Kierland Logs Office Leasing Success with Nine Deals in 24 Months

Kierland Corporate Center I, a four-story office building totaling 109,811 square feet in north Scottsdale, recently sold for $37.75 million or $344 per square foot, according to Cushman & Wakefield. Approximately 93 percent leased at the time of sale, the property was acquired by Yonezawa-Miller Company LLC. The seller was Starwood Property Trust.

Kidder Mathews’ Erik Marsh represented the buyer. Cushman & Wakefield’s Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye represented Starwood. Brad Anderson and Mike Strittmatter, also with Cushman & Wakefield, provided leasing advisory during the sale process as well as leasing services for the seller leading up to the sale.

“Kierland Corporate Center I is a premier class-A building well-positioned in the heart of the Kierland/Scottsdale Quarter urban infill hub,” said Wichterman. “Despite the pandemic, the property achieved remarkable office leasing success in 2020/2021, with nine deals either signed or pending during that period, representing nearly 70 percent of its net leasable area, and demonstrating the building’s strong market appeal.”

Located at 7047 E. Greenway Pkwy. and built in 2000, Kierland Corporate Center I is situated on 2.57 acres and served by a subterranean parking garage. The property is near the Scottsdale Quarter and Kierland Commons.

“North Scottsdale’s urban hub is a true ‘live-work-play’ environment combining substantial retail, residential, hospitality and office space. A limited and diminishing supply of office due to multifamily redevelopment, coupled with strong demand for space in this unique half-mile walkable environment, has set the stage for tremendous near-term rent growth and long-term stability for Kierland Corporate Center I,” adds Coover.