Sometimes a good real estate story involves taking the long view. The Desert Ridge Corporate Center is just one example of how Ryan weathered the storm through the recession—when other companies might have walked away—to complete a significant development in the rapidly growing location of North Phoenix.
The first two buildings Ryan built on the site sold quickly. But then the recession hit and Ryan was left holding a significant amount of land as well as a commitment to the Arizona land department. Trying to turn the situation around, while also remaining committed to “doing the right thing,” we stuck with the project, working to create an attractive development.
The Desert Ridge Corporate Center comprises two phases of four-story, Class A office buildings; just one piece of Ryan’s Desert Ridge development. Additionally, the 45-acre, mixed-use development includes a two-building, 120,000-SF medical campus and 18,200 SF of retail, also built by Ryan.
The development was situated on an Arizona state land ground lease. And it was Ryan’s willingness to stick with the project and ensure continued compliance with state regulations regarding the land that allowed us to develop a strong and lasting relationship with the State of Arizona. Ryan’s patience has paid off—the office buildings have been more successful than we’d even hoped, selling again twice since completion.