Steven Schwarz: Poker is a game of understanding statistics and probabilities coupled with the human element. However, as everyone knows on any given hand there is an element of luck. However, over the long haul, skill will outweigh luck if one remains disciplined. The same thing very much applies to commercial real estate. From 2005 to 2007, there were many of our competitors doing deals that we thought did not make a lot of sense and then they ended up making a ton of money. We questioned our discipline and were sometimes frustrated by being outbid for deals (much like having an opponent pull a winning hand on the river card). We knew that real estate is a long-haul business and maintained our discipline, so when things went awry in 2008 and 2009 and our competitors all were gone or dealing with problems, we got very aggressive and have bought nearly $500 million of real estate in the last five years. This recognition that skill and discipline, coupled with a strong understanding of probabilities, numbers and the human element, has enabled us to build a formidable business.

GlobeSt.com: What attracted ViaWest Group to the Biltmore Financial Center, a record-setting purchase?

Schwarz: We felt that the asset had the potential to be the premier address for business on the Camelback Corridor. It has the best access, parking and views of any building on Camelback with an A++ location and great, functional space. We have a certain expertise in knowing how to enhance the tenant experience and in driving strong leasing. The combination of the asset and our ability to add value in the few elements that the being lacked were simply a perfect combination. The office market on Camelback seemed to be entering a very nice equilibrium of supply versus demand which would enable us to make the capital investments into the property and attract tenants quickly.

GlobeSt.com: What office trends do you see for the Camelback Corridor?

Schwarz: Camelback is seeing very strong leasing activity with a drop from 33% vacancy in class-A product three years ago to 20% today, which we anticipate will be below 10% in the next three years. Camelback has always been a strong FIRE (Finance, Insurance, Real Estate) and legal tenant base. Historically the entrepreneurial tenants did not have a big presence on Camelback. We see this changing at Biltmore Financial Center where we are making a conscious effort to merge the institutional world and the entrepreneurial world. We are doing this through enhanced amenities, new co-working space, and very proactive asset and property management. With the significant amount of multi-family being built in the area, the transformation of Biltmore Fashion Square to a lifestyle center, and excellent on-site amenities, we see Camelback Corridor and Biltmore Financial Center continuing to be the most desired office real estate in town for all users.