Trammell Crow Company and PGIM Real Estate Complete 175,000-SF Office Building in Scottsdale, Arizona
Axis Raintree Delivers New Class A Speculative Office Space to North Scottsdale
April 21, 2021
The partnership of Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial’s global investment management business, announced that it has completed Axis Raintree, a 175,112-square-foot speculative office building located at 8605 East Raintree Drive in Scottsdale, Arizona. The Class A building spans three stories and includes a structured parking garage with immediate access to over 1 million square feet of amenities and the 101 Freeway.
Designed by RSP Architects and constructed by Willmeng Construction, Axis Raintree sits on 5.12 acres and features 5,000-square-feet of outdoor, Wi-Fi-enabled amenity space with views of the McDowell Mountains; a 1,500-square-foot tenant lounge; and a 40-person training room. The building also boasts several health and safety features, including touchless entries; a state-of-the-art air testing and monitoring systems; and MERV 13 filters, which meet new CDC guidelines and are 3x more effective than the standard MERV 8 filters. Axis Raintree is also in the process of achieving WELL v2 Core Certification and a WELL Health and Safety rating.
“TCC Phoenix and PGIM Real Estate are pleased to deliver Axis Raintree to the North Scottsdale submarket, which for years has had a limited supply of new Class A office space,” said Cullen Mahoney, Vice President for TCC Phoenix. “We are seeing a meaningful flight to quality trend from tenants as they begin to re-enter the office. We expect well-located, best-in-class projects like Axis Raintree to significantly outperform moving forward.”
Soultana Reigle, Managing Director and Senior Portfolio Manager for PGIM Real Estate’s U.S. value-add investment strategy, added, “We’re thrilled to partner with Trammell Crow Company to bring Axis Raintree to the market at a critical time for the office sector, as corporate tenants have a renewed interest in and need for best-in-class space. With its outstanding location and amenities, Axis Raintree is poised to benefit from pent up demand for premier office space in the Phoenix area driven by favorable regional market dynamics, such as robust job growth, population gains, and a business-friendly climate.”
Axis Raintree is being marketed and leased by Bryan Taute and Charlie Von Arentschildt of CBRE.
“More than ever, tenants are focused on providing a premium workplace experience for their employees. As companies return to work, we feel strongly that newly developed buildings like Axis Raintree that can offer modern design, amenities and safety features will be in popular demand,” said Bryan Taute of CBRE. “In addition to best-in-class features such as 16’ deck-to-deck spacing, Axis’ health and safety upgrades, outdoor workspaces, and pending WELL certifications are just some of the characteristics that will help set the new standard for tenant experience in North Scottsdale.”
For more information, visit AxisRaintree.com.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.