Vero Capital’s Renovations Attract Big Phoenix Office Lease

Golf hospitality management company Troon just inked the year’s biggest office lease in the Phoenix area.

The Scottsdale-based golf and golf-related hospitality management company will move its headquarters to a 68,700-square-foot space on the top floor of Inisio Kierland II, one of two buildings at the 415,600-square-foot Inisio at Kierland office complex at 16430 North Scottsdale Road, the Phoenix Business Journal reported. The deal marks the largest office lease in the Valley so far this year.

Landlord Vero Capital is in the midst of a $29 million renovation of the complex. The first part of the makeover included five spec office suites ranging from 4,000 to 8,000 square feet each.

Troon, made up of four brands that assist with golf course and country club management, occupies 36,300 square feet at Kierland Commons, its home for the past 25 years. The company expects to be working out of its new headquarters by the second quarter of next year. It has more than 35,000 employees worldwide and provides services across more than 900 locations.

In addition to being the largest non-renewal lease of the year, Troon’s deal is among the top five largest non-renewal leases in the area since the beginning of last year, the outlet said. It edged out Tiffany & Bosco’s 57,000-square-foot lease at BMO Tower at Central Arts Plaza, which the law firm signed last quarter.

Inisio at Kierland is part of the Scottsdale Airpark submarket, which has a direct vacancy of 17 percent. That places it lower than the Camelback Corridor at 21.5 percent and Tempe at 27 percent, two of the Valley’s other premier office submarkets.

Vero Capital’s renovations are expected to finish by the end of this quarter, adding amenities like a 5,000-square-foot fitness center, saunas, cold plunge tubs and an outdoor fitness yard. It will also add 5,000 square feet of courtyard space with a cafe.

The first phase of renovations attracted tenants such as The Agency, Kestra Financial, Leeward Renewable Energy and Southwest Heritage Bank, which signed leases for between 3,000 and 5,000 square feet.

New York-based Vero Capital purchased the 175,600-square-foot Kierland I building in October 2021 for $58 million and snapped up Kierland II the following year for $47 million. — Chris Malone Méndez