Jubil Circuit Redevelopment Targets Millennial Workforce
If you've got a bunch of Millennials on your payroll, then EverWest Real Estate Partners and CarVal Investors has an office for you. (Fun fact: A group of Millennials is known as a gaggle.)
The JV just launched construction of The Circuit Tempe, a 190k SF ultra-modern Class-A office building at 615 S River Dr, the former manufacturing facility for Jabil Circuit. The redevelopment is being branded to companies wanting a uber-cool workspace for Millennials. EverWest acquisitions director Curt Kremer tells us the property was bought with the idea of high-end office from the get-go. Cushman & Wakefield's Ryan Bartos (here) will market the property with Jerry Noble, Pat Devine and Jackie Orcutt.
The floor plates will be based on a collaborative concept with open space, high ceilings, natural lighting and even bocce ball courts, a misting system, barbecues and flat-screen TVs. Millennials have been a focus for many companies, and as we detailed yesterday, office leasing was resoundingly strong in markets that focus on live/work/play environments. Activity in the Tempe and Scottsdale corridors has been strong, with some large users still scouting for space. Ryan says the facility can be split between two tenants.
Certainly The Circuit Tempe's location--off the Loop 101 and 202 and barely two miles from Arizona State University--makes a statement on who it's luring. Ryan says the trend to build or redevelop office space for a Millennial lifestyle isn't some fly-by-night fad. “Most people associate Millennials with tech firms, but the reality is they will be 50% of the workforce by 2020 and 75% in 2025," he says. From a real estate perspective, companies are trying use their office build-out as a competitive advantage to attract and retain talent.