Cypress Office Properties, LLC and Oaktree Capital Management, L.P. announced that Phase I of Renaissance Square’s $50 million renovation is complete, and that construction has commenced on Phase II renovations. Phase II will include the redevelopment of the lobby connector that unites the two Class A towers, and upgrading the existing 20,000-square-foot gym into a luxury sports club.
“The pathway between the two building lobbies represents the most dramatic element of the Renaissance Square redesign,” said Mark Wayne, principal of Cypress Office Properties, LLC. “The existing pathway will be significantly expanded into large, public meeting areas with plenty of seating and natural light for tenants and visitors to meet, collaborate, relax, play and enjoy food and beverages.”
According to Ryan Bartos, executive vice president at JLL, aspects that have made Renaissance Square very appealing to prospective tenants include the modern palette of the renovation, light rail access directly in front of the building, and potential for new ground floor restaurants and bars. In 2017, Bartos represented Upgrade, Inc., a financial tech company, in the lease of two full 20,000-square-foot floors in one of Renaissance Square’s Class A towers.
“At Upgrade, creating a work environment that our team is excited to come to every day is a priority and we were looking for a space that aligned with our collaborative culture,” said Jeff Bogan, co-founder and CFO at Upgrade, Inc. “Renaissance Square’s central location and open design with all the amenities made it an ideal office space as we continue to expand our team and attract top talent from all corners of the Phoenix metro area.”
While high-growth tech companies continue to emerge in downtown Phoenix, other long-time tenants benefit from the transformation. Two examples include the Greater Phoenix Economic Council (GPEC) and Gammage & Burnham, organizations that have leased space at Renaissance Square for more than three decades.
“In addition to our clients knowing exactly where we are, we stay at Renaissance Square because the building offers fantastic proximity to our business partners as well as great local meeting spots,” said Grady Gammage, Jr., attorney at Gammage & Burnham. “We have appreciated seeing the continuous investment in the building and the interesting tenant mix.”
Phase I included significant upgrading of the main lobby and lower lobby of One Renaissance Square, the main lobby of Two Renaissance Square, and the addition of a new 8,000 square foot tenant amenity center which includes multiple conference rooms, a large training room, and a gaming area with a tenant lounge and kitchen facilities. Eight brand new move-in-ready spec suites were also constructed as part of the Phase I renovations including the four Project Future suites that were officially presented to the public at the recent Project Future Unveiled event.
Craig Coppola, Bill Blake, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates Arizona handle the marketing and leasing of Renaissance Square. Since the new ownership acquired the property, over 125,000-square-feet of new leases and over 60,000-square-feet of renewals have occurred.
