Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-California-based SunAmerica Investments Inc. will be kicking off a 1.1 million-sf office campus near Sky Harbor Airport.

Washington Park is a multi-phase corporate office development at the southeast corner of 44th and Van Buren streets in east Phoenix. Construction should get under way in August, with completion set for fall 2002. “Washington Park’s development focus is to create a corporate-campus environment, with on-site amenities such as retail, restaurant, and hotel opportunities, to attract to the area `Fortune 500′ type companies,” says Jonathon Vento, president of Phoenix- based DFD Architecture, which designed the project.

The office building will range from five to 10 stories and will be built in phases. SunAmerica has owned the 25-acre site for several years. The project is about a mile north of Sky Harbor International Airport and positioned at the confluence of Hohokam Parkway, Loop 202 and Sky Harbor Expressway.

The Gateway submarket had experienced some decrease in demand, but has since absorbed much of its new space. At the start of the third quarter, the vacancy rate in the Gateway area was 11.8%, down from 12.7% in the previous quarter. Only the north Scottsdale area, with a 11.2% vacancy rate, is lower. The Valley’s overall office vacancy is 15.2% and jumps at least 3% higher if sublease space is factored into the total.

Washington Park will be competing directly with Cotton Center, which is at the southwest corner of 48th Street and Broadway Road, and Riverpoint, situated at the southwest corner of 32nd Street and Interstate 10. Cotton Center, which has been open for nearly two years, has captured a number of high-profile clients and construction on Riverpoint began last week by Kitchell Development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.