Transformed Biltmore Center Sees Its Vacancy Rate Plummet 46% In One Year
Marking one of the largest multi-tenant office transactions in Phoenix history, ViaWest Group purchased the expansive Biltmore Center from Invesco Real Estate for a noteworthy $163M in July 2015.
This premier asset, built in the late ‘80s, is comprised of three buildings totaling 635k SF. ViaWest saw a unique opportunity to add value with a significant renovation of the Biltmore Center, at the corner of 24th Street and Camelback, and with the help of the Phoenix Colliers team, installed an unparalleled suite of amenities and features.
These attributes include a revamped tenant lounge (above) with state-of-the-art AV systems, conference facilities, a grab-n-go market and games, and a new fitness center with yoga, boot camps and more. ViaWest and Colliers also introduced an eco-friendly, fitness-boosting, branded bike-sharing program and installed electrical vehicle charging stations.
The overhaul included major updates to the lobby (below), corridor and restrooms, a rebuilt outdoor courtyard area with shade structures, a new fountain, restoration of the public art, top-quality spec suites, aesthetically pleasing landscaping, signage updates and property rebranding with a new color scheme. Finally, promoting socialization, Biltmore Center now boasts a renovated on-site café with beer and wine, outdoor seating and a firepit.
These improvements have led to a diversification of the tenant base from purely FIRE (financial services, insurance and real estate) and legal tenants a year ago to now include healthcare, technology and nonprofits.
Biltmore Center represents a one-of-a-kind environment in a premier live/work/play location, blending the once-sterile institutional world with the entrepreneurial and social worlds to create an experiential and appealing workplace. The property is at one of the most desirable locations in Phoenix with its proximity to Biltmore Fashion Center, The Biltmore Hotel, Town & Country Mall and over 5,000 multifamily units within a mile, and only a 15-minute drive to the airport and downtown. The renovation, Colliers team and a new tenant-focused management approach have activated the property, increasing occupancy from 72% to 85% within a year.
To learn more about the Bisnow content partner that facilitated the renovation and now represents a proud Biltmore Center tenant, click here.