Hines Sells Phoenix-Area Office Property for $102M

1 min read

The company developed the building in 2019.

The Offices at Chandler Viridian. Image courtesy of Hines

Macquarie Asset Management has acquired the Offices at Chandler Viridian, a Class A office property in Chandler, Ariz. Hines sold the asset for $102 million, IPE Real Assets reported.

Located at 3133 W. Frye Road, the six-story asset comprises 250,000 square feet. The LEED Gold-certified building was constructed in 2019 by Hines and was 92 percent leased at the time of the sale. Tenants of the building include Workuity, ClearChoice and Stantec, according to CommercialEdge data.

The Offices at Chandler Viridian is located within the 26-acre Chandler Viridian mixed-use campus, which also includes 335 apartments, restaurants, retail and a 136-key Cambria hotel. Tenant and resident amenities include a dog park, WiFi-enabled plaza, jogging trails and a pedestrian walkway to the Chandler Fashion Center shopping mall. Sustainable features include LED lighting, low-flow water fixtures and drought tolerant landscaping.

This purchase marks the firm’s second investment in the Phoenix area in the last four months. In August, the company purchased CASA, a 177,522-square-foot, experiential office redevelopment in Phoenix’s Uptown neighborhood.

Christopher Quiett, managing director at Macquarie, said in prepared remarks that leasing momentum has been high at the office property and that the Phoenix submarket of Chandler continues to attract an array of tenants.

Earlier this quarter, the firm completed the ground lease purchase of Watershed, a 66,000-square-foot office building in Seattle, which was built through the city’s “Living Building” program.

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