Denver, Colorado (January 5, 2024)
Phoenix-based developer George Oliver and joint venture partner Ascentris announced the acquisition of 7272 E. Indian School Road, a 165,220-square-foot office building located in Old Town Scottsdale, Arizona.
The purchase follows the partnership’s mid-2024 acquisition of 4141 and 4167 N. Scottsdale Road, bringing the combined portfolio to more than 345,000 square feet of office space in Old Town Scottsdale.
Together, the properties will be redeveloped into a new experiential office campus.
The combined campus occupies more than five acres at the intersection of Scottsdale Road and Indian School Road.
Design concepts for the project are currently underway, with renovations expected to begin in 2025.
The finished spaces will align with other George Oliver projects, including:
- Arbor in downtown Tempe
- CASA in Phoenix’s Uptown neighborhood
- The Alexander and The Johnathan in downtown Chandler
- Bond, currently nearing completion in the Camelback Corridor
“Ascentris is excited about the acquisition of 7272, which represents an accretive and complementary addition to this partnership’s recent acquisition of 4141 and 4167 Scottsdale,” said Jeff Higgins, Managing Director at Ascentris.
“The purchase of 7272 E. Indian School allows us to execute our vision with a more robust amenity offering inside a campus-style experiential office portfolio,” added Curt Kremer, Founder and Managing Partner of George Oliver.
The Old Town properties are surrounded by:
- Restaurants and boutique retail
- Nightlife and entertainment venues
- Art galleries and cultural attractions
- Hospitality and residential developments
The campus also benefits from surface and subterranean parking, convenient access via nearby arterial roads, and proximity to a mix of corporate tenants and regional employers.
Ben Geelan, Senior Managing Director, and Will Mast, Senior Director at JLL, represented the seller in the transaction.
Design and architecture for the Old Town Scottsdale campus are being led by George Oliver Design.
About George Oliver
George Oliver LLC is a commercial real estate company focused on creating innovative office and industrial workspace environments.
The company designs workspaces intended to enhance productivity, improve employee retention, and help businesses remain competitive in evolving workplace environments.
George Oliver’s projects emphasize design, amenities, and tenant experience, with developments located in Phoenix, Chandler, Scottsdale, Austin, and Denver.
More information is available at www.georgeoliver.com.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across major property types and geographic regions throughout the United States.
Since 2003, the firm’s management team has followed an investment philosophy and organizational structure designed to identify opportunities ahead of the market while delivering a high level of service, transparency, and accountability.
Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting investors’ needs first. Additional information is available at Ascentris.com.
Note: Being a registered investment adviser with the SEC does not imply any specific level of skill or training.
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