Financial services giant Charles Schwab & Co. has filed a permit to renovate a nearly 84K SF office complex in north Scottsdale.

The $11.7M investment will go toward tenant improvements at the Class-B Two Scottsdale Landing, located at 8701 E. Hartford Drive, the Phoenix Business Journal reported.

A spokesperson for Charles Schwab didn’t respond to a request for comment in time for publication.

Architectural plans for the renovation project detailed mechanical, plumbing and electrical work on the second floor’s interior, according to PBJ. The permit filing did not mention changes to the building structure.

Two Scottsdale Landing sits next to Mack Innovation Park, a 124-acre industrial and flex office development where Toy Barn is building a luxury car storage facility, and electric vehicle maker Rivian is bringing a service and repair facility.

Charles Schwab, which has several properties across the Phoenix metro, did not announce when the renovation, if permitted, would start. The firm awaits approval from the city of Scottsdale for its second tenant improvement review. 

The company’s acquisition of the office complex comes as Phoenix’s office market continues to recover. The market had a 14.2% vacancy rate in the second quarter, down from 15.2% during the same period in 2025, according to a Colliers report. It also saw its third straight quarter of positive net absorption, ending at 402K SF. No new office buildings were completed in the second quarter, but 184,500 SF of space is under construction.

Much of the momentum is from the redevelopment of obsolete buildings into either new offices or other property types. Recently announced projects in this space include Diversified Partners’ purchase of the Lakefront at Scottsdale property and Finish Line Auto Club’s acquisition of the vacant Scottsdale Perimeter office building.