The Rockefeller Group announced today that it is building an 82,000 square foot flex/office building on 8.2 acres including 6/1,000sf parking within the Chandler Corporate Center campus. The building is anticipated to be completed in mid-2014 and is the company’s second spec building to be constructed in Chandler Corporate Center.
Chandler Corporate Center is a master-planned business park at the northwest corner of McClintock Drive and Chandler Boulevard in Chandler, AZ and currently includes two 70,600 square foot Class “A” office buildings and the corporate headquarters of Creative Leather Furniture. Garmin, Inc. recently announced it is building a 63,000 square foot regional technology center adjacent to the Rockefeller Group development. The first office building that Rockefeller Group developed is approximately 84% leased, occupied by several large tenants, with only a few small spaces remaining available for lease.
“When companies call me asking what space is available in our city, we have challenges finding them space because we do not have many vacancies in the 15,000 square foot range and up,” said Christine Mackay, economic development director for Chandler. “The product The Rockefeller Group is bringing to Chandler Corporate Center will draw interest from small to mid-size companies looking to grow in Chandler.”
“Chandler is one of the Southwest’s fastest growing areas. Market conditions have changed for the better, and now is the right time to develop a spec building,” said Mark Singerman, Regional Director at The Rockefeller Group’s Phoenix office. “We’re speaking to several users who are especially attracted to the ”flex” building concept, which gives them Class A office space but also allows them to put storage, light assembly, R&D, etc. under one roof.”
The Rockefeller Group has designed the building to accommodate from one to six tenants with space needs as small as 10,000 to 15,000 square feet. Phil Breidenbach, SIOR of Colliers International’s Phoenix office is currently marketing the remaining 2,700 and 7,300 rentable square feet spaces in the current Class “A” building and will market the new building.
Currently, the office vacancy rate in the Chandler Price Corridor is under 5 percent, well below the national average of 17 percent. The Price Corridor is a major employment corridor in Chandler, extending along Price Road in the southwestern portion of Chandler, AZ.
The Rockefeller Group has been very active in Arizona. Liv Northgate, a 402-unit Class A apartment in Gilbert, AZ, will open the first phase of 254 apartments at the company’s North Gateway mixed-use development at Warner and Recker Roads. Work is anticipated to start later this year on Chandler 101, an 844,000 square foot mixed-use mid-rise office development on 22 acres at the Southeast corner of Chandler Blvd. and the Loop 101 Freeway in Chandler. Work is also anticipated to start this spring on Chandler Crossroads, an 80 acre mixed-use business park at Gilbert and Queen Creek Roads.