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Dec. 13, 2016

Former R&D facility being repositioned into Class A office space to be called The HUB

A former research and development facility, located at 2701 E. Ryan Road in Chandler, was recently purchased by a joint venture between Walton Street Capital LLC and Clarius Partners LLC. The group paid $20 million to acquire the 74-acre property, which includes the former R&D facility and an adjoining parcel of land. 

The building, which was completed in 2009 and never fully occupied, has been vacant since 2012. The new owners are on track to reposition the property into a Class A, creative office environment. The estimated $35 million renovation project, redesigned by RSP Architects with Layton Construction as the general contractor, will include adding new lobby areas and restrooms as part of the interior upgrades. Improvements planned for the exterior include the installation of additional glass facades, upgraded landscaping, expanded parking and an outdoor amenity. The renovated two-story building will offer approximately 300,000 square feet of office space.  

“The City appreciates the investment Walton Street and Clarius Partners are making in what will now be called The HUB,” stated Mayor Jay Tibshraeny, “This renovation will provide a unique opportunity for large office users or a complete corporate campus, and we look forward to working with their team to bring new users to the site.”  

“Clarius Partners and Walton Street Capital are excited to partner with the City of Chandler and the Southeast Valley to repurpose the R&D facility to a unique, state-of-the-art, Class A office facility,” stated Mark Balcius, vice president for Clarius Partners, “Base building renovations will be complete in the first quarter of 2017 and will offer extensive outdoor amenities, including disc golf, basketball, barbeques, building terraces and more. In addition, the building, with its large floor plates, 20’ clear heights, ample parking, and a true campus feel, will deliver creative, high-energy space unlike anything currently offered in the Chandler market.”

Construction is planned to be completed in approximately four months, allowing for the building’s occupancy during the first half of 2017. CBRE in Phoenix is managing leasing activities at the property. 

For more information on Clarius Partners, LLC, visit clariuspartners.com