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Ironline to Remake Warehouse as Office Space

28 Feb 2015, 3:58 pm

By Liviu Oltean, Associate Editor

841 E. Jefferson Street

Hot on the heels of acquiring a warehouse/showroom in downtown Phoenix for $3 million, Ironline Partners has revealed plans for an adaptive reuse project. The local investment, development and management company plans to transform the property at 841 E. Jefferson St. into an office building.

Ironline plans to add an 11,500-square-foot mezzanine, which will increase the building’s square footage to 60,000 square feet. Also on the agenda are large banks of windows and rolling overhead glass doors to ensure maximum exposure to natural light. Twenty-five-foot high wood-truss ceilings and open-floor plans are also key elements in the makeover.

“Downtown Phoenix has seen significant revitalization over the last several years and adaptive reuse projects like the one planned at 841 Jefferson have played a major part in that revitalization,” noted Bob Karber, an Ironline principal, in a statement.

Kevin Calihan of CBRE Group Inc.’s Phoenix office acted on behalf of Ironline; CBRE will also handle marketing and leasing for the property. Cresa’s Rod Beach and Keyser Commercial’s Kevin Lange represented the seller.

Image Courtesy of Keyser and Cresa

Contest Offers Free Office Space for Startups

23 Feb 2015, 5:42 pm

By Liviu Oltean, Associate Editor

StartupWeek, a five-day event that celebrates entrepreneurship and innovation, is under way in Phoenix and continues through Friday, Feb. 27. In conjunction with the event, Ironline Partners is offering a startup company the opportunity to win 1,200 square feet of free office space for six months at 111 W. Monroe. The winner will also have at its disposal a complete set of office furniture provided by Goodman’s Interior Structures.

Ironline Partners acquired the 50-year old office tower in a joint venture with Rialto Capital Management in April 2014. Their tenant roster includes companies such as Uber, Cannon Design and Mornin’ Moonshine.

“We are thrilled with the entrepreneurial business community finding its way to 111 W. Monroe,” said Ironline Partners’ Tim O’Neil in a statement.  “The restoration is designed to raise the bar for architecturally significant properties in Downtown Phoenix, offering a destination for inspired businesses that demand both institutional grade facilities and a local, boutique experience.”

In order to qualify, startups must apply on 111 W. Monroe’s website by March 1st, where they can also find contest rules, details and restrictions. The winner will be announced in late March.


Tempe Office Complex Commands $41M

14 Feb 2015, 8:44 pm

By Liviu Oltean, Associate Editor

Papago Arroyo, a three-building, 279,503-square-foot office complex in Tempe, is under new ownership following a $41 million deal.

The seller, Greenwood & McKenzie of Tustin, Calif., was represented by Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham of CBRE Group Inc. and by Lee & Associates’ Andrew Cheney and Craig Copolla. Bruce Francis and Shaun Moothart of CBRE’s debt and structured finance unit secured a $29.3 million acquisition loan for the undisclosed buyer.

Located at 1255, 1275 and 1295 West Washington St., Papago Arroyo was completed in 1998 and is part of the 350-acre Papago Park Center business park. The buildings are within walking distance of Papago Park Center’s light rail station and minutes from Sky Harbor International Airport. Three major freeways are nearby: Interstate 10, Hohokam Expressway and the Loop 202 Freeway.

In a First, Arizona Wins Place on LEED Top 10 List

8 Feb 2015, 6:59 pm

By Liviu Oltean, Associate Editor

A Tempe office building set a national ENERGY STAR record recently when it received its 15th consecutive certification. Now, Arizona has achieved elite green status of another kind. For the first time, the state has secured a position in the U.S. Green Building Council’s annual list of the top 10 states for LEED certification.

States were ranked by the volume of space per state resident for commercial and institutional green building projects that earned LEED certification in 2014. Arizona tied for tenth place with New York, registering 82 LEED certified projects that totaled close to 11.2 million square feet. That translates to a ratio of 1.74 square feet of certified space per capita.

For the second year in a row, Illinois took first place on USGBC’s list. Last year, 174 projects totaling almost 42.5 million square feet were certified in the state, equivalent to 3.31 square feet of per capita. Rounding out the top 10 were Colorado, Maryland, Virginia, Massachusetts, Hawaii, California, Georgia and Minnesota.

“Every story about a green building is a story about people,” said USGBC’s CEO Rick Fedrizzi in a statement. “USGBC’s annual recognition of the Top 10 States for LEED goes beyond gross square feet or number of projects and factors in LEED’s potential in a given state to be part of the daily life of the state’s residents.”


Tempe Building Sets New ENERGY STAR Record

2 Feb 2015, 7:25 pm

By Liviu Oltean, Associate Editor

U.S. Airways Corporate Headquarters

The U.S. Environmental Protection Agency has awarded the U.S. Airways/American Airlines building in Tempe its 15th consecutive ENERGY STAR certification, a first not only for Arizona but for the United States.

The announcement was made by Hines, which served as the property’s development manager and has managed it since its completion in 1999. Located at 111 West Rio Salado Parkway, the 218,000-square-foot building was designed by SmithGroup and Leo A. Daly and has a current ENERGY STAR rating of 96, which makes it 52 percent more energy efficient than the average U.S. office building. This also yields annual savings of $1.53 per square foot in energy costs, according to a statement released by Hines on Jan. 27.

The U.S. Airways/American Airlines building has earned LEED Gold certification for a variety of features, including energy-efficient lighting; low-irrigation desert landscaping; high-efficiency air filtration; and high-performance cleaning and extensive paper/refuse recycling.

“Buildings require constant attention to maintain top performance,” said Mike Zatz, Chief of the ENERGY STAR program’s Market Sectors Group. “By earning the ENERGY STAR every year for the past 15 years, Hines has demonstrated an unparalleled dedication to ensuring that this building continues delivering cost savings and greenhouse gas reductions.”

Image Courtesy of Hines


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