EverWest along with their joint venture partner, Centersquare, is pleased to announce the acquisition of The Madison, located at 5353 and 5343 North 16th Street in Phoenix. The asset consists of two 4-story Class B+ open atrium office buildings with 2 and 4 level subterranean parking garages and a total square footage of 177,312. The properties were developed in 1986 and 1990 with a timeless architecture and steel and concrete construction. Upon the time of purchase the buildings were 66% occupied.
These assets are located on the SEC of Missouri Drive and 16th Street. In addition to its easy access to State Route 51 and Phoenix Sky Harbor International Airport, The Madison's 16th Street Corridor location places it squarely in the middle of the submarket which has enjoyed an influx of multifamily activity and a variety of recent retail developments. The neighborhood's positive revitalization will serve its tenants and employees well for years to come.
As part of the investment strategy, EverWest is kicking off a multi-million dollar capital plan to upgrade and renovate the building systems, common areas, and create better onsite amenities for the building's users.
Chris Krewson, Mike Garlick and Michael McQuaid, senior managing directors in the NGKF Phoenix office, represented both EverWest and the seller in the off-market transaction, and will represent the new ownership on leasing moving forward.
Curt Kremer, Managing Director, comments "EverWest was immediately attracted to The Madison's location, subterranean parking garages and asset quality. We feel strongly that our renovation plan and neighborhood amenities will create a highly desirable office option for users looking to locate on the SR51 or in the Camelback Corridor."