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McCarthy Building Companies Relocates to Phoenix with Building Purchase

Partnership between MRL Partners and a true builder transforms distressed building into premier office space, creating long-term real estate investment strategy

McCarthy New Biltmore Office, Phoenix
PRLog - Jan. 11, 2013 - PHOENIX -- McCarthy Building Companies, Inc. relocated its Southwest division offices to the 6225 N. 24th Street building located within the prestigious Arizona Biltmore development in Phoenix. The nearly 150 year-old construction firm, which has had a presence in the Valley since 1979, relocated from Hayden Ferry Lakeside in Tempe to a building that was purchased and renovated by the company through a partnership with MRL Partners, a commercial real estate investment and advisory company headed by Randy Levin, in March of 2012. MRL and McCarthy created a partnership to purchase and share a building as a long-term real estate investment strategy designed to maximize  the down market opportunities, following Levin’s departure as Vice President of SunCor Development Company’s commercial development division in mid-2010. MRL Partners identified and evaluated potential options for purchase, and upon evaluating the renovation needs and costs with McCarthy, and its ability to achieve investment goals, the partnership closed on the Biltmore building and began renovation plans.  MRL Partners manages the asset, where McCarthy and MRL Partners occupy approximately (67%) of the fully-leased, newly renovated office space.

As a true builder, McCarthy Building Companies took on the challenge of renovating the 32 year-old, nearly 42,000-square-foot building, in dire need of upgrades and repairs, to a class “A” standard office property.  The new space, which McCarthy recently occupied, was designed to showcase the surrounding mountain views and allow for an abundance of natural sunlight to flow through the office with the use of exterior building glass, and glass office fronts.  

“Randy Levin and our project team saw a “diamond in the rough” when we toured the worn and dated building in a prime Phoenix location,” said Bo Calbert, president of McCarthy Building Companies Southwest Division. “The slow real estate market combined with the condition of the building put us in a position to buy a great asset with MRL Partners, while many others passed it over.  Together with MRL Partners we are using our combined expertise in real estate investments and construction to transform an existing distressed building into premier office space.”

“Recessions are great generators of entrepreneurialism,”  said Randy Levin, CEO and managing member of MRL Partners. “McCarthy’s desire to capitalize on the down market  combined with my experience in real estate investment and property management created an ideal partnership that demonstrates how a boutique entrepreneurial real estate investment company can successfully teamed with a large national company for making prudent investments.”

“Phoenix Design One, Inc. was delighted to be a part of the team that helped McCarthy create their new office space in Phoenix, said Jennie Mayer, Associate with PDO. “Our company was part of the original construction team for the building many years ago and being part of the transformation team to carry out McCarthy’s vision was quite an honor.  The new space truly illustrates McCarthy’s commitment to be the best builder in America by showcasing the use of classic building materials. We are proud of the process, product and the relationship we formed through this team effort.”

Other features of McCarthy’s new two and a half- floor office space include a modern, modified open ceiling architectural look, which exposes framing studs along with system components and the structural steel frame; polished concrete floors along with raw steel islands and honed block accent walls to highlight raw building elements; five high-tech conference rooms with ipad-automation; and a large training room to accommodate up to 75, or be divided into two smaller training rooms with an operable partition.  The nearly 90 work stations and common areas have occupancy sensors for energy efficient lighting as well as new furniture design that accommodates special technology requirements for building; writable wall surfaces for planning and development in lieu of the standard dry erase boards and a comfortable break room with large TVs and views of the Biltmore golf course.  

McCarthy Building Companies

McCarthy Building Companies, Inc. is the second largest general contractor in the Southwest, and nation’s 8th largest domestic general contractor (Engineering News-Record, May 2012). With nearly 150 years of experience, McCarthy is one of the nation’s oldest, privately held construction firms and one of Arizona’s premier commercial builders.  Committed to high-quality construction, the company provides general contracting, construction management, program management and design/build services for healthcare, education, renewable energy and water/wastewater facilities, in addition to office buildings, mixed-use projects, entertainment/retail venues, government buildings and parking structures.  The McCarthy Southwest Division is based in Phoenix and also has offices in Newport Beach, San Diego, Sacramento and San Francisco, Calif.; Las Vegas; Albuquerque; Dallas and Houston, Texas; St. Louis and Atlanta.  McCarthy is 100 percent employee-owned.  More information about the company is available at www.mccarthy.com.

MRL Partners

Formed in 2010, MRL Partners is a privately held commercial real estate investment and advisory company founded simply on the principals of integrity, diligence, conservatism and patience. Because it is a privately held entity, it is not driven by having to meet quarterly returns to satisfy Wall Street, large institutional investors, or hard money lenders, and instead looks for steady positive growth and income over a longer term.  MRL Partners has acquired numerous Class A and B office and industrial properties within the metropolitan Phoenix area, renovating and leasing the properties to maximize investor returns. More information about MRL Partners is available at www.mrlpartnersllc.com.

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Source:Connections Marketing & Communications
Location:Arizona - United States
Industry:Construction, Real Estate
Tags:mccarthy, Phoenix office, renovation, construction, investment
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