Tag Archives: Esplanade

Esplanade rendering, courtesy of CBRE

Esplanade to undergo Gensler-designed renovations in 2015

The Esplanade has announced that the mixed-use development will undergo renovations to its ground plane and retail space with work slated to begin in first quarter 2015.

Renovation plans currently include strategies to open up the three main entry points to the retail portions of the property to make them more inviting and accessible to visitors. Additionally, the walkways will be redesigned so retailers can provide their customers with indoor/outdoor spaces in which to shop and dine. The central corridor will be reimagined to create a community square offering a space for the Esplanade community to come together. The space will offer outdoor seating as well an area for community events.

The Esplanade is one of the area’s most prestigious and sought-after office locations; it’s the heart of the Camelback Corridor,” said Andi St. John, managing director of Asset Services with CBRE, which oversees management of the entire Esplanade complex. “The planned renovations will capitalize on the existing cache commanded by the property and create a first-class retail experience better connecting the complex to the Biltmore community.”

MetLife, the owner of the property, has tapped CBRE to oversee management of the renovations. Gensler has been selected as the project’s architect and design firm. A general contractor has yet to be announced. CBRE is also responsible for property management and the marketing and leasing of the retail portions of the property. JLL handles the marketing and leasing of the office space.

Located on E. Camelback Rd. in Phoenix, the Esplanade benefits from proximity to a wealth of amenities, including adjacency to the Biltmore Fashion Park with its myriad of iconic retailers and restaurants. Offering office tenants a vibrant community in which to work, shop and dine, the Esplanade epitomizes the “lifestyle” type of work environments modern office users want.

Real estate professionals recognize that economic drivers are moving move back to city-centers and office buildings can no longer just be office buildings,” said Traci Russell, vice president with CBRE, who oversees the marketing and leasing assignment on retail space at the Esplanade. “The Esplanade already offers office tenants a mixed-use, well-amenitied environment in a core location. With the planned renovations the complex will be elevated to become the epicenter of the Biltmore community. Not only will office tenants benefit, but the Esplanade will become a place for neighborhood residents and Biltmore visitors to gather and connect as well.”

Esplanade Ext 37 2

Tiffany & Bosco Leases Two Floors at Camelback Esplanade

Tiffany & Bosco, LLC, a Phoenix-based law firm, has signed a lease to occupy nearly two full floors at Camelback Esplanade II, 2525 E. Camelback Rd., according to Cushman & Wakefield of Arizona, Inc.

“Tiffany & Bosco has been a tenant at the property for 10 years and remains committed to this prestigious location,” says Don Rodie, Senior Director in the Office Properties Division of Cushman & Wakefield. “The firm is expanding its space by approximately 30%, taking the entire seventh floor and nearly all of the sixth floor at the tower.”

The firm, which has been in operation since 1967, operates from four different offices in Arizona, California and Nevada. The Camelback Esplanade serves as the firm’s headquarters.

Tiffany & Bosco signed a lease for 41,770 square feet over a term in excess of 10 years. The company will relocate in early 2014 from its current space on the third floor of the same tower.

Other anchor tenants at Camelback Esplanade II include DLA Piper, Verizon Business and Apogee Physicians.

Metropolitan Life Insurance Company, based in Los Angeles, owns the Camelback Esplanade II tower. Rodie, Sam Murik and Blaine Black of Cushman & Wakefield represented Tiffany & Bosco in the lease negotiations. Cushman & Wakefield’s Jerry Jacobs, Larry Downey, Michael Crystal and Reid Tussing serve as exclusive leasing agents for the property and represented MetLife separately in the transaction.

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Camelback Esplanade Gets Multi-Million Modernization

Camelback Esplanade, Phoenix’s premier mixed-use project, is launching a multi-million dollar modernization of Esplanade I and II.

MetLife, owner of four Camelback Esplanade towers, will start the venture with an update of lobby areas and corridors in Tower I, 2425 E. Camelback Rd. The improvements, which will start this month, include new Italian Botticino marble and black granite flooring to replace existing verde marble. A sculptural ceiling application, new lighting, luxuriously carpeted seating areas and refinished wood paneling will update the main lobby area.

Also included in the project is a reconfiguration of the security area to allow for greater visibility and more natural light. New furniture, plants and artwork will be incorporated. The ground floor restrooms will be completely remodeled with new tile and vanities. Multi-tenant floors will over time receive newly re-designed corridors and renovated restrooms. Major tenants in Towers I and II include Tiffany & Bosco, Cohen Kennedy Dowd Quigley, DLA Piper and Del Frisco’s Grill.

“This modernization project is integral to our overall strategy for these assets,” says Sheryl Brisbin, general manager of Camelback Esplanade. “The Camelback Esplanade stands out as a signature landmark in the Phoenix marketplace and maintaining that stature is of utmost importance. We are committed to elevating the quality of Camelback Esplanade, attracting and retaining the strongest tenants and continuing the tradition of this mixed-use property as a focal point of Metro Phoenix.”

“These physical updates to the Camelback Esplanade property are an important element of our overall strategy for this premier mixed-use project,” says Jerry Jacobs of Cushman & Wakefleld. “As the office market steadily recovers, we expect rental rates to increase. With vacancies declining in the submarket, we plan to reinforce our position. These upgrades will continue to elevate Camelback Esplanade as the finest mixed-use project in the Southwest.”

Cushman & Wakefield’s management and leasing team worked with Phoenix Design One to develop the new design of lobby and common areas. Careful consideration was given to the concept and finish selection during the six-month design process.

Stevens Leinweber Construction has been selected as general contractor for the project. The majority of work will be conducted after hours to minimize tenant disruption. Work on the 2425 E. Camelback Rd. building is slated for completion by the end of the year. Once completed, the team will move on to the Tower II, 2525 E. Camelback Road.

MetLife owns four office towers and the retail space at Camelback Esplanade. Towers I, II, IV and V offer approximately 906,176 square feet of Class A office space. The property contains 75,927 square feet of retail space. Jacobs, Larry Downey and Michael Crystal of Cushman & Wakefield serve as exclusive leasing agents for the four office towers. Summer Davis, Brian Kocour and Courtney Auther VanLoo of Cushman & Wakefield handle retail leasing for the property.

shops at esplanade

2 new restaurants opening at Esplanade

Cushman & Wakefield today announced the opening of two new restaurants at The Shops at Esplanade, located on the southeast corner of Camelback Road and 24th Street.  The new tenants are part of Esplanade owner, MetLife, and Cushman & Wakefield’s efforts to revitalize the property’s retail presence.

“We have worked diligently with MetLife to attract an exciting and successful blend of restaurants and retailers at the property that will suit this market,” said Jon Cowen, Senior Director at Cushman & Wakefield.  “The Camelback Corridor provides a fabulous market opportunity for the correct tenants and we’re pleased that ownership’s plan is coming to fruition.”

Pearl Live!, a Scottsdale–based company, will open a sushi restaurant with live entertainment.  Pearl Live! at the Esplanade will be the second sushi/entertainment concept for renowned restaurateur, Jimmy Carlin.  The Esplanade location will feature a large, outdoor patio, an indoor/outdoor bar, and live music.  Situated directly across from the Ritz Carlton, the space was previously occupied by Morton’s Steakhouse. Mr. Carlin plans to cater to the business lunch and happy hour crowds, but also provide an upscale venue at night.  Bob Tam, former corporate chef for PF Chang’s and current Director of Culinary Operations for Maven Hospitality Group (who recently opened The Strand Urban Italian in downtown Phoenix), will be responsible for the creation of Pearl Live!’s menu.  The approximate 7,977 square foot sushi restaurant is slated to open in May.

Solo Trattoria, a new concept from Chicago-based Gemstone Café Group, plans to open their doors at the Esplanade in mid February.  Brittany Harrison of Catalyst Commercial represented the tenant in this transaction, bringing the company’s first location to Arizona.  The Modern Italian restaurant leased approximately 2,555 square feet of space which was previously occupied by Picazzo’s Pizza.  Solo Trattoria, with its cozy and inviting ambiance, will feature fresh tasting Italian food, including Naples style thin crust pizza, authentic pastas, imported cheeses, and wine and beer.

Jon Cowen and Summer Jackson of Cushman & Wakefield serve as exclusive leasing agents for the Shops at Esplanade, while Larry Downey, Jerry Jacobs, and Michael Crystal lease the available office space for property owner MetLife.