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Esplanade III Passes for $51M to Chicago Investor

PHOENIX-Hearn Co. kicks in more than $51 million for the 10-story, class A trophy, located within the Camelback Esplanade in the heart of the Valley's financial district. The sale is one of the top office deals this year in the Valley.

By Jennifer D. Duell | Updated on November 04, 2004

PHOENIX-In one of the largest office transactions this year in the Valley, the 10-story, 217,548-sf Esplanade III has sold to Chicago-based Hearn Co. for more than $51 million. The seller is 4501 Northpoint LP, a fund managed by Prudential Real Estate Investors, which acquired the property in 1997 from developer Opus West Corp.

“The Esplanade is as good as it gets in Phoenix,” says Stephen G. Hearn, president of the 30-year-old development, management and investment firm. “It’s the highest-profile asset we’ve ever acquired…It’s a true trophy in a city we really like.”

The class A trophy, located at 2415 E. Camelback Rd., is Hearn’s second acquisition in the Phoenix metro area. In 2000, the company acquired Tempe City Center for $19.1 million.

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