World’s largest golf management company takes a swing with Phoenix office expansion

Article originally posted on CoStar on August 28, 2025

The world’s largest golf management company is expanding into a recently revamped headquarters after signing one of the Phoenix area’s largest deals so far this year.

Troon, which manages more than 900 golf properties worldwide, finalized a deal to nearly double its Scottsdale, Arizona, headquarters as tenants across the United States commit to larger blocks of space. The company will be relocating to one of two buildings at the Inisio at Kierland campus, where Troon will become one of the property’s largest tenants.

The company is expected to officially take over its new 68,720-square-foot space at 16260 N. 71st St. sometime next year, landlord Vero Capital confirmed. Troon is currently headquartered in about 36,300 square feet at Kierland Commons, a large mixed-use project about a mile from the Inisio campus.

Troon’s lease lands on the heels of a nearly $30 million capital improvement plan Vero kicked off earlier this year for the 415,577-square-foot Inisio office park. Since the first phase of that renovation project was completed, Vero has landed new or renewal commitments from six tenants totaling nearly 95,000 square feet.

Office owners across the country are investing in renovations to bring back workers after the pandemic emptied buildings and sent the national vacancy rate to a current record high of 14%.

The picture is quite a bit rosier for owners of trophy or so-called Class A+ buildings in major markets, which are exceeding 90% of pre-pandemic use on peak days, according to a midyear report from building security firm Kastle Systems.

Back to big

Tenants collectively handed back upward of 65 million square feet of U.S. office space last year, boosting the total to more than 180 million square feet of move-outs since the start of 2020.

Among the tenants that are shopping around for space, many are focusing on making deals for the newest and nicest options. That flight-to-quality trend has decimated occupancy among older office properties, but for recently constructed or renovated options, there has been a recent pickup in demand as companies look to leverage their office space as a tool to both retain and recruit talent.

At Vero’s building, renovations are slated to finish later this year and will add new amenities such as a fitness center, saunas, cold-plunge tubs and an outdoor fitness yard and lounge space complete with an on-site cafe.

While an ongoing trend has been for tenants to relocate and downsize their office footprints, Troon is among those bucking that shift by agreeing to take on more space.

First Horizon earlier this month signed a deal to anchor one of Charlotte, North Carolina’s newest office properties in a move that will expand the bank’s regional footprint by more than six times. Silicon Valley tech company Snowflake roughly doubled its downtown Denver office. And Houston law firm Wright Close & Barger finalized a 41,000-square-foot agreement at the downtown TC Energy Center tower that will result in a more than 60% expansion compared to its current space.

Executives behind many of the largest real estate investment trusts in the United States have pointed to the return of larger deals as one of the clearest indicators yet that the national office market is on the upswing after years of downsizing and muted leasing.

“There’s been an uptick in multi-floor tenants and multi-floor deals,” Arthur Suazo, Hudson Pacific Properties’ executive vice president of leasing, recently told analysts. And in Silicon Valley, in particular, “you’re talking about an increase in deals that are 100,000 square foot or more. There were eight a year ago and there are 18 today. That’s really going to move the needle in a big way.”

Keyser Commercial Real Estate’s Jonathan Keyser and Darius Green represented Troon in the transaction, while Stream Realty Partners’ Stirling Pascal represented Vero Capital in the transaction.