The Watermark | Tempe in Arizona Thriving in Spite of COVID-19 Pandemic

Article originally posted on Commercial Executive Magazine on April 4, 2021

The Watermark | Tempe, a new high-end mixed-use project in Tempe, Arizona, today announced the completed openings of 10 retail and restaurant tenants along with three (3) significant office lease transactions.

Cushman & Wakefield’s Brent Mallonee leads the leasing efforts for the retail/ restaurant space and Cushman & Wakefield’s Brad Anderson and Michael Strittmatter head the office leasing efforts for the project.

Flying in the face of COVID-19 such notable retail tenants as Dog Haus Biergarten, Monroe’s Hot Chicken and Restore Hyper Wellness have all recently celebrated grand openings with great initial success. These latest openings bring the total to 10 fully open and operating tenants in the mixed-use project’s ground floor. Other retailers include V’s Barbershop, Aria Nail Bar, F45 Training, Sugar Me Wax, Restore Hyper Wellness + Cryotherapy, Dog Haus Biergarten, Monroes Hot Chicken, Crumble Cookies, DRNK Coffee/ QWENCH Juice, and Sweet Republic.

The three new office leases executed at The Watermark | Tempe during the pandemic total a combined 77,000 square feet of occupancy and bring the Phase I tower to 95% leased. One of the leases in the trio included Align Technology, which designs and manufactures the Invisalign orthodontic system and other dental technology, that signed a 34,000-square-foot lease for the 13th floor of the building. Align announcedchael it will move its global corporate headquarters and approximately 150 jobs from San Jose, Calif. The company plans to move into its new Tempe location later this year once construction is completed.

The 16-story Watermark is Tempe’s premier mixed-use development located on the north shore of Tempe Town Lake. The first phase of the project features 265,000 sf of Class A office space and 44,000 sf of high-end retail and restaurant space. Amenities at the development include a fitness center, lounge/conference center, game room, various on-site services, and an elevated “Sky Walk,” connecting the adjacent parking structure to the ninth floor “Sky Lobby.” Tenants of the project include WeWork and iBuyer firm Opendoor.

“Recent leasing activity at The Watermark, even amidst the challenges brought on by the COVID-19, has really bucked the macro trends since the pandemic and demonstrates the project’s resilience and is a direct result of its unmatched quality,” said Strittmatter. “The vision for the project is coming to life with these retail openings and additional high-caliber office tenants recently signed.”

Premier endcaps with generous patios in the retail area and two speculative office suites totaling 19,564 sf remain available in Phase I of the project. The second phase will include additional ground floor retail/ restaurant opportunities and another office tower with upwards of 340,000 sf. Phase II is currently available for pre-leasing. Please contact Cushman and Wakefield’s Brent Mallonee for retail/ restaurant inquiries and Brad Anderson or Michael Strittmatter for office inquiries.

The Watermark | Tempe is located along Scottsdale Road near Arizona State University, the Mill Avenue District and Old Town Scottsdale. The property offers immediate access to a full-diamond interchange at the Loop 202 Freeway and four minutes away from a light rail stop at the Tempe Transportation hub, connecting the Watermark to metro Phoenix’s largest labor pools, amenities and destinations.