Formation Interests Acquires Phoenix Office Complex Along I-17 Corridor, Reveals Plans for Formation Park 17, Phoenix’s First Transit Oriented Business Park

Formation Interests (“FORMATION”) has finalized the acquisition of Metro Corporate Center, an office complex on 23 acres along the I-17 Corridor in north central Phoenix.

FORMATION, in partnership with Crow Holdings Capital and Comerica Bank, will immediately begin transformation of the 7-building office campus into FORMATION PARK 17, a first of its kind transit oriented, infill redevelopment scheduled for completion Fall 2026.

Located along the I-17 Corridor at the re-emerging intersection of I-17 and Peoria Ave, FORMATION PARK 17 is located directly across from the $1 billion mixed use re-development of Metrocenter and adjacent to the Metrocenter East Light Rail Station.

"FORM17 represents the first transit oriented industrial business park in Phoenix history, providing walkable connectivity to the metro light rail, a city park, hundreds of restaurants and lifestyle amenities and the $1 billion mixed use redevelopment of Metrocenter mall,” said Mike Gilbert, Director – Southwest Region for FORMATION. "This location along the I-17 provides unmatched access to consumers and labor, along a corridor starved for supply of modern industrial facilities. FORM17 fits squarely into Formation's strategy of identifying special urban development projects in Texas, Phoenix and the Southwestern US."

Totaling 430,000 square feet in 4 buildings and featuring sleek exterior design with vertical elements, eye-catching lighting, abundant parking, and direct Interstate visibility, FORMATION PARK 17 will offer occupiers between 25,000 SF and 200,000 SF unmatched amenities, including direct light rail access, hundreds of restaurant options, picnic areas/green space and access to an abundant and unmatched labor pool.

FORMATION is set to begin demolition of the existing office buildings June 4th, with demolition expected to take 3 months. Construction is expected to start in August with an expected completion of Fall 2026.

The project was designed by Deutsch Architecture Group, Kimley Horn and RVI. Willmeng is the general contractor for the project. The CBRE team of Cooper Fratt, John Werstler and Tanner Ferrandi is handling the leasing for the project.

FORMATION PARK 17 is FORMATION’s second development in Metro Phoenix. The first phase of FORMATION PARK 10, a 2 building, 428,000 SF development featuring a 5-acre amenity park at the center of the project will be delivering later this month. The second phase of FORMATION PARK 10, totaling 260,000 SF in 3 buildings will break ground later this year.

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