Phoenix-based developer George Oliver recently unveiled plans for its next Arizona experiential office transformation: the five-building Hayden Station mixed-use office campus located on the southwest corner of Mill Avenue and Third Street in downtown Tempe. With an approximate $14 million capital improvement budget, George Oliver will upgrade the campus with retail and restaurant space, along with open concept layouts.

Built in 1986, Hayden Station has served as a downtown Tempe landmark for more than three decades. It spans 107,508 square feet including one five-story office building and four two-story mixed-use buildings.

“From a live-work-play perspective, this location is our most exciting infill campus-style repositioning strategy to date,” said Curt Kremer, George Oliver founder and managing partner. “It has everything in place – great existing structures, dynamic employee and tenant demographics, and a strong mixed-use character – to deliver one of the best George Oliver concepts in the country.”

George Oliver purchased the Hayden Station property in an off-market transaction. The acquisition totals all five Hayden Station buildings with a 4.2/1,000 parking ratio. Steve Lindley of Cushman & Wakefield represented the property seller in the transaction.

“This is a notable transaction for the market, completed in one of the tightest, most sought-after office locations in the country, with office rents approaching $50 per-square-foot, continued tenant demand and a low 8.1 percent office vacancy,” said Lindley.