Demand for modern office space within the ASU Research Park remains high, as confirmed by the delivery and partial lease-up of Nexus @ ASU Research Park, a 123,863-square-foot, Class A office building recently renovated and reintroduced to the market by owner ViaWest Group.
Prior to ViaWest’s renovation this two-story, functionally obsolete R&D building had many challenges, including inadequate parking, low ceiling heights, obsolete clean rooms and a tired office build-out. Since taking ownership, ViaWest has extended the ground lease to 89 years, increased the parking ratio to over 6:1,000 and completed a multi-million dollar site and building renovation designed by award-winning architect Patrick Hayes.
“ViaWest saw opportunity where others saw problems, and so far it appears to be paying off,” said Danny Swancey of ViaWest. “Before the paint had dried on the improvements, multiple companies were already jockeying for position to lease the newly renovated creative office space.”
On behalf of ViaWest, Managing Directors Dave Seeger, Karsten Peterson and Mark Gustin from the Phoenix office of JLL ultimately executed a lease with a tech-centric Fortune 50 tenant to lease 60,000 square feet, which equates to approximately half of the building.
The tenant joins ASU Research Park’s roster of high-profile tenants and serves to further bolster the Valley’s improving employment base while adding to the corporate diversity of the local Phoenix economy. “It was great watching our vision unfold and we couldn’t be more pleased with the outcome to-date. We had a lot of fun working with our team of architects and brokers to create something relevant, cool, and functional for today’s tenants,” added Swancey.
An additional 64,889 square feet remains available at Nexus, with approximately 450 cubes in place for a plug-and-play lease opportunity.
Located at 8375 S. River Parkway and 8600 S. Science Drive, within the ASU Research Park in Tempe, Arizona, Nexus totals 123,863 square feet in two stories. The project offers easy access to the Loop 101, US 60 and Loop 202, and is minutes from Chandler Fashion Center with 320 shops and restaurants. Amenities within the Park include six miles of jogging and bike trails, 18 acres of lakes, roving security, and day care services.
“This site has transformed from a traditional office building occupied by NXP Semiconductors and Wells Fargo into a premier, creative space that is ready to meet the needs of the modern office user,” said Gustin. “ViaWest recognized the opportunity to transform this building to meet current market demand, and did an excellent job of bringing that strategy to fruition. We believe our early, positive lease activity is a strong indicator of more success to come.”
According to JLL’s most recent office market report, downtown Tempe leads the Valley for Class A office space demand and construction. As inventory there tightens, nearby submarkets and developments like the ASU Research Park are reaping the reward.