Plans Include Two 105,000 Square Foot Office Buildings Near Chandler Municipal Airport
Chandler, AZ – Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, and Prudential Real Estate Investors today announced an agreement to form a joint venture to develop a Class A, speculative office campus featuring two, two-story buildings totaling 210,000 square feet in Chandler, Arizona. PREI, among the world’s largest real estate investment management and advisory businesses, is a business of Prudential Financial, Inc. (NYSE: PRU).
The project, known as “Mach One,” is located on 19 acres at the southeast corner of Loop 202 and Cooper Road near the Chandler Municipal Airport. The site has frontage along the Loop 202 freeway and Cooper Road and is directly adjacent to more than one million square feet of retail amenities. Construction is scheduled to commence in early 2015.
“We are very excited to announce plans for Mach One, and more importantly to be able to deliver this Class A office campus—in a single phase—into a market with significant demand for this product type,” said
Jim Mahoney, Senior Managing Director with Trammell Crow Company’s
Phoenix Business Unit. “This new office park is adjacent to an abundance of amenities including retail, restaurants and entertainment, and features best-in-class design in a great location for a variety of users.”
Mach One will include two 105,000 square foot office buildings featuring centrally loaded plates with chevron layout, 6.5 per 1,000 parking ratio, 16-foot floor-to-floor heights, and 12-foot finished ceiling capability. Tenants will enjoy a variety of amenities including covered parking areas, shaded outdoor seating, and large windows that provide abundant natural lighting. Each building will incorporate open workspaces and functional lobbies to provide seating and space for collaboration.
Butler Design Group will serve as lead architect, Willmeng Construction Company as the general contractor and Alliance Bank of Arizona is the lender. Bryan Taute and Charlie Von Arentschildt of CBRE Phoenix will handle leasing and marketing.
About Prudential Real Estate Investors
Prudential Real Estate Investors is the global real estate investment business of Prudential Financial, Inc. (NYSE: PRU). Investing in real estate on behalf of institutional clients since 1970, PREI® today has more than 650 employees located in 20 cities around the world, and gross assets under management of $59.3 billion ($43.7 billion net) as of June 30, 2014. PREI offers to its global client base a broad range of real estate investment vehicles across the risk-return spectrum and geographies, including core, core plus, value-add, opportunistic, debt, securities, and specialized investment strategies. For more information, visit www.prei.com.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and $2.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.
