TURNING A VACANT SHOPPING MALL INTO A BUSTLING OFFICE COMPLEX

In 2000, JEMB Realty purchased the former Scottsdale Galleria Shopping Mall and successfully converted it into a state-of-the-art Class A corporate office center. The 3-story, 540,000 square-foot building reopened the following year as the Galleria Corporate Centre with a focus on office tenants. When JEMB sold Galleria Corporate Centre in September 2013, the building boasted an overall occupancy of around 90% with such tenants as Le Cordon Bleu College of Culinary Arts, Yelp and McKesson. This project represented a major triumph for both JEMB Realty and the City of Scottsdale, as the former shopping mall had stood vacant for almost 10 years.

JEMB’s stellar reputation and broad reach are as a result of its successful repositioning of major assets and continued investment of capital to optimize value despite market fluctuations.

• TypeAsset Repositioning