While a COVID-stricken economy has halted many large metro Phoenix leases, mid-size deals continue to make a significant impact at experiential projects like CASA, George Oliver’s Class A creative office redevelopment in Phoenix’s popular Uptown neighborhood at 7878 N. 16th Street. The Phoenix-based commercial real estate company purchased the building, previously known as Catalina Terraces, in December 2018. The redevelopment includes lifestyle amenities designed around health and wellness.
In the span of a few months, the 181,000-square-foot development has signed more than 20,000 square feet in new office leases and is in the process of delivering its next phase of move-in-ready speculative office suites, with two of those suites pre-leased prior to completion. Together, the activity brings CASA, which delivered last December, to 75 percent leased.
“Metro Phoenix is clearly still in flux and adjusting to COVID, but CASA has remained very active on the leasing front and is approaching a fully occupied scenario with companies coming from all over — from downtown and midtown, North Scottsdale and Paradise Valley,” says Curt Kremer, founder and managing partner of George Oliver.
One 4,618-square-foot spec suite remains available at CASA. Two more spec suites, totaling 6,002 square feet and 5,001 square feet, are delivering in September and will include fully furnished options and forward-thinking design features like spacious work areas with access to natural light, glass-front private offices, exposed ceilings in open workspace areas, conference rooms with decorative lighting fixtures and soundproofing, and modern finishes throughout the space. CASA also has four co-working suites available for immediate move-in.
CASA experiential amenities include a 60-guest conference center; library; wellness center with a yoga room, fitness center and on-site meditation room; two centralized courtyards with water features to serve as hubs for relaxation and collaboration; a dog park; and a two-story dining experience with dedicated food truck parking, shaded outdoor dining and outdoor game and lounge areas.
“CASA’s amenity package accelerates a company’s ability to recruit and retain talent,” says JLL Managing Director Ryan Timpani, who serves as the project’s exclusive leasing broker along with JLL Senior Associate Nick Bialkowski. “From the start, that advantage has been a driving factor in tenant decisions to relocate to CASA from locations across the Valley.” In fact, he notes that, of the 10 leases signed at CASA since its renovation, nine are from out of the project’s submarket.
Photos courtesy of CASA