Lucid Private Offices to Open 2nd Phoenix Coworking Location

Texas-based flexible office provider Lucid Private Offices has signed a lease agreement with landlord Artis REIT to bring 25,000 square feet of coworking space in Scottsdale, Ariz. This is the company’s second location in the state and is slated to open in November 2024. Cresa and Locate AI represented the tenant in the transaction, while Newmark worked on behalf of ownership.

The coworking space will comprise more than 100 private offices within suite 300 of the MAX at Kierland building. Artis REIT acquired the 260,000-square-foot property from Trammell Crow in 2012 for $79 million, according to CommercialEdge data.

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Built in 2008, MAX at Kierland rises six stories and features ground-floor retail and a parking ratio of 4 spaces per 1,000 square feet. Other tenants at the LEED Gold-certified property include Global Strategic Investment Solutions, Ameriprise Financial and Willis Personal Lines Insurance, the same source shows.

Located at 16220 N. Scottsdale Road, the property is roughly 21 miles north of downtown Phoenix and less than 2 miles from Scottsdale Airport. The Max at Kierland is also within walking distance of the Kierland Commons and Scottsdale Quarter shopping malls.

Cresa Principal John Pelletier and Vice President Austin Studebaker, along with Locate AI Managing Principal Jim Sadler, represented Lucid. Newmark Senior Managing Director Patrick Devine and Executive Managing Director Michael Garlick worked on behalf of Artis REIT.

Lucid grows in Phoenix

Lucid’s first Arizona location is also in metro Phoenix, spans 26,910 square feet and will open on May 1st. The flexible office provider will occupy a full floor at the 24th at Camelback II building owned by Hines and Invesco Real Estate.

There were some 1.2 million square feet of coworking space in the Phoenix office market as of February, according to recent CommercialEdge data. The volume of flexible space accounted for 1.5 percent of total office stock, slightly below the 1.7 percent national rate.