07 Jan Larsen Baker Acquires Gallery Row for Office Redevelopment
Larsen Baker, through its affiliate Gallery Row Group, LLC, has acquired Gallery Row, a 22,500 square foot commercial property at the northeast corner of Skyline Drive and Campbell Avenue. Larsen Baker will reposition the former retail property into high end office space. The center will be renamed The Gallery Offices as part of the redevelopment.
Gallery Row was purchased from an investment trust serviced by CIII Capital Partners for $3.8 million dollars. The first two tenants at The Gallery Offices are Stewart Title & Trust and Skyline Dental.
Built in 1999, Gallery Row was home to many prominent art galleries including Diana Madaras and Wilde Meyer Gallery, and restaurants including Soleil, Sur Real, and Acacia. It was the first of several upscale retail developments like La Encantada Mall that were constructed at the intersection over the past 15 years.
“This investment for us is first and foremost about location. Gallery Row is a beautiful, well maintained property at one of the essential corners of Tucson.” said Melissa Lal, President of Larsen Baker. “Rather than continuing to compete with the newer retail at the intersection, we saw an opportunity to create beautiful offices with views, signage and convenient access for the high-end office users that want to be close to their clients. Sunquest’s relocation from the Williams Centre into the former MDA Headquarters, and Merrill Lynch’s relocation into the former Five Palms restaurant building this year are great examples of the trend of companies moving into the foothills. We believe this renovation and repositioning program will attract companies that have been looking to relocate, but previously lacked viable office options in the foothills.”
The property redesign, renaming and rebranding will be completed in conjunction with the architectural design firm Repp + Mclain based in Tucson, Arizona. For information about leasing opportunities contact Andy Seleznov at 520-296-0200 x 218 or Melissa Lal at 520-296-0200 x 213.