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GlobeSt.com EXCLUSIVE: 522,380 SF of Trophy Space Hits Market

PHOENIX-The Esplanade I and II, a 94%-leased pair in the city's most prominent class A office complex, is predicted to generate more than 20 offers and pull upward of $150 million for seller, ING Clarion Partners.

By Jennifer D. Duell | Updated on December 21, 2004

PHOENIX-New York City-based ING Clarion Partners has decided to sell the Esplanade I and II, a pair of trophy towers in Camelback Esplanade and positioned at the heart of the Valley’s financial district.

Situated on 3.9 acres near the intersection of Camelback Road and 24th Street, the 11-story towers are comprised of 469,587 sf of office space and 52,793 sf of first-floor retail space. Esplanade I, located at 2425 E. Camelback Rd., was built in 1989 and its near twin, Esplanade II at 2525 E. Camelback Rd., rose in 1990. Both towers are linked to a four-story parking garage.

“These class A trophy assets will attract a variety of interest ranging from off-shore money to private money to institutions and real estate investment trusts,” says Chris Toci, a senior director with Cushman & Wakefield of Arizona Inc. “I wouldn’t be surprised if [the buildings] reach $150 million.” He is partnering with C&W’s Jerry Jacobs and Larry Downey to sell the buildings for ING Clarion.

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