PHOENIX—Lincoln Property Company has signed a 30,000-square-foot lease with a nationally platformed technology tenant at the Camelback Square office project in Downtown Scottsdale. The confidential tenant commitment brings the Class A building to 95 percent occupancy.
Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates serve as the listing team for Camelback Square. Bryce Terveen of CBRE represented the tenant.
“Downtown Scottsdale is a truly unique combination of business, dining, shopping and entertainment,” says Lincoln Property Company vice president Amr Ceran. “It is easy to understand why companies want to locate here, and we do all we can as an owner/manager to make sure we're complimenting that choice with very positive tenant relationships and lease deals that are a win-win scenario for everyone.”
With the new lease, the 172,690-square-foot, three-story Camelback Square is now 95% occupied to tenants including Regus, Echo Global Logistics, Paramount Financial, Ashton Woods, Carefree Financial, Barker Education and Mastro's City Hall Steakhouse.
“This is a very stabilized occupancy position for Camelback Square, even when compared to South Scottsdale's recovering office vacancy rate, which is performing competitively in the low teens,” says Ceran.
LPC and Los Angeles-based investment firm Oaktree Capital Management purchased Camelback Square out of special servicing in June 2011. Since that time, LPC has completed a major renovation including new building entrances, lobby and common area finishes, a courtyard fountain and furniture, and upgraded building signage. As property owner and manager, LPC also initiated an aggressive leasing plan that moved the project from just 50 percent occupied to almost 100 percent occupied.
Camelback Square is located at 6991 E. Camelback Road, at the southwest corner of Camelback and Scottsdale roads. It sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional mall.
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