Developer George Oliver Companies and private equity firm Ascentris have formed a joint venture to purchase and redevelop a 162.2KSF office building at 4141 N. Scottsdale Road in Old Town.
The companies paid $26.05M in a deal that closed June 6. Seller Palisades Capital Realty Advisors was represented by Ben Geelan and Will Mast of JLL.
The renovation will be led by George Oliver Design, the in-house design wing of the company. George Oliver’s representatives said a capital investment plan has not been finalized, but that specific renovation plans will be announced later. Construction is expected to start at some point next year.
George Oliver is known for repositioning, repurposing and rebranding upscale office projects around the Valley. Other locations the company has undertaken include Arbor, Bond, CASA, The Johnathan and The Alexander. (Source)
