By Eric Jay Toll for Phoenix Business Journal
Chicago-based international bank Northern Trust is building a $95M, 450KSF, three-building regional operations center in Tempe.
The Tempe City Council Feb. 26 will consider a package deal from Northern Trust that brings 1,000 jobs paying an average of $82K to the Discovery Business Campus at Elliot Road and Loop 101.
Northern Trust will start construction on the first half of a 150KSF next month in the Wentworth Property Co. 135-acre development. The four-story modernistic building was designed by DAVIS in Tempe.
With the first portion of the offices completed in 2016, Northern Trust is required to complete the second half of the building by April 2017. The second 150KSF building and an associated parking garage is slated for construction in 2018 with the final building to be occupied before March 2022.
Wentworth Development will convey land title back to the city for a 20-year term and the city will collect $10 per year for the land. The lease-back will save the company around $7.3M.
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