CBRE and The Boyer Company, a full-service real estate development firm based in Salt Lake City, Utah, announced today the expansion of Rio2100 with the addition of a 160,000-square-foot speculative office building. Construction of the four-story project will commence later this year, with delivery set for December 2019.
The planned office asset marks Phase V of Rio2100, a 60-acre mixed-use development located adjacent to Tempe Marketplace and directly southwest of the intersection of Loops 202 and 101 in Tempe, Arizona. The addition of the new speculative building brings the park’s total office space to 625,000 square feet.
“We’re immensely proud of the success Rio2100 has achieved so far in attracting top tenants to this corner of Tempe, and we’re excited to continue that momentum with the addition of this new spec building,” said Adrian Evarkiou, a partner at The Boyer Company who leads its Arizona office. “As Rio2100 expands its footprint in Tempe, we remain confident in our vision to create a world-class office, retail and hospitality destination that boasts unparalleled visibility from one of the most prominent intersections in the metro area.”
Earlier this year, Freedom Financial moved into the first of its two 150,000-square-foot build-to-suit offices at Rio2100. Phase I, which was completed in March 2017 and is 100% leased, offers a total of 100,000 square feet of office space and includes tenants such as Varsity Tutors, MeltMedia, Mayo Clinic, American Vision Partners and SDC Clinical. A separate 63,000-square-foot building under construction will serve as the new headquarters for Benchmark Electronics.
Additional retail and restaurant space, a 349-unit luxury apartment development by Streetlights Residential, a Hilton Garden Inn and a Homewood Suites are also part of the project.
Among Valley submarkets, Tempe continued to lead the Valley with the lowest office vacancy rate in metro Phoenix at 4.8% and a Class A vacancy of 2.06%.
Bryan Taute and Charlie von Arentschildt with CBRE’s Phoenix office are marketing the new building on behalf of The Boyer Company.
“The tenant demand we have seen at Rio2100 validates the desire to have convenient freeway access, proximity to amenities and access to the East Valley labor pool,” said CBRE’s Taute. “As tenants continue to seek out modern office space in the East Valley, the new building at Rio2100 will be able to meet that demand.”
