Newmark Capital Markets has completed the $51 million sale of The Quad, a 14-building, 166,606-square-foot creative office campus in Scottsdale, AZ. Situated on 13.41 acres, the multi-tenant property is 98 percent leased.
CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of Newmark Capital Markets represented the seller, a joint venture of Everwest, George Oliver Companies and WHI Real Estate Partners. The buyer, Vancouver-based City Office REIT, was self-represented.
Built in 1982 and located at 6200-6390 East Thomas Road, The Quad underwent a $23 million renovation, transforming the asset into a creative office environment which was completed in 2017. The property features a connected design, efficient floor plates, fitness center with showers, on-site restaurant and coffee bar, community lounge/conference center, pet friendly environment, walking/biking paths, and accessible WiFi throughout the campus.
“With the recent completion of a major capital improvement campaign, The Quad offered the buyer one of the only true creative campus-style office projects within the greater Phoenix area,” said Osbrink.
Osbrink added, “This asset provides a setting for collaboration and connectivity as well as design elements and architecture that has attracted area users. Leasing momentum has been a testimony to tenant demand as the project is now at 98 occupied just 12 months post-renovation.”
The Quad is proximate to the Loop 101 Freeway, Loop 202 Freeway and State Route 143, providing convenient regional access to the region as well as a labor force of approximately 2.5 million. Additionally, the property is located just ten minutes from Phoenix Sky Harbor International Airport and Phoenix’s premier university, Arizona State University (ASU), which has one of the largest enrollments of any university in the country.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.