Scottsdale Galleria Coveted by Job-Creating Companies

By Evelina Croitoru

Galleria Corporate Center, a 537,110-square-foot property owned by Stockdale Capital Partners, is highly sought after by companies looking to locate in the Phoenix area. The asset recently underwent a $7 million renovation of the lobby and common areas, turning into a creative office complex in Scottsdale’s Downtown Entertainment District, which is accommodating hundreds of jobs.

Generating New Jobs

The property’s tenant list, which is continuously growing, is comprised of high-profile companies including Yelp, SAP and McKesson. The latest company to join the tenant roll is the reputed to be the world’s largest job site, Indeed Inc., which will open an office in the building, creating up to 250 new jobs. Last year Business intelligence software-as-a-service company Sisense inked a 6,300-square-foot lease and hired 50 employees, as well as the content marketing and sales conversion services firm Clearlink opened a 350-person call center in the Galleria. The aforementioned companies selected Scottsdale for its access to talent, high quality of life and business-friendly environment.

“Companies that desire to grow need a broad pool of talent, especially millennials, that they can tap to develop a workforce and Scottsdale is one of the best small markets in the country to access highly educated millennial talent.  That’s a major reason we’ve deployed capital into this market in the way we have,” Steven Yari, managing principal of Stockdale Capital Partners, said in prepared remarks.

A Business Environment

Located at 4343 N. Scottsdale Road, the Galleria comprises two Class A LEED-certified office buildings. Originally built in 1991 as a mall, the adaptive reuse property was converted to office in 2001. In 2014, the asset underwent cosmetic renovations, including the addition of more than two acres of land, entitled for construction of up to 220,000 square feet.

By the end of this year, the highly amenitized business environment will be able to accommodate up to 200,000 square feet of new tenancy. Marquee at The District, Stockdale’s adjacent, will offer an additional 210,000 square feet of space. What is more, the company also revealed plans that next year it intends to break ground on its fully entitled Waterview development. The new development will occupy an eight-acre land parcel and will result in 240 residential units and a 269-key hotel.

Images courtesy of galleriascottsdale.com