New York-based insurance company Oscar has officially moved into The Circuit in Tempe, and is gearing up to take full advantage of its 90,000 square feet of true creative office space. The Circuit was purchased and redeveloped in 2014 by a joint venture between EverWest Real Estate Partners and CarVal Investors.
“We developed The Circuit for just this type of tenant – an innovative organization looking to hire today’s best young workers – and to give them a collaborative, efficient and enjoyable space where they can function at their best,” said Curt Kremer, Managing Principal – Equity Ventures for EverWest. “It has only been a few short weeks, but it is clear that Oscar and The Circuit will be an exceptional match.”
Located on 16 acres just southeast of the Loop 101-202 interchange in Tempe, The Circuit was originally developed as a semiconductor building for Jabil Circuit. Between July 2014 and June 2015, the ownership team redeveloped the building into a 185,000-square-foot, ultra-modern, high-density creative office project designed for large office users looking to attract young Millennial professionals.
“Our original intent was to repurpose this facility, with the help of the architects and designers at Gensler, into very high-quality creative office space never before seen in the Phoenix market,” said CarVal Investors Managing Director Mark Kunkel. “We wanted to attract tenants that would appreciate its unique, creative features and that see value in its proximity to the 101 and Arizona State University.”
Oscar now occupies approximately half of The Circuit, using the space as the new home for its Concierge team – an integral part of Oscar’s mission to put people first and make health insurance simple, transparent and human. The company has planned for more than 900 seats at this location, which they can comfortably achieve due to The Circuit’s large, efficient floor plate.
Inside, The Circuit features 17-foot ceilings, 14-foot floor-to-ceiling windows and more than 60 skylights to maximize natural light for its tenants. A collaborative indoor-outdoor layout is enhanced with glass roll-up doors, large landscaped patios and outdoor entertainment areas with bocce ball courts, barbecues and flat screen TVs.
“Oscar is already making great use of The Circuit, enhancing the open concept with high-top tables with connectivity and large break rooms,” said CBRE Vice President Bryan Taute, who serves as the exclusive broker for the project along with CBRE Associate Krystal Dill. “There is also a separate area with showers and lockers – a nice advantage for employees who commute by bike.”
The project also provides a parking ratio of 7:1,000, which is about 40 percent higher than most office buildings in the market, and features covered parking shades.
Oscar selected its new location after a competitive site selection process, ultimately choosing Tempe for its skilled workforce, high quality of life, pro-business climate and creative office space options like The Circuit.