Atlanta-based REIT Cousins Properties announced that Amazon has leased approximately 95,000 square feet at its 100 Mill development project, a 287,000 square foot, 18 story office tower located in downtown Tempe, to accommodate their Phoenix Tech Hub expansion.
Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture developing the project. In 2018, Hines and Cousins Properties have purchased 2.5 acres of land located directly on Mill Avenue in downtown Tempe to develop the project.
Total development costs are anticipated to be approximately $153 million and initial occupancy for the building is expected in the first quarter of 2022, said the company in a press release. 100 Mill is currently 44% pre-leased with long-term lease commitments from Deloitte as well as Amazon.
Amazon also leases additional space at Hayden Ferry, Cousins’ existing office property adjacent to the 100 Mill site, and will expand into 100 Mill as they continue to grow in the city.
“We are excited that Amazon has selected our office project at 100 Mill for their expansion plans in Phoenix,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties. “Their decision to continue investing in new space validates the long-term value proposition of modern and well-located office properties for both companies and employees.”
