Trammell Crow Breaks Ground in Scottsdale
With construction financing from Western Alliance Bank, Axis Raintree marks the first Class A office project to be constructed in the northern part of the city since 2015.
Axis Raintree. Rendering courtesy of Trammell Crow Co.
Trammell Crow Co. has commenced construction of Axis Raintree in Scottsdale, Ariz. The development will comprise 175,000 square feet of Class A speculative office space and is slated for completion in the fourth quarter of 2020. Maricopa County public records showed that Western Alliance Bank originated a $40.3 million construction loan for the project.
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The asset will be situated at the southwest corner of Raintree Drive and 87th St. on an 8.2-acres site, less than 1 mile from loop 101 freeway, and will be close to several dining and retail options. Additionally, Yardi Matrix data showed that the project is located in a high-density submarket, with approximately 20 million square feet of office space within a 5-mile radius. According to Trammell Vice President Cullen Mahoney, the development is the first Class A office project to be constructed in north Scottsdale since 2015.
The building will include 16-foot deck-to-deck height, floor-to-ceiling glass and several tenant amenity areas such as a café lounge and 40-person training room. RSP Architects will design the three-story asset. Bryan Taute and Charlie Von Arentschildt from CBRE’s Phoenix office will oversee leasing activities. Earlier in October, Trammell Crow Co. also broke ground on a 2.7 million-square-foot logistics project in Las Vegas.
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