A 16.5-acre property previously housed a semiconductor manufacturing plant for Jabil Circuit in Tempe is getting a new life as conversions have begun to transform the space into a Class A office building geared toward millennials and creative users. CarVal Investors and EverWest Real Estate Partners purchased the dormant property this past July for $11.4 million, and engaged Gensler to redesign the masonry industrial building. The new project, dubbed Circuit Tempe, is planned for completion in April 2015. Jerry Noble, Pat Devine, Jackie Orcutt and Ryan Bartos of Cushman & Wakefield of Arizona serve as exclusive leasing agents for The Circuit Tempe.
"This acquisition was underwritten for high-end office from the start," said Curt Kremer, managing director of acquisitions with EverWest. "We identified the facility as a great opportunity for a project unlike any other in the marketplace. The location at the Loop 101 and 202 and its proximity to Arizona State University is ideal for delivering our vision."
According to a new Cushman & Wakefield report "Facing the Millennial Wave", today's millennial office users are seeking expansive floor plates conducive to the flexible, collaborative-based workspace concept. The "open space" ambiance at The Circuit Tempe will be completed with 17-foot ceiling heights and an abundance of natural light through the addition of 60+ skylights, new 14' floor to ceiling high-performance windows, and large glass roll up doors.
For more news and information visit Blumberg Capital Partners.
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