The Papago Buttes Corporate Plaza, a class-A building at the northwest corner of Washington Street and Priest Drive, had been built for Phoenix-based Tosco Corp., owner of thousands of Circle convenience stores throughout the country. But Tosco is in the process of being purchased by Phillips Petroleum and the plans to move Tosco's marketing department into the new building have been scuttled.
Interest has come from companies in the Valley and California, which is expected to endure power shortages throughout the rest of the summer. "We already have received substantial interest from tenants, ranging from full-floor to full-building requirements," says Mike Beall, senior director of Cushman & Wakefield, which is marketing the structure. Beall says the building has everything that a corporate headquarters needs--substantial power, fiber optics, freeway access and even a loading dock.
The six-story building had delivered earlier this year, with an added amenity of two 450 KVA back-up diesel generators that can accommodate any electricity outage. The generators were put in place at the request of Tosco, which operates its stores round the clock in several time zones. As an added attraction, it is adjacent to the site of the new $375-million stadium for the Arizona Cardinals.
Infrastructure development has just begun on the site, with plans to have the stadium ready for the 2003 season. "That development will stimulate an abundance of hotel and retail projects, contributing more amenities for tenants of Papago Buttes Corporate Plaza," Beall tells GlobeSt.com.
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