Business

The Watermark | Tempe shows economic gains despite COVID-19 pandemic

Officials: 10 retail openings, 3 new major office leases

Posted 3/26/21

Real estate brokers at The Watermark | Tempe --- a new high-end mixed-use project --- have announced completed openings of 10 retail and restaurant tenants along with three significant office lease …

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Business

The Watermark | Tempe shows economic gains despite COVID-19 pandemic

Officials: 10 retail openings, 3 new major office leases

The Watermark | Tempe is located along Scottsdale Road near Arizona State University, the Mill Avenue District and Old Town Scottsdale.
The Watermark | Tempe is located along Scottsdale Road near Arizona State University, the Mill Avenue District and Old Town Scottsdale.
Posted

Real estate brokers at The Watermark | Tempe --- a new high-end mixed-use project --- have announced completed openings of 10 retail and restaurant tenants along with three significant office lease transactions.

Cushman & Wakefield’s Brent Mallonee leads the leasing efforts for the retail and restaurant space and Cushman & Wakefield’s Brad Anderson and Michael Strittmatter head the office leasing efforts for the project, according to a press release.

Notable retail tenants as Dog Haus Biergarten, Monroe’s Hot Chicken and Restore Hyper Wellness have all recently celebrated grand openings with great initial success, the release states.

Other retailers include V’s Barbershop, Aria Nail Bar, F45 Training, Sugar Me Wax, Restore Hyper Wellness + Cryotherapy, Dog Haus Biergarten, Monroes Hot Chicken, Crumble Cookies, DRNK Coffee/ QWENCH Juice, and Sweet Republic.

The three new office leases executed at The Watermark | Tempe during the pandemic total a combined 77,000 square feet of occupancy and bring the Phase 1 tower to 95% leased.

One of the leases in the trio included Align Technology, which designs and manufactures the Invisalign orthodontic system and other dental technology, that signed a 34,000-square-foot lease for the 13th floor of the building.

Align announced it will move its global corporate headquarters and approximately 150 jobs from San Jose, Calif. The company plans to move into its new Tempe location later this year once construction is completed.

The 16-story Watermark is Tempe’s premier mixed-use development located on the north shore of Tempe Town Lake.

“Recent leasing activity at The Watermark, even amidst the challenges brought on by COVID-19, has really bucked the macro trends since the pandemic and demonstrates the project’s resilience and is a direct result of its unmatched quality,” said Mr. Strittmatter in a prepared statement. “The vision for the project is coming to life with these retail openings and additional high-caliber office tenants recently signed.”

The Watermark | Tempe is located along Scottsdale Road near Arizona State University, the Mill Avenue District, and Old Town Scottsdale.

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