PHOENIX—The Esplanade is re-asserting its position on the Camelback Corridor with 70,000 square feet in new leases and renewals completed by the Phoenix office of JLL, and a $9 million renovation in the works by MetLife, Inc., owner of The Esplanade buildings I, II, IV and V.
JLL managing director John Bonnell tells GlobeSt.com, “These leases are representative of the overall recovery and meeting the demand for mixed use space going forward. The Esplanade is one of the premier office locations in the Valley and a lot of real estate and financial businesses want to be there in the hub of activity and in that central location. Also, the upgrades made lend themselves to capture tenants who have traditionally located elsewhere—to live, work and play at the Esplanade. Real estate people judge the health of the market by the health of the Esplanade so we will continue to see that interest. Overall, we're seeing success in the market, not just in one sector. It's a much broader and extended recovery.”
Bonnell, along with JLL vice presidents Brett Abramson and Chris Latvaaho, represented MetLife in all lease transactions. The Esplanade office commitments (and brokerage representation) completed by JLL since January include:
-Bankers Trust Company – new 13,337-square-foot lease (Scott Maxwell and Brandon Clarke, Cresa)
-First American Title Company – 11,054-square-foot renewal (Max Coxhead, Cushman & Wakefield)
-Citigroup Technology – 9,542-square-foot renewal (Gary Gregg and Mike Gordon, Cresa)
-Moors & Cabot – 6,421-square-foot renewal (David Heiple, Heiple & Associates)
-DDR Corp – new 3,881-square-foot lease (Matt Coxhead, Cushman & Wakefield)
-Walker Dunlap – new 3,602-square-foot lease (Jim Achen and Bill Zurek, Transwestern)
-Van Trust Real Estate – new 3,336-square-foot lease (Jeff Hartland and Scott Boardman, DTZ)
-Western Retail Advisors – 3,426-square-foot renewal (self represented)
-Enea Software & Services, Inc. – new 3,270-square-foot lease (Bryce Terveen, CBRE)
-Benovia Vineyard, LLC – 3,188-square-foot renewal (Keith Lambeth, Colliers)
-Landmark Title Assurance Agency – 3,027-square-foot renewal (Tyler Smith, Colliers)
-Opus Development - new 2,742-square-foot lease (self represented)
-Thomas Connelly – 2,156-square-foot renewal (self represented)
“This is a tremendous project with tremendous tenants,” says MetLife, Inc. director/asset manager Duhee Lee. “We value every renewal and new lease, and we look forward to providing these tenants with truly exceptional amenities in one of the market's most unique and dynamic mixed-use spaces.”
Built between 1989 and 2002, The Esplanade Buildings I, II, IV and V are located at 2425, 2525, 2575 and 2555 E. Camelback Rd. in Phoenix. They offer large and flexible floorplates ranging from 20,000 to 60,000 square feet, panoramic views of Camelback Mountain and Piestewa Peak, private balconies, fitness facilities, concierge service, 24-hour security and multiple covered parking areas.
Lobby renovations are already complete in Building I and underway in Building II, including new corridors and restrooms, upgraded amenity packages and new spec suites. Other renovation plans for the project include a revived community square along the central retail/restaurant corridor, featuring new indoor/outdoor spaces, shaded gathering spots, redesigned walkways, new outdoor seating and a venue for community events. Renovation plans also include the introduction of MetLife's trademarked IQsmartcenter and PodFlexLounge, an amenity-rich, high-tech business space for tenants and guests to hold meetings, events and related functions.
The Esplanade I, II, IV and V office assets are part of a 1 million-square-foot mixed-use development totalling three class A, 11-story office towers and one class A, 10-story office tower, as well as on-site retailers, fine and casual dining, a 291-room Ritz-Carlton Hotel and a 14-screen, dine-in AMC Theatre. There is also a pedestrian walkway connecting The Esplanade to Biltmore Fashion Park, which totals 500,000 square feet featuring some of the Valley's most coveted retailers and restaurants.
The entire project is located in the heart of the Camelback Corridor, approximately one mile from the 51/Piestewa Peak Freeway, with direct connectivity to the full metro Phoenix interstate and freeway system, and Sky Harbor International Airport. It is also a short drive from Arizona Biltmore Resort, two 18-hole championship golf courses and the executive housing of Arcadia and Paradise Valley.
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