Camelback Esplanade V, a 10-story, 230,000-sf office building at the southeast corner of 24th Street and Camelback Road, has signed two new tenants and pushing the lease level beyond the halfway point. The building is being developed by Opus West, the Phoenix-based division of Opus Cos.

PaineWebber, now titled UBS PaineWebber after a March 5 merger with leading Switzerland-based global financial leader UBS, has leased 24,400 sf in the class-A office building. Cole Companies has leased 10,150 sf.

At the same time, Camelback Esplanade V anchor tenant Merrill Lynch has increased its 40,000-sf lease by 6,760 sf. With the expansion, Merrill Lynch will occupy all of the ninth and 10th floors.

"Throughout its development, the Esplanade has been the definitive Camelback Corridor location," says Jeff Roberts, senior director real estate development for Opus West Corp. The intersection of 24th Street and Camelback Road is the cornerstone of the popular Camelback Corridor, which run from 16th to 44th streets. Office space along the corridor is prized by upscale tenants and typically leases for as much as $30 per sf. The intersection has become ground zero for a number of professional service firms in accounting, brokerage, financial services and real estate. At the northeast corner of the intersection is the Biltmore Fashion Square, one of the most opulent open-air malls in the country. The Ritz-Carlton sits on the southeast corner.

UBS PaineWebber will relocate from Camelback Esplanade II into the sixth floor of Camelback Esplanade V, using its new and larger space to accommodate ongoing growth. This is the second PaineWebber lease at an Opus West project. The company also operates a leading PaineWebber Arizona branch location at Opus West's Gainey Center in Scottsdale. PaineWebber, Cole Companies and Merrill Lynch will move into Phase V upon delivery, which is set for early next year.

Broker Jim Watkins of the Phoenix office of Lee & Associates has represented PaineWebber and Merrill Lynch in their lease agreements. The Phoenix office of CB Richard Ellis, with brokers Tom Adelson, Jim Fijan and Jerry Roberts, have acted on behalf of Opus West.