Phoenix – March 10, 2015 –CBRE has negotiated the sale of Esplanade III, a 218,266-square-foot
office building located at 2415 East Camelback Road in Phoenix. Financial terms
of the transaction were not disclosed. The property was approximately 95
percent 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, California 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,” said 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.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company
headquartered in Los Angeles, is the world’s largest commercial real estate
services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees
(excluding affiliates), and serves real estate owners, investors and occupiers
through more than 370 offices (excluding affiliates) worldwide. CBRE offers
strategic advice and execution for property sales and leasing; corporate
services; property, facilities and project management; mortgage banking;
appraisal and valuation; development services; investment management; and
research and consulting. Please visit our website at www.cbre.com.