Shorenstein Gets in on the Phoenix Craze with Fountainhead Buy

Shorenstein Properties LLC recently acquired Fountainhead Office Plaza in Tempe, AZ, centrally located within the Phoenix market along the I-10 freeway. Terms of the transaction were not disclosed.

Fountainhead Office Plaza was built in 2011 and consists of two class-A office buildings spanning 446,000 square feet and a six-story standalone parking facility. The LEED Gold six- and 10-story office buildings have floorplates averaging 28,000 square feet as well as numerous on-site amenities.

“Tempe and the broader Phoenix region have seen strong prolonged economic growth as an expanding demographic of businesses and professionals continue to prioritize relative affordability, a business-friendly environment and Phoenix’s strong talent pool,” said John Boynton, managing director at Shorenstein. “We look forward to enhancing its modern and welcoming environment by further improving existing amenities and completing a number of thoughtful upgrades throughout.”