SCOTTSDALE, AZ-Two speculative, class A office buildings, totaling 162,882 sf, have every indication that they will be 100% leased before their first-quarter 2007 delivery. With the first phase of the $400-million, 1.5-million-sf Riverwalk Arizona so well received, the developers are eyeing the start of phase two.

Chicago-based Alter Group and the Salt River Pima-Maricopa Community are co-developing the 187-acre, mixed-use project. The estimated $32-million first phase is seating a three-story, 98,864-sf building at 7500 N. Dobson Rd. and 64,018-sf structure, also three stories, at 7580 N. Dobson Rd.

According to Kurt Rosene, senior vice president for the Alter Group, both buildings have generated enough interest and activity to warrant an early 2007 groundbreaking for the second phase although there are no signed, sealed or delivered deals in hand for the first roll-out of class A space. “We’re already planning a second phase of this to stay ahead of the situation,” he says. “We’ll get these finished, then start with the new buildings right behind them.”

Rosene tells that an additional 500,000 sf to 700,000 sf of office and retail will be coming out of the ground within 18 months. “There are deals in the pipeline, we’re planning right now for that space,” he says.

Jerry Roberts, senior vice president for CB Richard Ellis in Phoenix, says one prospective tenant is negotiating to take down an entire building. As a result, he says he’s comfortable with the Alter Group’s plans to build more space quickly. “This is in the heart of the hottest office market in the country,” he says, “and it’s a coordinated campus environment with all the amenities. That offers a flexibility and growth for users and it’s attractive to them.”

Roberts, who’s leasing the spec office space, says “area users are getting larger and are demanding more space, which is the situation we have here. As a result, normal pro-forma lease-up schedules are out the window.” Greg Laing of Phoenix Commercial Advisors is handling retail leasing for the project.

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