Cushman & Wakefield advises $37.75M sale of Scottsdale office building

Posted 12/17/21

Cushman & Wakefield announced the firm has advised Starwood Property Trust in the disposition sale of Kierland Corporate Center I, a Class A office building totaling 109,811 square feet in four stories in north Scottsdale.

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Cushman & Wakefield advises $37.75M sale of Scottsdale office building

Posted

Cushman & Wakefield announced the firm has advised Starwood Property Trust in the disposition sale of Kierland Corporate Center I, a Class A office building totaling 109,811 square feet in four stories in north Scottsdale.

Approximately 93% leased at the time of sale, the property was acquired by Yonezawa-Miller Company, LLC for $37.75 million or $344 per square foot, according to a press release.

Cushman & Wakefield’s Private Capital Group brokers Eric Wichterman and Mike Coover, and Capital Markets Group brokers Steve Lindley and Alexandra Loye represented the seller in the transaction.

Brad Anderson and Mike Strittmatter, also with Cushman & Wakefield, provided leasing advisory during the sale process, as well as leasing services for the seller leading up to the sale.

“Kierland Corporate Center I is a premier Class A building well positioned in the heart of the Kierland/Scottsdale Quarter urban infill hub,” said Eric Wichterman, executive managing director, in the release.

“Despite the pandemic, the property achieved remarkable office leasing success in 2020/2021, with nine deals either signed or pending during that period, representing nearly 70% of its net leasable area, and demonstrating the building’s strong market appeal.”

Located 7047 E Greenway Pkwy., Kierland Corporate Center I was built in 2000 and is near the Scottsdale Quarter and Kierland Commons, the release said.

“North Scottsdale’s urban hub is a true ‘live-work-play’ environment combining substantial retail, residential, hospitality and office space. A limited and diminishing supply of office due to multifamily redevelopment, coupled with strong demand for space in this unique half-mile walkable environment, has set the stage for tremendous near term rent growth and long-term stability for Kierland Corporate Center I,” stated Mike Coover, managing director, in the release.

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