The partnership of Trammell Crow Company, one of the nation’s largest commercial real estate developers and investors, and PGIM Real Estate have announced that it has completed Axis Raintree, a 175,112-square-foot speculative office building in Scottsdale.
PGIM Real Estate is the real estate investment and financing arm of Prudential Financial’s global investment management business, according to a press release.
The Class A building spans three stories and includes a structured parking garage with immediate access to over 1 million square feet of amenities and the 101 Freeway.
Designed by RSP Architects and constructed by Willmeng Construction, Axis Raintree sits on 5.12 acres and features 5,000-square-feet of outdoor, WiFi-enabled amenity space with views of the McDowell Mountains; a 1,500-square-foot tenant lounge; and a 40-person training room.
The building also boasts several health and safety features, including touchless entries; a state-of-the-art air testing and monitoring systems; and MERV 13 filters, which meet new CDC guidelines and are three times more effective than the standard MERV 8 filters, the press release stated.
“TCC Phoenix and PGIM Real Estate are pleased to deliver Axis Raintree to the north Scottsdale submarket, which for years has had a limited supply of new Class A office space,” said Cullen Mahoney, vice president for TCC Phoenix.
“We are seeing a meaningful flight to quality trend from tenants as they begin to re-enter the office. We expect well-located, best-in-class projects like Axis Raintree to significantly outperform moving forward.”
Soultana Reigle, managing director and senior portfolio manager for PGIM Real Estate’s U.S. value-add investment strategy, added, “We’re thrilled to partner with Trammell Crow Company to bring Axis Raintree to the market at a critical time for the office sector, as corporate tenants have a renewed interest in and need for best-in-class space. With its outstanding location and amenities, Axis Raintree is poised to benefit from pent up demand for premier office space in the Phoenix area driven by favorable regional market dynamics, such as robust job growth, population gains, and a business-friendly climate.”
Axis Raintree is being marketed and leased by Bryan Taute and Charlie Von Arentschildt of CBRE, the press release stated.
“More than ever, tenants are focused on providing a premium workplace experience for their employees. As companies return to work, we feel strongly that newly developed buildings like Axis Raintree that can offer modern design, amenities and safety features will be in popular demand,” said Bryan Taute of CBRE.
“In addition to best-in-class features such as 16’ deck-to-deck spacing, Axis’ health and safety upgrades, outdoor workspaces, and pending WELL certifications are just some of the characteristics that will help set the new standard for tenant experience in north Scottsdale.”
For more information, visit AxisRaintree.com.