Hines, the international real estate firm, announced today that along with joint venture equity partner PCCP, LLC, it has acquired Kierland One, a Class A, 175,441-square-foot office building located in the North Scottsdale Airpark submarket of Phoenix.
Completed in 1999, the four-story building is located at 16430 N. Scottsdale Road across from the Promenade Shops, within the Kierland master-planned development. Situated on 11 acres and surrounded by first-class amenities, executive housing and the Loop 101 Freeway, the property, which is vacant, is well positioned to attract a new generation of tenants.
Hines Managing Director Chris Anderson, said, “We were attracted to Kierland One because of its premium location, the quality of the project, and the continuing Phoenix market recovery. This is a great addition to our portfolio of Class A office properties in Phoenix. The building’s flexible floorplates present a unique opportunity for large tenants.”
“Given the building’s prime location, coupled with the Hines/PCCP sponsorship, we believe we can attract a great lead tenant for the project. We look forward to providing a building that suits the specific needs of a future user,” said Ron Bonneau, vice president with PCCP.
Barry Gabel, executive vice president with CBRE, represented the seller in the transaction. Jeff Hartland, executive vice president with Cassidy Turley, will be overseeing leasing.