Recently, Taiwan Semiconductor Manufacturing committed to spending $12 billion on the development of its new manufacturing facility in North Phoenix. The factory, which the company plans to open by 2024, will employ 1600 workers. Taiwan Semiconductor Manufacturing is the world’s largest contract producer of silicon chips and the maker of products for automobiles, computers, smartphones, and other applications for companies such as Apple, Intel, Sony, and Qualcomm. The company?s recent move into the Phoenix market by signing a commercial lease represents a multi-billion-dollar investment. Here is more on how Taiwan Semiconductor Manufacturing launched its $38 billion presence in Phoenix by signing a major lease.
Taiwan Semiconductor Manufacturing Corporation in Phoenix
In December, Taiwan Semiconductor Manufacturing Corporation (TSMC) acquired the necessary land to build its $12 billion factory in North Phoenix. The company recently took its next step towards entering the Phoenix market by securing a Class-A, two-building, 46,735-square-foot office space in Canyon Corporate Plaza. Canyon Corporate Plaza is in the heart of the Interstate 17 corridor in North Phoenix, and it is only 15 miles from TSMC?s future manufacturing facility.
The Canyon Corporate Plaza Lease
The Canyon Corporate Plaza lease will give TSMC-Arizona an administrative center of operations as the North Phoenix manufacturing facility is built over the next five years. TSMC?s lease for the office campus site is reportedly one of the largest office leasing commitments signed in the Valley since the beginning of the coronavirus pandemic. The 20-year economic impact of TSMC?s investment is estimated to be $38.2 billion. According to a recent report, this is the largest foreign direct investment in the state?s history.
Under its new lease, TSMC will occupy two full floors in Canyon Corporate Plaza located at 2510 W. Dunlap Ave, immediately east of I-17. The company was scheduled to occupy the new space by January 1, 2021.
Canyon Corporate Plaza is owned by Phoenix-based real estate and investment company ViaWest Group. ViaWest Partner Danny Swancey commented that ?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.?
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.
JLL Managing Director John Bonnell said, “Canyon Corporate Plaza offered TSMC a Class A, move-in-ready office environment that is close to single- and multifamily housing, seconds from I-17 and along the future Light Rail extension.? He also commented that ?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, located at 2510 and 2512 W. Dunlap Ave. in Phoenix, is a two-building project totaling 313,444 square feet. The office campus has modern design space, lush courtyards, and secure parking areas. The property is within three miles of 20,378 multifamily units. It is also close to 34 hotels and 9.5 million square feet of retail space.
The new TSMC plant will be located near the northwest corner of Loop 303 and the 43rd avenue alignment in North Phoenix and is expected to be operational in 2024.
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