SkySong 5 welcomes commercial real estate tenant Berkadia

Rendering of SkySong 5 to house new tenant, Berkadia on a whole floor of the newest building. (Submitted photo)

Construction on SkySong 5 is underway and so is leasing efforts as Berkadia signs on for an entire floor.

According to a press release, Berkadia — a joint venture of Berkshire Hathaway and Jefferies Financial Group — signed a 10-year lease on a 21,000-square-foot space in SkySong 5, to occupy the entire second floor of the project, located adjacent to the new building’s planned signature outdoor event patio.

“As a leader in the commercial real estate industry, we are pleased that Berkadia chose to locate in Scottsdale and look forward to their success here,” said Scottsdale Mayor W.J. “Jim” Lane in a prepared statement.

The space will house about 90 Berkadia employees, the release stated of the commercial real estate company that offers services to multifamily and commercial property clients.

“SkySong is a great fit for Berkadia and an ideal location for our company to locate as we grow and expand in Arizona,” said Brett Adams, Berkadia senior vice president, in a prepared statement. “The spirit of innovation and entrepreneurship at SkySong is well aligned with the Berkadia approach, and we look forward to being a part of the new building at the property.”

Andrew Cheney and Craig Coppola of Lee & Associates represented SkySong in the transaction; Geoffrey Kreiss and Andrew Medley from Jones LaSalle Lang represented Berkadia, the release noted.

The six-story SkySong 5 will be the tallest on the property yet and will include many features that are new to the project. With the newest building, the total SkySong project will reach about 870,000 square feet of commercial building, the release detailed.

“We are very pleased to welcome Berkadia to SkySong 5 and help them create the kind of dynamic work environment that reflects their spirit of innovation,” said the master developer of the project, Plaza Companies President Sharon Harper in a prepared statement. “Berkadia will have an exceptional footprint in SkySong 5 and will complement the focus on technology being created throughout the project.”

The design of SkySong 5 includes extensive outdoor work, meeting spaces and public art features, plus a large, second-story outdoor patio and event space, the release described. The cost of the building and accompanying parking structure to be built will exceed $43 million.

“This is a great step forward for SkySong and for SkySong 5 in particular,” said Don Couvillion, senior vice president of real estate at University Realty. “Berkadia will enjoy a signature space in the project with tremendous access to the exceptional new outdoor space. We are pleased to welcome them as an anchor tenant for SkySong 5 and an important part of SkySong moving forward.”

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