Grubb & Ellis Wins Promenade Assignment

SCOTTSDALE, AZ-The Phoenix-based Pederson Group has selected Grubb & Ellis as the exclusive listing agent for its class-A Promenade Corporate Center complex. The property, with about 260,000 sf in two buildings, is at the southeast corner of North Scottsdale Road and Frank Lloyd Wright Boulevard.

This marks the Pederson’s first office complex, although it has developed major retail centers in the Valley since 1983. The project will feature two four-story buildings, each of about 125,262 sf.

Grubb & Ellis senior vice presidents Charles W. Hall III and Donald Arones, as well as vice president Jeff Hartland and associates Justin Miller and Chris Krewson, will manage leasing for the project.

“The Promenade Corporate Center office project offers a unique opportunity for a class A office project at one of the most exclusive locations in the entire Valley,” says Jim Pederson, president of the Pederson Group. ”The corner of North Scottsdale Road and Frank Lloyd Wright Boulevard is a ‘Gateway’ to the City of Scottsdale, and with the completion of the Pima Freeway (Loop 101) the entire Promenade Center is now easily accessible to the entire Valley.”

The Spire, an illuminated 125-foot tall sculpture designed by Frank Lloyd Wright, is positioned at the entry to the project. The Spire was originally created by Wright in 1957 for the Arizona State Capitol, but was never constructed.

The architectural icon will be adjacent to a 3,000-sf visitor center, which also will be built from an original Frank Lloyd Wright design, too.

“The North Scottsdale office market has not seen a development of this quality and magnitude since Kierland was developed to its immediate south and west,” Hall says.

Buildings at Promenade Corporate Center will offer large floor sizes, prominent identification, plenty of convenient parking and some of the best views in the area. The Promenade project sits on approximately 87 acres and includes more than 600,000 sf of retail space that opened in Phase I of the project. Phase II ofthe project will include the approximately 260,000 sf of class A office space as well as approximately 100,000 sf of upscale specialty retail stores, financial institutions and restaurants.

“This development is surrounded by a multitude of new commercial services,hospitality, recreation and entertainment venues and quality new residentialproduct in all price ranges,” Hall says.