Scottsdale Quarter Inks First Office Lease in “Block M”
Apogee Physicians to Occupy Entire Top Floor of New Mixed-Use Tower
Phoenix, Ariz. – Sept. 5, 2014 – Glimcher Realty Trust and CBRE are pleased to announce the first office lease for Scottsdale Quarter’s new ±170,000 SF Class A, mixed-use building in North Scottsdale, Ariz. Located at the southeast corner of the high-end lifestyle center, the new, six-story tower will be the new home of Phoenix-based hospitalist group Apogee Physicians’ corporate headquarters.
Vince Femiano with CBRE’s Phoenix office represented Apogee Physicians in negotiating the ±27,727 square-foot, long-term lease. CBRE’s Brad Anderson and Michael Strittmatter represented the landlord and developer, Glimcher Realty Trust.
“Scottsdale Quarter is the most exciting development that I remember in 20 years of living in Arizona,” said Michael W. Gregory, M.D., CEO of Apogee Physicians. “World class shopping, dining and amenities, combined with the premier office space in Scottsdale promises our people the very best environment to pursue our dream of making lives better for our patients."
This lease marks an expansion for Apogee Physicians, currently headquartered in the Camelback Corridor, as they plan for future growth. Founded in 2002 as a nine-physician group, Apogee is now comprised of more than 750 physicians, nurse practitioners and physician assistants.
“We are pleased to welcome Apogee to the great mix of Scottsdale Quarter tenants, especially so early in our construction cycle. We commend Dr. Gregory and the Apogee team for what they have built and look forward to this new relationship,” said Marshall A. Loeb, president and chief operating officer for Glimcher.
Glimcher Realty Trust broke ground on Block M at Scottsdale Quarter in late summer. The new tower will feature premier office space, above ground-floor retail plus an additional parking garage for both tenants and visitors. IBEX Construction out of New York City has been selected as the general contractor for the new building. American Girl has already been announced as the anchor retail tenant, which will occupy 12,000 square feet for their experiential store. This will be the first American Girl store in the state of Arizona. The tower is expected to deliver in the summer of 2015.
Existing office space in the center is nearly 100% leased as momentum at the property continues. In May, Starwood Hotels & Resorts, another premier office tenant at Scottsdale Quarter, expanded to more than 67,000 square feet.
“Apogee’s commitment to the Quarter is another great example of the trend towards employers seeking a unique urban “lifestyle” office experience,” said Anderson.
Scottsdale Quarter, which sits on 28 acres at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, includes 370,000 square feet of upscale retail, restaurant and entertainment options and 203,000 square feet of class A office space. The new six-story building will feature contemporary architecture perfectly integrated into the project, with high ceilings and breathtaking views of the surrounding mountains.
Following the development of the south parcel, Scottsdale Quarter will be a 1.2 million square foot lifestyle center offering a premier, experience-centered environment. The addition of the luxury residential component of Crescent Scottsdale Quarter, combined with the existing upscale retail amenities, provides office tenants a premium, all-inclusive environment.
Developed by Glimcher Realty Trust, Scottsdale Quarter features an array of restaurants and specialty and fashion retailers, including Restoration Hardware, SuitSupply, Intermix, iPic Theaters, NIKE, Dominick’s Steakhouse, Free People, CALYPSO St. Barth, H&M, Apple Store, Eddie V’s Prime Seafood, Zinburger and True Food Kitchen. Scottsdale Quarter is also home to other prominent office tenants, including Maracay Homes, iCrossing, Cities West Publishing Inc. and Superior Home Services.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Glimcher Realty Trust
Glimcher Realty Trust (NYSE: GRT), a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers. Glimcher® and Scottsdale Quarter® are registered trademarks of Glimcher Realty Trust. To learn more, visit www.glimcher.com.