PHOENIX—CBRE has negotiated the sale of Esplanade III, a 218,266-square-foot office building located at 2415 E. Camelback Rd. in Phoenix. The sale closed at $74.3 million. The property was approximately 95% leased at time of sale.
Jim Fijan and Will Mast with CBRE's Phoenix office negotiated the sale, along with Kevin Shannon of CBRE's South Bay, CA office. The seller was an institutional client of AEW Capital Management, L.P. The buyer was Dallas-based Crow Holdings.
“This is the highest price per square foot for a multi-tenant, class A asset since the downturn,” says CBRE's Fijan. “Office fundamentals are improving and pricing is approaching pre-recession levels. Investors are taking notice and have shifted their attention to Phoenix, especially as pricing in coastal markets skyrockets."
As part of the Esplanade mixed use development, Esplanade III benefits from the wealth of on-site amenities shared by the complex. MetLife, owner of the other four office buildings in the development, recently announced a refresh of the retail amenities such as new restaurants and a new common area business center.
Developed in 1997, Esplanade III is a ten-story, class A, multi-tenant office building located in the heart of the Camelback Corridor. Ninety-five percent leased at time of sale, tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball's western headquarters, among others.
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