70K SF in New Leases, Renewals at The Esplanade

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.”