SkySong 5 tops 70% occupancy months before completion

Real Estate | 19 Apr |

Leasing interest remains strong in the buildings at SkySong, with the newest building on the property achieving 73 percent occupancy months before opening.

With significant leases from Arizona State University — which is taking two floors in the six-story building — and companies including Berkadia and Limelight Networks, SkySong 5 already is nearly three-fourths leased while still under construction.

“We are very pleased with the interest in SkySong 5,” said Sharon Harper, President & CEO of Plaza Companies, the master developer of the project. “This dynamic building really illustrates the vision of innovation and technology that makes SkySong so attractive to companies.”

Plaza Companies is the developer of SkySong 5 and the master developer of the overall SkySong development, a public-private partnership with ASU University Realty, Holualoa Companies and the City of Scottsdale.

Both SkySong 5 and the new Element Hotel at SkySong are expected to be completed and open in summer 2019.

“We continue to see exceptional growth at SkySong as it not only is becoming an important part of the ASU infrastructure, but an ideal home for a broad variety of innovative companies as well,” said Sethuraman Panchanathan, executive vice president of Knowledge Enterprise Development and chief research and innovation officer at ASU. “We are seeing the companies currently located at SkySong continue to grow and innovate, and SkySong continues to attract new companies that have a focus on innovation and technology.”

The 151,318 square foot building SkySong 5 building will be located along SkySong Boulevard on the northwest side of the iconic shade structure. Lee & Associates, SkySong’s commercial real estate broker, is working with several exciting potential tenants.

SkySong 5’s design components include extensive outdoor work and meeting spaces as well as public art pieces, continuing the trend of distinctive features at each new SkySong building. SkySong 5 also includes a large second-story outdoor patio and event space. The cost of the building and the accompanying parking structure that will be built will exceed $43 million. Butler Design Group is the architect for SkySong 5, and DPR is the general contractor for the building.

With the opening of the new building and the Element Hotel at SkySong, the overall developed space at SkySong will exceed 750,000 square feet.

SkySong is a 42-acre mixed use development designed to:

• Create an ecology of collaboration and innovation among high-profile technology enterprises and related researchers;

• Advance global business objectives of on-site enterprises;

• Raise Arizona’s profile as a global center of innovation through co-location of ASU’s strategic global partners; and

• Create a unique regional economic and social asset.

Companies located at SkySong have the opportunity to partner with Arizona State University, which has more than 90,000 students studying across four metropolitan Phoenix campuses, in Lake Havasu and online. ASU is one of the largest public universities in the nation, with the majority of its students attending its campus in Tempe, Arizona, less than three miles from SkySong. 

In addition to locating its own innovative research units at the center, through ASU’s on-site operations, tenant companies have a single point of contact for introductions to researchers, faculty and programs to address their specific needs.

For more information on SkySong, visit www.skysong.com or www.facebook.com/skysongcenter.

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