Five Star Development Begins Leasing Two Office Towers at The Palmeraie

Phoenix, Ariz. – Five Star Development has embarked on the office component at The Palmeraie with the hiring of leading brokerage firm JLL to lease 140,000 square feet of Class-AA+ office space within two, four-story buildings at the ultra-luxe shopping and dining destination now underway in Scottsdale.

With completion expected by the end of 2020, The Palmeraie offices will feature 10-foot ceiling heights, all-glass private balconies, on-site management, covered and valet parking, a secure underground parking garage, ultra-fast Internet, on-site security and walkability to the impressive offering of best-in-class retailers and restaurants.

“The office towers at The Palmeraie are setting a new standard for Arizona that far exceed anything in the market,” said John Bonnell, managing director at JLL’s Phoenix office. “This is the most exciting and unique mixed-use project on the West Coast and we are expecting to lease these offices quickly. We’re honored to have been selected by Five Star.”

The Palmeraie offices sit within 160,000 square feet of high-end, mixed-use space with more than 60 exceptional boutiques and a variety of dining destinations lead by best-in-class, celebrated local and international chefs. Earlier this year, Five Star announced The Palmeraie’s first world-renowned tenant, FENDI Private Residences, that will open its first ground-up residential enclave in North America by the end of 2020. More tenant announcements of similar caliber will be announced soon. Once completed, The Palmeraie promises to be one of the largest and most significant luxury developments on the West Coast.

As part of the $2 billion, 122-acre community, the residential and resort component of The Palmeraie features The Ritz-Carlton, Paradise Valley, a 215-room hotel, that will be surrounded by 81 single-level Ritz-Carlton Residences Villas, priced from the mid-$1 million and ranging in size from 1,700 to 4,800 square feet, and 39 single-family Ritz-Carlton Residences Estate Homes, priced from the low $5 millions and ranging in size from 5,500 to 12,000 square feet. The Villas and Estate Homes will be whole-ownership and Ritz-Carlton branded, serviced and managed.

For more information on The Palmeraie, visit The Palmeraie.com. For office leasing inquires, contact John Bonnell at JLL by calling 602-282-6300 or visiting JLL.com.

About Five Star Development
For more than three decades, Five Star Development has been one of the industry’s most innovative and successful family-owned and operated developers. Five Star ‘s projects range from award-winning hospitality and luxury retail, to high-end, multimillion-dollar residential and Class-A industrial projects. For more, visit FiveStarDevelopment.com.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Phoenix, JLL is a market leader employing more than 580 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit www.jll.com.

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