Phoenix, Arizona — ViaWest Group, in joint-venture with New York-based Taconic Capital Advisors announced today the purchase of the Canyon Corporate Plaza, a core-plus office campus for $27MM. This is ViaWest and Taconic’s fourth joint venture in Phoenix in the last two years.
The property is comprised of two office buildings, a 5-story and a 6-story each with a parking garage, and 6.4 acres of developable land. The purchased properties are located at 2510 and 2512 W. Dunlap Ave. in Northwest Phoenix. Constructed in 1989 and 2000, Canyon Corporate Plaza contains approximately 313,000 square feet of Class A office space.
Canyon Corporate Plaza is located one-half block from the full diamond interchange of 1-17 and Dunlap Ave., and in very close proximity to the Light Rail station expansion at 25th Ave. and Dunlap.
Plaza is a fantastic lease-up opportunity,” says Steven Schwarz, Founding Partner
of ViaWest Group.
“These buildings are best-in-class in this submarket with great freeway visibility and access, 8:1000 parking potential, and an in process Light Rail extension that will provide convenient and fast transportation for the large labor pool in Northwest Phoenix. It is really an ideal location and property for all types of tenants”
ViaWest acquired the building at 66% occupancy, which will drop significantly with the likely vacating of a substantial portion of the building’s largest tenant, Cognizant, in the next year. The complex will receive an extensive renovation this year including new lobbies, elevator modernizations, a food truck plaza, a tenant lounge, and much more.
Dennis Desmond, Tivon Moffitt, and Peter Baumann with JLL’s Phoenix office, and Lynn LaChapelle of JLL’s San Diego office, represented both the buyer and the seller in the transaction. John Bonnell, Brett Abramson, Chris Latvaaho, and Chris Beall with JLL will handle leasing for the property.
“ViaWest Group is the ideal owner to renovate Canyon Corporate Plaza, restore occupancy to the property’s historical average of +90%, and to ensure it remains the preeminent office campus in the submarket,” says Dennis Desmond, JLL’s lead broker on the transaction.
Canyon Corporate Plaza will be one of the few properties in the metro area with over 100,000 s.f. of quality space available, and the only one with an exorbitant amount of parking greater than 8 spaces per 1000 sf of space.
About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based, full-service commercial real estate investment, development, and property management firm. ViaWest Group has been one of the fastest growing real estate investment companies in the Southwest U.S. over the last few years with over $400 million of acquisitions and development. Since inception, ViaWest has been involved in over $1 Billion of acquisitions. ViaWest Group is currently seeking to acquire and develop more office, industrial, retail buildings and land parcels in the Southwestern U.S. Visit our website www.viawestgroup.com or contact Lindsay Bennett at (602) 957-8300 ex.116.
About Taconic Capital Advisors
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with 39 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 76 business function professionals across legal/compliance, finance, operations, technology and investor relations.
This acquisition was managed by Eric Sitman, a Director at Taconic.
Taconic’s commercial real estate business is managed by James Jordan and Jon Jachman, who focus on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders, and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.