Corporation's World Headquarters Campus Ultimately Will Comprise 300,000 SF in Two Buildings
Phoenix, AZ?-- The Alter Group will initially develop a three-story 150,000 SF build-to-suit-for-lease corporate office building on 22.7 acres for Medicis Pharmaceutical Corporation (www.medicis.com) at its 187-acre Riverwalk Arizona mixed-use park in Scottsdale, AZ. Michael J. Alter, President of the national corporate real estate development firm, announced the new building.
The corporate headquarters building at 7720 North Dobson Road, the first of two that The Alter Group will develop for Medicis at Riverwalk Arizona, supports the specialty pharmaceutical company's ambitious expansion plans. Medicis will expand from its current 75,000 SF headquarters at 8125 North Hayden Road, also in Scottsdale. Medicis plans to occupy their new facility during the 1st quarter 2008.
"One of the country's largest developments on Native American land to date, Riverwalk Arizona will yield an estimated 1,500,000 SF of corporate office and retail space, and create up to 15,000 new jobs," Alter said.
Riverwalk Arizona is set on prime land owned by the Salt River Pima-Maricopa Community, home to the Pima and Maricopa Indians, descendants of the ancient Hohokam Indians. The community was created in June of 1879 and consists of 53,600 acres?-- with 19,000 maintained as a natural preserve. Adjacent to The Alter Group's land site is The Pavilions, a 140-acre retail shopping center; Casino Arizona; and the Talking Stick Golf Club.
Robert Curwin, Medicis Vice President of Operations, noted that the firm "considered many other locations in the Valley, but chose Riverwalk Arizona because of its freeway access, central location for employees and the amenities that The Alter Group is planning."
"The Medicis lease is the second major build-to-suit project that The Alter Group has developed at Riverwalk Arizona to date," said Kurt W. Rosene, Senior Vice President of National Development, The Alter Group. "This premium development combines expressway frontage, a campus environment and exceptional amenities in one of Arizonas tightest real estate markets. They're in the middle of our site, adjacent to the freeway, with a mile of frontage and two diamond interchanges. It's convenient and a good location for them."
Patrick C. Hayes, AIA, President & CEO of PHArchitecture (www.pharchitecture.com), said that "Medicis is an unusually site-sensitive company and wanted their buildings oriented to the meandering, manmade riverwalk feature, as well as situated in accordance with feng shui principles to assure a pleasant work environment for its employees. The chevron-shaped building, with its large glass volume and deep red precast concrete that replicates nearby mountains, satisfies Medicis' esthetic issues and visually brings the riverwalk feature indoors."
The Alter Group currently is developing two speculative office buildings totaling 162,882 RSF at Riverwalk Arizona, with completion planned during the 1st quarter of 2007. The park's inaugural project is the 142,000 SF The Arizona Design Center, a collection of the region's leading home design showrooms.
The Alter Group's exclusive leasing agent for Riverwalk Arizona is CB Richard Ellis, represented by Jerry Roberts, Senior Vice President. Larry Downey, Senior Director, Corporate Services of Cushman & Wakefield of Arizona, represented Medicis.
Scottsdale-based Medicis is the leading independent specialty pharmaceutical company in the United States, focusing primarily on the treatment of dermatological and podiatric conditions and aesthetics medicine with leading branded prescription products in a number of therapeutic categories.
The Alter Group is a national corporate real estate development firm with five vertically integrated affiliate companies. Each offers specialized services, including brokerage, healthcare facility development, construction, and property management. These affiliates include Alter Construction, Alter+Care, EnTrust Realty Advisors and Alter Asset Management.
The Alter Group is a national corporate real estate development firm of office, industrial and healthcare facilities. Additionally, the firm provides comprehensive services in brokerage, construction, investment services, and property and asset management.
Founded by William A. Alter in 1955, The Alter Group has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 4,000,000 SF of space, worth $600,000,000, under development in national markets. The firm was recently ranked as # 5 in the National Real Estate Investor survey of America's top office developers.