Hines Sells in Kierland One Following Near Lease-Up

A partnership between Hines and PCCP has sold Kierland One, a class-A office building in Phoenix, to Dallas-based Velocis. The sellers, who purchased the building in 2013, brought the property to 90% occupancy after recently finishing a building refresh that included renovating the lobby and updating the exterior paint. The sales price was not disclosed.

Kierland One is a Class A office building located in the Kierland submarket. Situated on 11 acres, the four-story building, 16430 N. Scottsdale Road, is across from the Promenade Shops, within the Kierland master-planned development. The surrounding area has attracted many banks and financial organizations and is located near the Scottsdale Quarter, Kierland Commons and the Westin Kierland Resort & Spa.

Hines will continue to serve as the property manager. Barry Gabel, Chris Marchildon and Will Mast from CBRE represented Hines in the sale. Velocis was not represented by a broker. Luke Walker, Brad Anderson and Mike Strittmatter with CBRE represented Hines for the leases.