CBRE earns marketing, leasing for Esplanade complex
CBRE has been awarded the marketing assignment for the ±1 million-square-foot mixed-use Esplanade complex, including buildings I, II, IV and V. The landmark office and retail development is located at the southeast corner of Camelback Road and 24th Street.
LBA Realty, who purchased Esplanade I, II, IV and V from MetLife in late December 2015, has tapped CBRE broker Jerry Roberts to oversee the marketing and leasing of the property’s office space, while LeDonna Spongberg and Traci Russell, also with CBRE, will oversee the retail portion.
“The Esplanade is considered the most iconic office complex in all of metropolitan Phoenix and already boasts an impressive tenant roll, including Gallagher & Kennedy, Merrill Lynch, CBRE, UBS Financial Services, DLA Piper, and AEON Financial, among others,” said CBRE’s Roberts. “LBA is a sophisticated owner/operator with a keen sense of what modern office users want, and CBRE is excited to play a part in the next evolution of the Esplanade.”
LBA Realty is currently implementing a refresh of the property, including renovations to the outdoor people places and retail space, as well as the internal common areas and lobbies.
“The Esplanade is one of the few true mixed-use developments in the Camelback Corridor, and it’s Main and Main location at the 24th Street intersection makes it the most high-profile,” said the CBRE retail brokers. “LBA has a lot of experience with this type of development and they understand the nuances that will be key to its success. We’re looking forward to bringing in restaurant and retail uses that will complement existing tenants and make the Esplanade a world-class, amenity-filled environment for both the immediate office users and the surrounding residential and office projects.”
The five building complex was originally developed over the course of just over ten years with the first building coming online in 1989 and the last in 2002. Located on East Camelback Road in Phoenix, the Esplanade benefits from proximity to a wealth of amenities, including 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.