SkySong 5 tops 70 percent occupancy months before completion

Rendering of SkySong 5 as momentum climbs to 73 percent occupancy before summer completion. (Submitted photo)

SkySong 5 has achieved 73 percent occupancy months before opening this summer as leasing interest continues.

With leases from Arizona State University — taking two floors in the six-story building — and companies including Berkadia and Limelight Networks, the site is already nearly three-fourths leased amidst construction as leasing interest continues in the buildings at SkySong, according to a press release.

“We are very pleased with the interest in SkySong 5,” Sharon Harper, president and CEO of Plaza Companies, said in a prepared statement about the newest building on the property.

“This dynamic building really illustrates the vision of innovation and technology that makes SkySong so attractive to companies.”

Plaza Companies is the developer of SkySong 5 and the master developer of the overall SkySong development, a public-private partnership with ASU University Realty, Holualoa Companies and the City of Scottsdale, the release noted.

Both SkySong 5 and the new Element Hotel at SkySong are expected to be completed and open this summer, according to the release.

“We continue to see exceptional growth at SkySong as it not only is becoming an important part of the ASU infrastructure, but an ideal home for a broad variety of innovative companies as well,” Sethuraman Panchanathan, executive vice president of Knowledge Enterprise Development and chief research and innovation officer at ASU, said in a prepared statement.

“We are seeing the companies currently located at SkySong continue to grow and innovate, and SkySong continues to attract new companies that have a focus on innovation and technology.”

The 151,318-square-foot building SkySong 5 building will be located along SkySong Boulevard on the northwest side of the shade structure. Lee & Associates, SkySong’s commercial real estate broker, is working with several potential tenants.

SkySong 5’s design includes extensive outdoor work and meeting spaces as well as public art pieces, continuing the trend of distinctive features at each new SkySong building. SkySong 5 also includes a large second-story outdoor patio and event space.

The cost of the building and the accompanying parking structure to be built will exceed $43 million, the release said. Butler Design Group is the architect for SkySong 5, and DPR is the general contractor for the building.

With the opening of the new building and the Element Hotel at SkySong, the overall developed space at SkySong, a 42-acre mixed use development, will exceed 750,000 square feet, according to the release.

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