Tag Archives: Camelback Esplanade III

Camelback Esplanade

Camelback Esplanade Has A New Addition: The Del Frisco's Grille

Camelback Esplanade, once the unofficial headquarters for Valley power lunches, is now mentioned most often for slowing revenue and high turnover rates. This June, however, the storied mixed-use center will welcome a newcomer to the table.

In its first restaurant venture in Arizona, Del Frisco’s Grille will fill the now-vacant booths of the venerable Houston’s Restaurant, which relocated in December 2010.

Del Frisco’s Grille, a high-end steakhouse and bar, serves contemporary American cuisine.

Del Frisco’s Grille is exactly what the landlord hoped for, says Jon Cowen, senior director at Cushman & Wakefield of Arizona. Cowen was the property’s listing agent, representing the Metropolitan Life Insurance Company of New York in the lease transaction.

“MetLife, the owner of the property, is very pleased to be leasing space to a high caliber brand like Del Frisco’s Grille,” Cowen says. “This mixed-use restaurant and retail project is the perfect home for a destination restaurant of this quality and reputation.”

Camelback Esplanade lost major tenants in Houston’s Restaurant and McCormick & Schmick’s, which closed abruptly in early January. In an effort to revamp the property’s appeal, Camelback Esplanade plans to amend its image, Cowen says.

“This lease is a critical first step in our plans to re-merchandise the retail space at Camelback Esplanade,” Cowen says.

Despite the center’s dwindling headcount, Del Frisco’s Grille is eager to make the move.

“This Camelback location is ideal,” says Bill Martens, director of development at Del Frisco’s Restaurant Group. “It has a good balance of strong office and residential density to support this dining experience, making us a convenient choice for our local guests.”

Del Frisco’s Grille plans to extensively renovate the 7,379 SF restaurant space, including the installation of a roof deck patio for extended dining capacity. Located at 24th Street and Camelback, the restaurant will be the third Del Frisco’s Grille location nationwide.

To find out more about Camelback Esplanade’s restaurants, camelbackesplanade3.com.

 

LEED Certification - AZRE Magazine November/December 2009

LEED Certification – Making Existing Buildings More Eco-Friendly

Eco Buddies

This summer, two Phoenix office buildings entered new territory for existing private-sector buildings in Arizona. Collier Center and Phoenix Plaza became Arizona’s first privately owned multi-tenant existing buildings to receive the U.S. Green Building Council’s consideration for LEED certification, thanks to the efforts of their owners and their two building managers. Both buildings are seeking LEED-Existing Buildings: Operations & Maintenance (LEED-EB O&M) Silver-level certification.

Of course, LEED certification isn’t just about saving the world. It’s also about being best-in-class, separating a company’s building from its competition and improving operating efficiency. LEED-certified buildings promote an eco-friendly workplace and, in most cases, offer lower overall operating expenses — two factors tenants are specifically looking for these days.

LEED in the Private Sector

Yet, to date, the USGBC lists only three LEED-certified existing buildings in Arizona, two single-tenant quasi-government buildings and a single-tenant manufacturing facility. Arizona’s other LEED-certified buildings are new construction, and almost all are owned by the government.

So why aren’t more private-sector owners of existing buildings interested in LEED certification? Most either don’t know enough about the program or assume it’s too expensive. However, research entities like CB Richard Ellis are proving that LEED certification costs far less than believed, and can result in significant savings that will continue for the life of the asset.

For example, Collier Center reduced its electricity consumption by 30%, or 2.7 million kWh, between January 2009 and July 2009. Compared to the same time period in 2008, that’s a savings of $216,000, or 67 cents, PSF annualized — Phoenix Plaza’s results are equally as dramatic.

Also, Collier Center and Camelback Esplanade III are transitioning janitorial services to daytime cleaning, and anticipate reductions in annual lighting costs of 10 cents to 15 cents PSF.

The Cost of Green

Minimum costs to pursue LEED certification include a small registration fee of about $500 and a certification fee, which depends on a building’s size. As property manager for both Collier Center and Phoenix Plaza, CBRE reports these costs at $12,500 for each building. Additional costs to satisfy prerequisites and credits vary from building to building. Of the 30 applications CBRE’s Sustainability Programs group has completed so far, the costs to certify averaged 24 cents PSF, and ranged from 10 cents to 67 cents PSF.

For CBRE, the certification projects took approximately 6 months to complete, including determining each building’s existing status and satisfying certification requirements in 6 categories under LEED-EB O&M:

  • sustainable sites
  • water efficiency
  • energy and atmosphere
  • materials and resources
  • indoor environmental quality
  • innovation in operation
  • and upgrades

Overwhelmingly, the process has been favorably received by existing tenants — and many have even begun seeking ways to improve on their own green efforts.

A broad implementation of sustainability practices, such as LEED, in the nation’s private-sector existing buildings can significantly advance progress toward energy independence and precious resource conservation, while also promoting eco-friendly workplace environments and cutting operating costs.

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www.usgbc.org

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AZRE Magazine November/December 2009