Two major corporate tenants have signed leases for space in the fifth tower at the Camelback Esplanade, a major office development at the southeast corner of 24th Street and Camelback Road in Phoenix. Opus West is under construction on the fifth tower on the site, Esplanade V, a 230,000-sf, 10-story office tower, and should have it ready for tenants by early next year.

ASARCO, one of the world's largest copper mining and refinement companies, signed a five-year lease for 23,700 sf of space. ASARCO employees nearly 3,000 people in Arizona.

The Phoenix office of Insignia/ESG, which has recently been on a push to increase its market presence in the Valley, signed a 10-year lease for 24,500 sf in the building. The firm has 42 brokers working out of the Phoenix office.

Combined, the two lease considerations are valued at $10.65 million.

The intersection of 24th Street and Camelback Road has emerged in the past decade as the center of the Valley's highest profile corporations, having a concentration of financial service, stock brokerage, real estat, and commercial real estate firms. The Valley's three largest brokerage firms--CB Richard Ellis, Grubb & Ellis and Insignia/ESG--are on the corner or very close to it.

Rental rates for office space along the Camelback Corridor, which runs from approximately 16th Street to 44th Street in Phoenix, are among the highest in the Valley, with space going for up to $30 per sf.

The Phoenix office of CB Richard Ellis, with brokers Tom Adelson, Jim Fijan and Jerry Roberts, represented Opus West in the lease negotiations.