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Jubil Circuit Redevelopment Targets Millennial Workforce

Phoenix Office

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.)

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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.

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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.

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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.