±76% leased to a diverse mix of high-quality tenants.
Outstanding near-term leasing success. Despite being in shell condition, 12,365 SF (12% of the building) was leased to two tenants in the 2nd quarter.
Over $5.1 million invested in renovations, building systems upgrades and tenant improvements from 2016 to present.
Flexible L-shaped floor plates, which are perfectly suited to efficiently accommodate both large and small tenants.
Buildings with floor plates accommodative to smaller tenants (up to 30,000 SF, divisible to 3,500-5,000 SF) within a 3-mile radius of 501 Gateway boast a healthy ±13.7% vacancy rate.
Significant tax savings potential from pending appeal (not modeled herein, call Cushman & Wakefield team for details).
Exceptional value with pricing at approximately a fraction of replacement cost. Recreating a building of this size and quality would exceed ±$500/SF.
Expansive window lines provide majestic views from upper floors of the Papago Buttes, Camelback Mountain, and Sky Harbor International Airport.
True ‘transit’ location within walking distance of the Metro Light Rail, four (4) different freeways within five (5) miles of the property, and near-immediate vehicular and rail access to the Sky Harbor International Airport.
Strategically located at the northwest border of Downtown Tempe, benefiting from access to Tempe’s Mill Avenue Entertainment District, a 24/7 live-work-play urban hotspot, and its other amenities.