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$163M Esplanade Office Towers' Sale Breaks Per SF Record

PHOENIX-Metropolitan Life Insurance Co. beats out 20 other prospective buyers with an all-cash offer of $162.5 million for Camelback Esplanade I and II. The 522,380 sf of trophy space sets a new record for the Valley: $310.68 per sf.

By Jennifer D. Duell | Updated on May 12, 2005

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PHOENIX-Camelback Esplanade I and II, a pair of trophy towers in the heart of the Valley’s financial district, have sold for $162.5 million to Metropolitan Life Insurance Co. The all-cash deal, breaking down to $310.68 per sf, sets a new Valley record.

New York City-based ING Clarion Partners sold the nearly identical, 11-story towers, boasting a combined 469,587 sf of office space and 52,793 sf of first-floor retail space. The buildings are situated on 3.9 acres near the intersection of Camelback Road and 24th Street.

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