RED Development fills 30,000-square-foot office footprint at Biltmore Fashion Park

Article originally posted on Phoenix Business Journal on May 26, 2026

Two new tenants are moving into the Biltmore Fashion Park, allowing RED Development to announce its office space there is now fully occupied.

VanTrust, a real estate development company, and interior architecture firm Phoenix Design One have signed leases at the 30,000-square-foot office footprint within the shopping mall.

They are among four tenants, which also include RED Development’s corporate headquarters and Smead Capital Management, a registered investment management firm. All tenants are located on the second floor above The Capital Grille, Ralph Lauren and Herman Miller.

Biltmore Fashion Park is within the highly desirable Camelback corridor off 24th Street and Camelback Road — the “financial center of the Valley” — making the location appealing for these tenants, said Jeff Moloznik, RED’s senior vice president of development.

The shopping mall setting is also unique, he said, adding that it places tenants at the center of many amenities.

Office space previously occupied by Saks Fifth Avenue

RED Development converted the retail space into office in 2024. Prior to that, if had been storage for retailers including a Brooks Brothers clothing store, Moloznik said.

At one point, the office space was also home to the Saks Fifth Avenue department store before it relocated to the larger 92,000-square foot space, he said. This location has since shuttered after the luxury retailer’s parent company, New York-based Saks Global, filed for Chapter 11 bankruptcy protection in January.

“This space was underutilized as storage space, and converting it into occupied space has really added a nice element to the property,” Moloznik said.

This isn’t the only development where RED is incorporating office space with retail. The company is spearheading the $2 billion redevelopment of the former Paradise Valley Mall at Cactus Road and Tatum Boulevard in Phoenix. The mixed-use development called PV has a new Whole Foods, along with restaurants, retailers and health and wellness operators.

It is also home to Fender Musical Instruments Corp., which built a 77,000-square-foot, three-story build-to-suit office for its headquarters.

Moloznik said he anticipates more offices being added to mixed-use developments in Phoenix.

“Fender guitar recognized this as an opportunity to allow their employees to essentially office inside a city within the city, and so I think that is a trend that is going to continue to get more and more traction as we go forward in the office environment,” he said.

RED Development has more redevelopment plans in the works for Biltmore Fashion Park. As it plans to add more buildings to the property, including additional office space, the company plans to construct another parking structure on the north end of the mall, Moloznik said.

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