Renovations are underway at Lake Biltmore Corporate Center, a 102,000-square-foot, two-building office campus in Phoenix. Stevens-Leinweber Construction is behind the multimillion-dollar redevelopment, serving as the project’s general contractor. iDESIGNS is leading the architectural efforts at the property. Philip Wurth, executive vice president at Colliers, is the exclusive leasing broker for both office buildings.
According to CommercialEdge, Northern Trust is the owner of the 1984-completed property. The company purchased the asset last year for $11.5 million.
Roberson Clinical Services, C&C Therapeutic Services, Wings of Hope Hospice and Palliative Care, Willamette Wealth Partners and Hilton Financial Corp. are among the tenants at the office campus, as per the same source.
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Work is already underway at the 11024 building within Lake Biltmore Corporate Center, encompassing 30,000 square feet. The anticipated finish date for this part of the project is the second quarter 2023.
Metrocenter Mall, which is being redeveloped at an estimated cost nearing $1 billion, is in the vicinity of Lake Biltmore Corporate Center. The repurposing will bring retail, residential and hospitality components, spanning 80 acres.
According to a CommercialEdge report released recently, the national office pipeline totals 123 million square feet, which accounts for 1.9 percent of overall stock. According to the same report, metro Phoenix had some 830,000 square feet of office space underway and a vacancy rate clocking in at 17 percent as of January.
The park is located on a 6.9-acre site, at 11022 and 11024 N. 28th Drive, west of Interstate 17, between Peoria Avenue and Cactus Road. It is also close to the upcoming Northwest Light Rail Extension Phase II station, which will have a stop at the property.
The renovation program at the office campus encompasses a variety of updates, including revamped common spaces, conference rooms, corridors, lobbies, staircases, as well as new landscaping with new wayfinding signage. The office spaces, including move-in-ready spec suites, will target smaller and mid-size tenants that require 1,500 square feet and above.
Mechanical, electrical and HVAC systems will also be upgraded. The employee break area will receive a full renovation to create a boutique atmosphere by incorporating space for food storage, preparation, as well as seating and dining areas.
According to Harold Dorenbecher, spokesperson for the owner of Lake Biltmore Corporate Center, the renovation of Metrocenter Mall will have a significant impact on the local economy, generating a ripple effect that extends beyond the mall’s premises, to neighboring projects. The revamped Lake Biltmore Corporate Center will aim to offer contemporary amenities that appeal to both employees and employers, he added.