The developer acquired the office building with plans for a major overhaul.
George Oliver continues to put its stamp on the modernization of the post-pandemic workspace one property at a time with the recent acquisition and proposed conversion of Biltmore Commerce Center in Phoenix. The company recently acquired the approximately 260,000-square-foot office asset in its hometown from a joint venture of Lincoln Property Co. and Oaktree Capital Management with plans of investing more than $52 million in focused capital improvements.
Originally developed in 1985, Biltmore Commerce Center occupies an approximately 7-acre site at 3200 E. Camelback Road in the Valley’s highly desirable Camelback Corridor. The Class A property has maintained its luster over the years via various upgrades.
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Lincoln Property and Oaktree relied on Ben Geelan and Will Mast of JLL for representation in the sale of Biltmore Commerce, which the partners had acquired in 2015 for $58 million.
Value of a new incarnation
Plans for Biltmore Commerce Center focus on a common theme that prevails throughout George Oliver’s office transformations across the country: health and wellness in the workplace. To that end, the new owner of the three-story Camelback Corridor asset will institute both trademark experiential changes as well as property-specific modifications that will result in flexible, collaborative workspaces and resort-style wellness-centric amenities.
George Oliver’s subsidiary, George Oliver Design, will spearhead the design and architecture responsibilities for the conversion project, while JLL’s Ryan Timpani will oversee leasing and Arcadia Management Group will act as the on-site property manager.
George Oliver is making its way through the Phoenix area, with the goal of delivering the George Oliver experience to every top office submarket in the metro. If the investment community’s response to the company’s modified properties is any indication, then there is quite a lot to be said about George Oliver’s belief in the power of promoting interaction with employees in a healthy and luxurious environment.
“(In the first quarter of 2022) Class A investment sales were driven by the sale of two multi-property transactions, which were both purchased by new to market investors. The second sale was George Oliver’s second redevelopment disposition in less than 12 months. The Alexander and Johnathan buildings offered a combined total of 210,710 square feet and were purchased by Asana Partner for $86.5 million, $411 per square foot,” according to a report by Colliers. The median price per square foot for Phoenix office assets in the first quarter was $359.