Less than one week after Taiwan Semiconductor Manufacturing Company (NYSE: TSM) secured 1,129 acres of land to build a $12 billion factory in North Phoenix, the company moved forward with its official market entry with a 46,735-square-foot office lease. Located at the two-building Canyon Corporate Plaza office campus in Phoenix, the deal marks one of the largest office commitments to sign in the Valley since the start of the COVID-19 pandemic.
Canyon Corporate Plaza will give TSMC Arizona Corporation an administrative home base as it ramps up its Phoenix market presence – a process that will culminate in a new North Phoenix manufacturing facility and up to 1,900 new local jobs over a five-year period. With an estimated 20-year economic impact of $38.2 billion, TSMC represents Arizona’s largest-ever foreign direct investment.
Owned by Phoenix-based real estate and investment company ViaWest Group, Canyon Corporate Plaza sits in the heart of the Interstate 17 corridor in North Phoenix, just 15 miles from TSMC’s future manufacturing facility.
“This lease gives TSMC the institutional-quality office space and the geographic and operational proficiencies they need to ramp up their operations in Phoenix ahead of their plant delivery,” said ViaWest Partner Danny Swancey. “Canyon Corporate Plaza is an iconic office campus that – like we did with Biltmore Center – is undergoing renovations that will modernize the project for 21st century tenants. Our vision will establish Canyon Corporate Plaza as the premier office building within the submarket. TSMC recognizes that vision, and we are honored to play a part in their historic market entry.”
Under its new lease, TSMC will occupy 46,735 square feet and two full floors in Canyon Corporate Plaza’s 2510 building, located at 2510 W. Dunlap Ave., immediately east of I-17. TSMC is scheduled to begin occupancy of their new space by January 1, 2021.
Managing Director John Bonnell, Executive Vice President Brett Abramson, Senior Vice President Chris Latvaaho and Managing Director Ryan Timpani from the Phoenix office of JLL represented ViaWest in the lease negotiations. David Barrett of CBRE represented TSMC.
“Canyon Corporate Plaza offered TSMC a Class A, move-in-ready office environment that is close to single- and multi-family housing, seconds from I-17 and along the future Light Rail extension,” said Bonnell. “These amenities, combined with the capital improvements underway by ViaWest, make this the perfect location for TSMC. The campus also has move-in-ready space that is available now for companies who are wanting to locate close to this new Phoenix manufacturing giant.”
Canyon Corporate Plaza is located at 2510 and 2512 W. Dunlap Ave. in Phoenix. The two-building project totals 313,444 square feet with prominent freeway signage, modern office space, lush courtyards, up to 7/1,000 parking through secure garage and surface spaces, and a unique campus environment that includes on-site food trucks. It is surrounded by more than 9.5 million square feet of retail space, 34 hotels and 20,378 multifamily units within a three-mile radius.
A multi-million-dollar capital improvement campaign led by ViaWest is reimagining Canyon Corporate Center, creating modern lobbies and a tenant lounge complete with roll-up doors that spill out into an indoor/outdoor amenity zone. Ajanta Designs is leading the renovation as project architect. Reliance Build Inc. (RBI) is the general contractor. EdgeQuarters is providing interior design consulting.
Other notable tenants at Canyon Corporate Plaza include Cognizant, SoftPro and Eduvision.
TSMC is the world’s largest dedicated semiconductor foundry. It purchased 1,129 acres of land in early December for its new Phoenix advanced semiconductor fab, which is scheduled to break ground in 2021 and expects to begin production by 2024. The new TSMC plant will be located in North Phoenix, near the northwest corner of the Loop 303 and the 43rd avenue alignment.