Hines Planning 300,000-SF Corporate Center

Houston-based Hines plans to construct the multi-million-dollar, three-building Scottsdale Corporate Center near the intersection of Bell Road and Loop 101 on land that will be almost entirely surrounded by the fairways of the Desert TPC Golf Course. "It's surrounded by a golf course that really creates the feel of a campus environment," Mike Beall with Cushman & Wakefield of Arizona Inc.'s Phoenix office tells GlobeSt.com of a project with a first-phase completion projected by late 2005.

Beall says Hines, which has developed several large-scale landmark properties in the Valley, including the Phoenix Coyote's Arena in Glendale, America West's airline headquarters building in Tempe and the Vanguard Group's regional headquarters in Scottsdale, plans to begin construction on the first of three 100,000-sf buildings within the next 12 months once an anchor tenant is secured. The Scottsdale Corporate Center, designed to take advantage of the surrounding McDowell Mountain views, will feature a sprawling campus that will allow for businesses to expand and will be located adjacent to a future retail development site.

"This project stands out in the field of North Scottsdale office properties," says Tim Whittemore, also with Cushman & Wakefield, who along with Beall and fellow broker Tom Johnston, will lease the property. "Its spectacular location on the golf course and proximity to outstanding residential communities such as McDowell Mountain Ranch and DC Ranch make it incredibly appealing to business leaders."

Beall says no firms have yet signed on as tenants, but with rental rates of $25 per sf to $26.50 per sf in North Scottsdale's strong office market, full lease-up should be achieved within a year to 18 months after the development is completed.