U.S. commercial real estate investment and operating company George Oliver has acquired two office assets in downtown Chandler, Arizona for $38.8 million.
As part of the transaction, George Oliver is planning to commit $14 million to the properties to bring a creative office portfolio to the metro. The new buildings will be called The Alexander, formerly known as Plaza 25, and The Johnathan.
George Oliver plans to start a $5 million shell building transformation for The Alexander in the first quarter of 2020. The office asset is set to be upgraded from Class B to Class A via the creation of 112,000 square feet of modernized space.
George Oliver intends to also commit $3 million in initial upgrades at The Johnathan, previously known as Chandler City Center, which consists of 107,510 square feet at 55 N. Arizona PI, adjacent to The Alexander, located at 25 S. Arizona PI.