CBRE announced it has arranged the joint venture between Equus Capital Partners, Ltd. (“Equus”) and iStar for the ownership of Raintree Corporate Center, a premier Class-A office complex located at 8800 and 8888 E. Raintree Drive in Scottsdale, Ariz.
Bryan Taute with CBRE’s Phoenix office and Kevin Shannon and Brad Burton with CBRE’s El Segundo office negotiated the transaction between Equus and iStar. Bryan Taute also has the marketing and leasing assignment on the property.
Equus is headquartered in the Philadelphia-area and is one of the nation’s leading private equity real estate fund managers; iStar is a publically traded REIT headquartered in New York City. An affiliate of Equus will enter the joint venture as the managing partner, working closely with CBRE brokers to implement an aggressive leasing strategy for the property.
“We are thrilled to be partnering with iStar on a trophy office asset in the Scottsdale market. We look forward to implementing our business plan and re-introducing the property to the brokerage community” said Jonathan Praw who oversaw the transaction for the firm. Praw who is Vice President and Head of West Coast Operations for Equus is based in the firm’s Los Angeles office.
“We are excited to partner with highly respected group like Equus. The joint venture allows us to capitalize on market and property-level improvements during our period of ownership, and align ourselves with a best in class owner as we lease-up the project to full stabilization” said David Sotolov, Senior Vice President and Head of West Coast Investments, who oversaw the transaction for iStar.
Strategically located on Loop 101 just north of Shea, Raintree Corporate Center is a 345,000 SF class A office complex that provides easy access and excellent visibility. The property offers tenants flexible floor plans, parking ratios in excess of six per 1,000 square feet, proximity to upscale retail and residential options. Serving as headquarters to Meritage Homes since 2014, Raintree Corporate Center is currently 51 percent leased and can offer up to 140,000 SF of contiguous space.
“We have already started working on an aggressive strategy that focuses on attracting large corporate users. Based on the above market parking ratio, freeway visibility, quality of the common areas, and proximity to amenities, Raintree is well positioned to lease-up quickly,” said CBRE’s Taute.