Shorenstein Properties, LLC (“Shorenstein”), an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., today announced the acquisition of Fountainhead Office Plaza (the “Property”) in Tempe, Arizona. Terms of the transaction were not disclosed.
Built in 2011 and comprising two Class-A office buildings spanning 446,000 square feet and a six-story, standalone parking facility, Fountainhead Office Plaza is centrally located within the thriving Phoenix market. The LEED Gold certified six- and 10-story office buildings have expansive and efficient floor plates averaging approximately 28,000 square feet, as well as a number of on-site amenities, including a large café, a fitness center with showers and lockers and an outdoor gathering area surrounding a large pond. Prominently located along the I-10 freeway, the Property is easily accessible and offers unobstructed views of the surrounding area.
“Tempe and the broader Phoenix region have seen strong, prolonged economic growth as an expanding demographic of businesses and professionals continue to prioritize relative affordability, a business-friendly environment and Phoenix’s strong talent pool,” said John Boynton, Managing Director at Shorenstein. “Fountainhead Office Plaza is one of the premier office properties in Tempe and we are excited to add it to our portfolio. We look forward to enhancing its modern and welcoming environment by further improving existing amenities and completing a number of thoughtful upgrades throughout.”
Tempe has been one of the Phoenix metro’s best performing office submarkets over the last several years. With newer office inventory and excellent access to a diverse and talented labor pool, the city continues to attract companies from outside the region looking to establish a presence in the Phoenix metro.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
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