(PHOENIX) – Hines, the international real estate firm, has entered into a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client, as its equity partner to develop the Offices at Chandler Viridian.
The Offices at Chandler Viridian is a six-story, Class A office building with 250,000 square feet of space located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center.
“The Offices at Chandler Viridian is a highly desirable office building offering users the connectivity needed in today’s business world. The addition of New York Life Real Estate Investors' institutional client creates a powerhouse partnership for this project,” said Chris Anderson, managing director and Arizona leader for Hines. “Without leaving the Chandler Viridian campus, tenants will be able to stay at a beautiful new hotel, live at a luxury multifamily complex, eat and shop at several retail offerings and walk along a pedestrian trail.”
The Offices at Chandler Viridian is integrated into the Chandler Viridian master plan development, a 25-acre mixed-use project which also includes a Cambria hotel & suites, Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall. Also featured in the master plan is a dog park, ¾ mile jogging trail connecting all of the properties, and a large public plaza with high-speed Internet and Wi-Fi – all to enhance the pedestrian experience.
“We are pleased to have the opportunity to partner with Hines on this project. We think Chandler Viridian is well-suited for the dynamic and fast growing Chandler market, and will offer a high quality office environment with an unparalleled amenity base for its tenants,” said Chris Hunt, a senior director for New York Life Real Estate Investors.
Hines is also announcing that it has selected Whiting Turner of Phoenix as its general contractor. Whiting Turner is a 108-year-old construction firm that is ranked in the Top 10 firms in the United States, according to Engineering News-Record, and has a bonding capacity of $4 billion.
“The selection of Whiting Turner as our general contractor demonstrates our strong commitment to delivering a high-quality office building and a mixed-use environment unmatched in the East Valley,” said Brandon Dillingham, Hines project director.
Construction is projected to commence in the second half of 2017 and be completed in late 2018. The CBRE team of Jerry Roberts and Patrick Boyle are leading the leasing efforts for the office building.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.3 billion in assets under management as of June 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life Insurance
New York Life Insurance Company, a Fortune 100 company, founded in 1845, is the largest mutual life insurance company in the United States * and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 7/27/17.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
About Whiting Turner
Whiting-Turner provides construction management, general contracting, design-build and integrated project delivery services on projects small and large for a diverse group of customers. Markets include office and headquarters, healthcare, senior living, life sciences, microelectronics, mission critical, retail, higher education, K-12, industrial, warehouse and distribution, transportation, multi-family residential, mixed-use, urban redevelopment, hospitality, entertainment, cultural, religious and public sector.
Since 1909, the firm has been guided by the principles of integrity, excellence and an unwavering dedication to customer delight. With headquarters in Baltimore and 35 regional offices nationwide, Whiting-Turner is currently ranked second in domestic building construction by Engineering News Record.