Newmark Knight Frank announced it has negotiated approximately 100,033 square feet in leases in the Camelback Corridor in the 1st and 2nd quarter of 2021 as office activity ramps up throughout the Greater Phoenix area.
Newmark’s Executive Managing Director Tom Adelson, Senior Managing Directors Mike McQuaid and Chris Krewson and Associate Director Erin McClure represented the tenants in the three transactions.
Edelman Financial Engines signed an extension and expansion at Elevate 24, located at 4722 & 4742 N. 24th Street in Phoenix, bringing its total occupancy to roughly 50,000 square feet. This transaction marks the largest lease signed in Camelback since 2018.
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Greenberg Traurig signed a 12-year lease renewal for more than 38,000 square feet of office space at 24th at Camelback II located at 2375 E Camelback Rd in Phoenix.
“Greenberg Traurig could have gone anywhere in metropolitan Phoenix. They made a major statement by choosing to stay in the Camelback Corridor,” said McQuaid. “Greenberg Traurig’s space will feature the latest and smartest design of workplace strategies. This enhanced space will be the most efficient and effective overall solution for their employees, clients and future talent.”
“Greenberg Traurig has been located at the iconic corner of 24th and Camelback for over twenty years and remains strongly committed to the Phoenix community. This location is part of our strong Phoenix identity, and our Newmark team worked tirelessly for us to realize our vision,” stated Nicole Goodwin, Phoenix Managing Shareholder, Greenberg Traurig LLP.
Vestar moved its longtime corporate headquarters from Esplanade I, located at 2425 E. Camelback Road, to the 1st floor at Esplanade III, located at 2415 E Camelback Road in Phoenix, signing a 12,033-square-foot lease.
Adelson said, “Vestar was searching for a new location with prominent signage exposure and a space that was easy for clients to get in and out of. Esplanade III fit all their requirements being that it was on the ground floor and features included high ceilings and a unique glass line providing ample natural light throughout.”
With 2020’s pandemic halt in the rearview in addition to the rollout of the vaccine, leasing velocity in Phoenix is beginning to ramp up, according to Newmark Research. The first quarter of 2021 shows that Phoenix was able to recover positive market indicators that illustrate the metro has capability to come out this recession in a stronger position than before the pandemic.
