FalconEye Ventures today announced it has acquired Scottsdale Quarter, a premier, 755,000-square-foot open-air mixed-use destination encompassing retail, dining, and office components, complemented by nearly 600 residential units.
FalconEye Ventures is a real estate investment company founded by tech entrepreneur George Kurtz in 2020.
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The company also announced today that Vestar, a leading owner and operator of open-air shopping centers across the Western United States, will be a strategic partner and oversee operations at the property.
As part of the acquisition, a $100 million capital improvement program is planned to further elevate the property’s positioning within the luxury retail sector and expand its Class-A office offerings to cater to technology and creative industry tenants.
Home to iconic retail brands such as Apple, Restoration Hardware, lululemon, Jenni Kayne, Veronica Beard, Dominick’s Steakhouse, and True Food Kitchen, Scottsdale Quarter has long been a cornerstone of the Southwest’s retail landscape. FalconEye’s planned investment in the property will support its long-term vision to build upon the presence of these powerful brands to create a vibrant live-work-play environment that blends contemporary luxury retail, chef-driven dining, and innovation-focused office space.
“Scottsdale Quarter is a powerful asset with even greater future potential as a magnet retail destination and a hub for breakthrough technology companies,” said Kurtz. “This acquisition aligns with our commitment to investing in and developing leading mixed-use properties that serve as catalysts for innovative companies and economic growth.”
“Working with FalconEye Ventures represents a strategic opportunity to advance our shared vision for Scottsdale Quarter,” said David Larcher, President and CEO, Vestar. “The planned enhancements will build upon the property’s strong foundation while positioning it as a destination for continued growth in an evolving retail and office landscape.”
The capital improvement program for Scottsdale Quarter will focus on tenant curation, infrastructure enhancements, and experiential retail concepts designed to differentiate the property.
Implementation is scheduled to commence in late 2025, with phased execution designed to minimize operational disruption to existing tenants and maintain continuity of service to visitors.
Located between North Scottsdale and Paradise Valley, the property benefits from proximity to affluent residential communities and serves one of the nation’s fastest-growing metropolitan markets. The property has established itself as a significant retail destination within the Southwest market, serving more than 4.5 million visitors annually.
