Phoenix Developer Buys Tempe Office Building, Plans $14 Million Renovation

Article originally posted on Phoenix Business Journal on April 11, 2021

Phoenix developer George Oliver, which has completed several high-profile adaptive reuse office projects around the Valley, bought Hayden Station in downtown Tempe and is planning a $14 million transformation.

George Oliver bought the property, which includes one, 5-story office building and four, 2-story mixed-use buildings from Bob Parsons’ Yam Properties for $26.15 million, according to real estate database Vizzda. Steve Lindley of Cushman & Wakefield represented the seller in the deal. The buildings at the southwest corner of Mill Avenue and Third Street total 107,508 square feet.

“From a live-work-play perspective, this location is our most exciting infill, campus-style repositioning strategy to date,” George Oliver founder and Managing Partner Curt Kremer said in a statement. “It has everything in place – great existing structures, dynamic employee and tenant demographics, and a strong mixed-use character – to deliver one of the best George Oliver concepts in the country.”

The company, which also led the redevelopment of Casa in Phoenix and is redeveloping the Alexander and the Johnathan in Chandler, will upgrade the building with a wellness-inspired amenity package, with an emphasis on connecting the indoor and outdoor space. The renovation is planned to cost $14 million and will incorporate retail and restaurant space and open concept interiors.

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