Even with high rates and low occupancy, some think there are still deals to be made in the office sector. The Phoenix Business Journal reports that WhiteHaven Capital is now raising money to build a new office building on The Grove’s campus. The Grove is a $300 million mixed-use project at 44th and Camelback.

WhiteHaven is developing the two-floor, 45,000-square-foot office building alongside Hibernia Capital Advisors. WhiteHaven and Hibernia Capital are raising $13.8 million to move forward on the project. To date, about $7 million has been raised after the investment round opened earlier this month.

WhiteHaven expects the permits will be in hand to be able to break ground on the building by November. From there, tenants should take occupancy by late 2024.

The building will have features like a rooftop deck, a hangout room and a gym with lockers and showers and a surface parking lot. LGE Design Build is handling the design and build-out.