The consultants have inked the largest lease to date this year for the Camelback Corridor, according to Don Mudd, a vice president with Trammell Crow Co.'s local office. He tells GlobeSt.com that Stanley Consultants, set to become the lead tenant, will expand by 63% with the move in November to 1661 E. Camelback Rd.
"They needed to expand and their current building couldn't accommodate them," Mudd says. The firm now fills about 32,000 sf in the Royal Biltmore Building at 2929 E. Camelback Rd.
Mudd says the search began 18 months ago, staying focused on Camelback Corridor addresses. He says eight buildings were evaluated and three made it to the short list. He says Stanley Consultants wanted to stay in the same submarket, but also needed floor plates large enough to house most of the team on the same floor. The firm will be taking over the entire fourth story and part of the first floor.
"Camelback Arboleda was the absolute best value and the best option," Mudd says. "They didn't have to settle." The 182,000-sf Camelback Arboleda has floor plates larger than 45,000 sf. Adding to the incentive to sign is a $1.5-million renovation now under way in all common areas.
Stanley Consultants is getting marquee signs on two sides of the building as part of the lease, Mudd says. "Stanley Consultants wanted a building that would provide it with some visibility," he explains.
Mudd along with TCC's John Bonnell and Todd Noel represented Stanley Consultants in the negotiations. Tom Jacobs of Grubb & Ellis/BRE Commercial LLC negotiated for the building owner, GFS Arboleda, LLC, an affiliate of Austin-based Falcon Southwest.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
