The McShane Companies, a Rosemont, Ill.-based development firm, purchased for $6.7 million at 10.5-acre parcel at 315 N. 44th St. in Phoenix. The parcel is in the Phoenix Gateway Office Park, which is at the corner of 44th and Van Buren streets. The area is just north of Sky Harbor International Airport.

McShane is partnering with Scottsdale-based Globe Corp. to build two four-story Class A office buildings on the site, which represents McShane's first development in Arizona. The two building will total 228,808-sf. The total development cost is expected to be more than $45 million, based on industry estimates.

Construction has begun on phase one of the project, which includes a 114,414-sf office building and a parking deck. The office building is expected to be completed by year-end. The land was sold by Carr America Realty Corp. of Phoenix.

The McShane Construction Corp. and project architect, Cornoyer-Hendrick Inc., are providing design/build services.

Once one of the seediest parts of town, the area around 44th Street north of the airport has become increasingly popular for tenants and developers. The area not only provides quick access to the airport, but also is near the confluence of all the Valley's major freeways. The Valley electric light-rail system will also pass close by on Washington Street, less than a quarter mile to the south of the proposed development.

At the start of the year, the vacancy rate for office space in the airport area was 5.7%, compared to an overall vacancy rate of 9.9%.

The Phoenix office of CB Richard Ellis, with brokers Tom Adelson, Jim Fijan and Jerry Roberts, represented the buyer in the land purchase, while CB Richard Ellis brokers Mike Auther, Cam Stanton and Tom Author represented the land seller.