Third office tower going up at Hayden Ferry Lakeside

Catherine Reagor, The Republic | azcentral.com 1:03 p.m. MST May 9, 2014

Construction has started on the third and final office building in Tempes 43-acre Hayden Ferry Lakeside development, according to developers Ryan Cos. and Parkway Properties. This is a rendering of what the building will look like. The 10-story office building is going up on the southeast corner of Mill Avenue and Rio Salado Parkway. The 265,000-square-foot tower will join two other office towers and two condominium buildings in the project on the south shore of Tempe Town Lake. The tower is expected to be completed next year; it will be boat-shaped to keep with nautical theme of Hayden Ferry Lakeside.(Photo11: Ryan Cos. / Parkway Properties)

Construction has started on the third and final office building in Tempe's 43-acre Hayden Ferry Lakeside development.

The 10-story office building is going up on the southeast corner of Mill Avenue and Rio Salado Parkway. The 265,000-square-foot tower will join two other office towers and two condominium buildings in the project on the south shore of Tempe Town Lake.

The tower is expected to be completed next year; it will be boat-shaped to keep with nautical theme of Hayden Ferry Lakeside.

The other two office towers are 98 percent leased, with tenants including Microsoft, Morgan Stanley, KPMG, Citrix, Silicon Valley Bank and Metlife, according to the developers Ryan Cos. and Parkway Properties.

"The entire (Hayden Ferry Lakeside) complex represents the many dreams that residents and city leaders had when Tempe Town Lake was first conceived," Tempe Mayor Mark Mitchell said in a statement. "This is the type of well-designed, multi-use development we had envisioned, and it will stand the test of time."

Hayden Ferry Lakeside was launched in 2002 by then-owner SunCor. The project has helped spur other development along the lake.

Last summer, the $600 million mixed-use development Marina Heights was launched east of Hayden Ferry Lakeside. State Farm will anchor the 2-million-square-foot project. Sunbelt Holdings and Ryan Cos. are working with Arizona State University to develop Marina Heights.

Hayden Ferry Lakeside II, a 12-story tower, sold to Parkway for $86 million in 2012. Parkway also owns the first tower.

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Third office tower going up at Hayden Ferry Lakeside