Hines, the international real estate firm, has entered into a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client, as its equity partner to develop the Offices at Chandler Viridian.
The Offices at Chandler Viridian is a six-story, Class A office building with 250,000 square feet of space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center.
“The Offices at Chandler Viridian is a highly desirable office building offering users the connectivity needed in today’s business world. The addition of New York Life Real Estate Investors’ institutional client creates a powerhouse partnership for this project,” said Chris Anderson, managing director and Arizona leader for Hines. “Without leaving the Chandler Viridian campus, tenants will be able to stay at a beautiful new hotel, live at a luxury multifamily complex, eat and shop at several retail offerings and walk along a pedestrian trail.”
The Offices at Chandler Viridian is integrated into the Chandler Viridian master plan development, a 25-acre mixed-use project which also includes a Cambria hotel & suites, Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall. Also featured in the master plan is a dog park, ¾ mile jogging trail connecting all of the properties, and a large public plaza with high-speed Internet and Wi-Fi – all to enhance the pedestrian experience.
“We are pleased to have the opportunity to partner with Hines on this project. We think Chandler Viridian is well-suited for the dynamic and fast growing Chandler market, and will offer a high quality office environment with an unparalleled amenity base for its tenants,” said Chris Hunt, a senior director for New York Life Real Estate Investors.
Hines is also announcing that it has selected Whiting Turner of Phoenix as its general contractor. Whiting Turner is a 108-year-old construction firm that is ranked in the Top 10 firms in the United States, according to Engineering News-Record, and has a bonding capacity of $4 billion.
“The selection of Whiting Turner as our general contractor demonstrates our strong commitment to delivering a high-quality office building and a mixed-use environment unmatched in the East Valley,” said Brandon Dillingham, Hines project director.
Construction is projected to commence in the second half of 2017 and be completed in late 2018. The CBRE team of Jerry Roberts and Patrick Boyle are leading the leasing efforts for the office building.