Arizona State University’s Thunderbird School of Global Management will temporarily lease space at Arizona Center, a downtown retail and commercial space, the complex’s owner announced today.

ASU announced in December 2017 that it planned to move the Thunderbird school, which was located in Glendale for 71 years, to its downtown Phoenix campus.

Parallel Capital Partners, a real estate investment company based in San Diego, purchased Arizona Center in 2015 for $126 million. The company has been renovating the complex at Third and Van Buren streets and plans to spend $25 million to revamp the center.

Classes to start in fall or spring

Repetición automática
Mostrar Miniaturas
Mostrar Subtítulos

Arizona State University spokesman Bret Hovell said a move-in date is not set, but graduate students at Thunderbird may start taking classes at One Arizona Center in fall 2018 or spring 2019. The school has approximately 400 grad students.

Undergraduate students at the school will remain at the university’s west campus.

The leased space will hold the school over while it constructs a new building for the Thunderbird school on the downtown Phoenix campus. The new building will be at Polk Street between First and Second streets, next to the Sandra Day O’Connor School of Law, and is expected to open in January 2021.

The university signed a five-year lease for 60,024-square-feet of space at One Arizona Center, a commercial office town on the complex, Parallel Capital Partners said in a press release.

The lease will start in July, according to meeting minutes from a February meeting of the Arizona Board of Regents. ASU will pay a base rent of about $1.8 million per year for the space, with annual increases of 75 cents per square foot, the ABOR minutes say.

Regents President Eileen Klein to step down from role in June
Bill would dismantle Board of Regents, change Arizona's university system

Funding from savings, possibly tuition

Funding to pay for the Arizona Center space will come from “savings associated with the relocation” of the school, the minutes say, adding that “any temporary incremental costs incurred during the transition (will be) funded by tuition.”

ASU is also leasing another nearly 44,000-square-feet of office and classroom space in another building, the Garden Pavilion, at Arizona Center, Parallel Capital Partners said.

Want to participate in your graduation from an Arizona university? It will cost you
Peoria partners with ASU to boost small businesses, start-ups

The downtown development opened in 1990, but many of its retail spaces sat vacant for years because of a lack of shoppers. The complex includes two office towers and a retail space with restaurants and an AMC movie theater.

One Arizona Center houses other corporate and governmental entities, including law firm Snell and Wilmer, the Greater Phoenix Convention and Visitors Bureau and the U.S. Army Corps of Engineers. Two Arizona Center, the other office tower on the complex, is occupied only by Arizona Public Service.


Inside a 'D' school: An Arizona junior high grapples with its state letter grade

What does ASU football look like under new coach Herm Edwards?

Grand Canyon University's RN program issued letter of concern from state nursing board


Read or Share this story: