Tag Archives: Esplanade III


CBRE completes sale of Esplanade III

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.

BOMA Greater Phoenix

BOMA Greater Phoenix: TOBY Awards 2010

This year’s BOMA Greater Phoenix TOBY awards 2010 were presented Sept. 10. BOMA Greater Phoenix would like to congratulate the local award winners, and the Collier Center (a 2009 winner), which garnered a 2010 Inernational TOBY award in the Earth Category.

BOMA Greater Phoenix TOBY Awards

The Scottsdale Forum: 100,000 – 249,999 SF

Owned By: ING Clarion Partners

Managed By: KYSA Beringer, Real Estate Manager, CB Richard Ellis

BOMA Greater PhoenixPortales Corporate Center Phase I: 250,000 – 499,999 SF

Owned By: Principal Real Estate Investors

Managed By: Julie Schulze, Property Manager/ Leasing Consultant, Forum Property Services

BOMA Greater PhoenixMesquite Corporate Center: 100,000 SF

Owned By: Mesquite Partners I. A Division of DPC Development Company

Managed By: Marie Dunn, RPA, Real Estate Manager, CB Richard Ellis

BOMA Greater Phoenix ADOA: Government

Owned By: Capitol Mall II

Managed By: Shannon Dutton, RPA, Real Estate Manager, CB Richard Ellis

BOMA Greater PhoenixCentral Park Square: Renovated

Owned By: Arizona Central Credit Union

Managed By: Michelle Bachand-Gill, LEED AP, Real Estate Manager, CB Richard Ellis

BOMA Greater PhoenixSan Tan Corporate Center I & II: Suburban Office Low-Rise

Owned By: Wells reit II San Tan Corporate Center I & II

Managed By: Maricela Nunez, Real Estate Manager, CB Richard Ellis

BOMA Greater PhoenixEsplanade III: Earth

Owned By: AEW Capital Managment

Managed By: Heather Sikita, Real Estate Manager, CB Richard Ellis

BOMA Greater PhoenixThe Phoenix Plaza: 500,000 – 1MSF

Owned By: GE Asset Managment

Managed By: Diana Rivers, CPM LEED AP, O+M, Senior Real Estate Manager, CB Richard Ellis

BOMA Greater PhoenixHohokam Towers: Corporate

Owned By: Muller Hohokam

Managed By: Tiffany Lauchlan, CPM, Senior Property Manager,  The Muller Company

 AZRE Magazine November/December 2010