PHOENIX-MetLife, owner of four towers and retail space at Camelback Esplanade, is moving forward on a multimillion-dollar upgrade of Esplanade I and II. MetLife will launch improvements this month.
The first step will involve update of lobby areas and corridors in Tower I, 2425 E. Camelback Rd. Updates will include new Italian Botticino marble and black granite flooring to replace existing verde marble. A sculptural ceiling application, new lighting, luxuriously carpeted seating areas and refinished wood paneling will update the main lobby area.
Also included in the project is a reconfiguration of the security area to allow for greater visibility and more natural light. New furniture, plants and artwork will be incorporated. The ground floor restrooms will be completely remodeled with new tile and vanities. Multi-tenant floors will over time receive newly re-designed corridors and renovated restrooms.
“These physical updates to the Camelback Esplanade property are an important element of our overall strategy for this premier mixed-use project,” says Jerry Jacobs of Cushman & Wakefleld. “As the office market steadily recovers, we expect rental rates to increase. With vacancies declining in the submarket, we plan to reinforce our position. These upgrades will continue to elevate Camelback Esplanade as the finest mixed-use project in the Southwest.”
Cushman & Wakefield's management and leasing team worked with Phoenix Design One to develop the new design of lobby and common areas. Careful consideration was given to the concept and finish selection during the six-month design process.
Stevens Leinweber Construction has been selected as general contractor for the project. The majority of work will be conducted after hours to minimize tenant disruption. Work on the 2425 E. Camelback Rd. building is slated for completion by the end of the year. Once completed, the team will move on to the Tower II, 2525 E. Camelback Road.
MetLife owns four office towers and the retail space at Camelback Esplanade. Towers I, II, IV and V offer approximately 906,176 square feet of Class A office space. The property contains 75,927 square feet of retail space. Jacobs, Larry Downey and Michael Crystal of Cushman & Wakefield serve as exclusive leasing agents for the four office towers. Summer Davis, Brian Kocour and Courtney Auther VanLoo of Cushman & Wakefield handle retail leasing for the property.
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