many features that include:
· Up to 48,081 RSF available; divisible to as little as 2,000 RSF
· Very efficient floor plans of approximately 24,000rsf contiguous
· Convenient surface parking, immediately accessible to the building at a ratio of 5 stalls per 1,000sf
· Prominent building and monument signage available along Chandler Boulevard
· Contemporary building common areas and finishes
Portico Place II is projected to be completed in March 2015. Project team members include Archicon (architect) and A.R. Mays Construction (general contractor) and Lee & Associates (listing broker). Adam Tolson, Bill Blake, and Colton Trauter with Lee & Associates have the leasing assignment for the project on behalf of Irgens.
“We feel strongly that the timing of Portico Place II’s delivery is well suited for the lack of inventory in the multi-tenant, Class A market in the 101/Chandler area,” said William Blake, Principal for Lee & Associates.
Neighboring the existing Portico Place I, Portico Place II is located ¼ mile east of the Loop 101 Freeway and one mile north of the Loop 202 SanTan Freeway at the southwest corner of Chandler and Dobson Roads. As part of a 15-acre mixed use project Portico Place II has retail and restaurant locations in walking distance as well as nearby regional amenities including Chandler Fashion Square, downtown Chandler, and various hotels. . The project is also less than one mile from Chandler Regional Hospital, and has corporate neighbors including Intel, Microchip, Bank of America, Orbital Science, eBay and Wells Fargo.