Downtown Tempe, Arizona project to redevelop with $14 million in improvements
Phoenix-based developer George Oliver has announced plans for its next Arizona experiential office transformation: the five-building Hayden Station mixed-use office campus, located on the southwest corner of Mill Avenue and Third Street in the heart of downtown Tempe.
Built in 1986, Hayden Station has served as a downtown Tempe landmark for more than three decades. It spans 107,508 square feet, including one five-story office building and four two-story mixed-use buildings that are home to office, retail and restaurant space. The five-story tower offers views of downtown Tempe, Tempe Town Lake and Hayden Butte.
“From a live-work-play perspective, this location is our most exciting infill, campus-style repositioning strategy to date,” said George Oliver Founder and Managing Partner Curt Kremer. “It has everything in place – great existing structures, dynamic employee and tenant demographics, and a strong mixed-use character – to deliver one of the best George Oliver concepts in the country.”
With an approximate $14 million capital improvement budget, George Oliver will upgrade Hayden Station to an unmatched experiential office class that incorporates retail and restaurant space, and establishes flexible, open concept interiors with the high-touch design that its users have grown accustomed to.
Similar to its concepts at other Valley projects – including CASA, The Alexander, The Johnathan and The Quad – George Oliver will upgrade Hayden Station with a health-and-wellness-inspired amenity package curated to complement the project’s existing walkable amenity offerings. This concept will have a heavy emphasis on the connection between indoor and outdoor space, using the abundance of courtyards and circulation spaces that the current project site plan offers.
George Oliver purchased the Hayden Station property in an off market transaction. The acquisition totals all five Hayden Station buildings, with an attractive 4.2/1,000 parking ratio. Steve Lindley, Cushman & Wakefield Executive Director, represented the property seller in the transaction.
“This is a notable transaction for the market – completed in one of the tightest, most sought-after office locations in the country, with office rents approaching $50 per-square-foot, continued tenant demand and a low 8.1 percent office vacancy,” said Lindley. “This off-market deal is a testament to George Oliver’s reputation and their ability to add exponential new value and energy to one of downtown Tempe’s longstanding mixed-use destinations.”
Hayden Station offers immediate access to the Mill Avenue/Third Street Light Rail stop, Tempe Streetcar stops and is steps away from Arizona State University’s main campus. It is less than one mile to the Loop 202 and minutes from Sky Harbor International Airport and downtown Phoenix.
The restaurants, shopping and dining of downtown Tempe sit just outside the property’s doorstep, delivering a walkability score of 83 and a “biker’s paradise” score of 97. Hayden Station has more than 4,900 multifamily units within a one-mile radius (1,124 of which have been built since second quarter of 2019) and more than 28,880 multifamily units within three miles.
The design and architecture for Hayden Station is being led by George Oliver Design. Scott Boardman and Dave Carder of Cushman & Wakefield will serve as the project’s exclusive leasing brokers.
Hayden Station is part of a growing local portfolio of notable George Oliver projects including CASA in Phoenix’s Uptown neighborhood, The Alexander and The Johnathan in downtown Chandler, and Lofts at The District in North Scottsdale.