Vero Capital to Launch $29M Revamp at Phoenix Office Campus

The 410,000-square-foot property will be rebranded as Inisio at Kierland. Image courtesy of Vero Capital

Vero Capital has announced the $29 million redevelopment of Kierland I & II, a 410,000-square-foot, two-building office complex in Scottsdale, Ariz. Stream Realty Partners will be in charge of leasing and management at the property that will be rebranded as Inisio at Kierland.

The current ownership picked up the asset in 2021 for $58 million from seller Velocis, CommercialEdge shows. Set to commence soon, the overhaul will transform the office campus into a multi-functional workplace, with a completion date planned for the third quarter of 2024.

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Focused on hospitality and wellness, the capital improvement program includes the addition of a training center, flexible huddle rooms, a common-area library, a break room, shared conference rooms, pickleball courts, an outdoor fitness space and a 6,000-square-foot wellness center with thermal saunas, massage therapy and spa services. The amenity package will also include an on-site Customer Experience Manager, designated food areas, an outdoor pavilion and a curated coffee service.

Stream Realty Partners’ team of Managing Directors John Bonnell and Brett Abramson, together with Vice Presidents Chris Beall and Stirling Pascal will be providing leasing services.

Upgrading properties in metro Phoenix

Situated at 16430 N. Scottsdale Road and 16260 N. 71st St., the pair of four-story buildings date back to 1999 and feature a total of eight passenger elevators and 965 vehicle parkin spots, according to CommercialEdge data. The 23-acre property is 10 miles from downtown Scottsdale, 21 miles from downtown Phoenix and within 22 miles from Phoenix Sky Harbor International Airport.

One recent significant office project in The Valley consists of the 64-acre Gilbert Spectrum in Gilbert, Ariz. A partnership between SunCap Property Group and GID is developing a 119,222-square-foot Class A office building as part of the business park’s expansion. When fully completed, the development will total 850,000 square feet of office, tech and flex industrial space.