"We liked them because they're a strong local company," Keith Lambeth, a senior vice president in CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. "We feel like we'll have some positive synergies created with them involved in the project."
Located at 2201 E. Camelback Road, the 340,000-sf Anchor Centre is situated in the upscale Camelback corridor submarket. Built in the mid-1980s, the two-building center presently boasts an 88% occupancy rate with the addition of Papp & Associates. The corridor itself marked a 20% vacancy rate for office properties as of fourth quarter 2003, says Lambeth.
Patrinely Group, the property owner, negotiated the Papp lease at approximately $25 per sf. Other tenants include Starwood Hotels and AIG. Papp & Associates is relocating from an office along North 24th Street. The Anchor Centre space will be the firm's only location and headquarters.
Lambeth, Charles Miscio, Ashley Brooks, James Bayless and Susan Evans of CBRE's Phoenix office represented Patrinely Group in the deal. Tom Mulhern of Investor Properties of Phoenix represented Papp & Associates.
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