By Ron Davis | Phoenix Business Journal
Kierland One & Two will undergo a $29M renovation for an experiential office campus.
The new owners of two adjacent north Scottsdale office buildings want to reimagine the assets as one “experiential office campus.”
With that in mind, Dallas-based Vero 2AR plans to pump $29 million into Kierland One and Kierland Two for hospitality-driven amenities shared between the two buildings that total 410,000 square feet. Those renovations will include reimagined lobbies and common areas, speculative suites, an upgraded fitness facility with locker rooms, an on-site coworking operator, a coffee shop, flexible meeting rooms and outdoor collaboration spaces.
Vero 2AR is the office investment platform of New York-based Vero Capital. The group, under its previous name Admiral Capital Group, acquired Kierland One in October 2021 for $58 million. In November 2022, as it rebranded, Vero acquired the 240,000-square-foot Kierland Two office building at 16260 N. 71st St. — for $47 million.
The Kierland office campus will be managed and marketed for lease by Stream Realty Partners. The Dallas real estate firm opened a Phoenix office in September 2021.
“We are excited to work with Stream Realty Partners to unlock the potential of these assets and create a premier office experience for tenants that will be among the best in the valley,” said Andy Stone, Principal of Vero A2R, in a statement. “Their expertise and perseverance to deliver best-in-class leasing, property management, and construction management services align with our vision for this campus. North Scottsdale is ready for a project like this, and we can’t wait to deliver it.”
Nick Bialkowski, Stream Realty’s vice president, is a listing broker for the Kierland campus along with fellow Vice President Stirling Pascal. The two will market some 150,000 square feet of available space to tenants for both small to midsize leases. Current tenants include Carlisle Cos.’ headquarters, Enchantment Group, Atkins and Synergos Cos.
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