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SCOTTSDALE, AZ-Despite the Valley’s high office vacancy rate, building has begun on a $10.4-million project at the Pinnacle in Kierland in North Scottsdale. The 143,144-sf building, the third in the development’s lineup, will deliver in October 2004.

Beverly Eernisse, vice president of property management for developer Furst Properties, tells GlobeSt.com that the third building at the Pinnacle in Kierland complex is expected to be fully leased within a year of its completion. “We’ve been very fortunate in the past,” Eernisse says, noting that Pinnacle I, the first building in the project, leased within four months after completion while the second phase, Pinnacle II, was fully occupied 18 months after construction ended.

The third phase of the 15.5-acre project at Greenway-Hayden and Scottsdale roads across from Kierland Commons, one of the Valley’s top retail and office centers, has not yet signed any tenants, but will rent for about $27.50 per sf full-service for a five-year lease term.

Eernisse says the property’s location, set amid one of the region’s fastest growing areas in North Scottsdale, is a prime draw for businesses. “We have a prime product in a prime location,” she says. “This is the Camelback Corridor of the future.”

Designed by DFD Cornoyer-Hedrick of Phoenix with the assistance of TLCP Structural Engineering and built by Wespac Construction for Furst Properties, the latest building will feature a 161,180-sf underground parking garage topped off with a four-story, steel-and-glass office tower that rises one story above its two companion buildings.

The property’s two other buildings are leased to tenants that include General Mills, Bank of America, Robert W. Baird, KnowledgeNet, Proctor and Gamble and Capital Title. Craig Coppola and Jim Watkins, both with Lee & Associates Arizona, are leasing the project.

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