Vestar, the largest privately held shopping center owner and manager in the western United States, announced today that it has signed a lease for 12,000 square feet of space for a new office space on the ground floor at the Esplanade III located at 2415 E. Camelback Road in Phoenix, Arizona.  The new space represents a relocation of the company’s headquarters where Vestar had been for 30 years and consolidates several satellite offices as well. The new space will help facilitate Vestar’s ever expanding shopping center and real estate activities across the United States.

READ ALSO: Here are the 10 biggest commercial real estate deals from June

Designed by award winning Gensler Architects, the new headquarters will feature a modern, open and creative environment with 22-foot floor-to-ceiling glass, an outdoor patio along with multiple areas to collaborate, brainstorm and share ideas. Vestar’s new office will be home to approximately 70 people in several departments including leasing, acquisitions, property management, marketing and development.

“Having outgrown our existing space, this new office offers the latest in strategy and design for the changing work environment and sets us up for the future,” said David Larcher, President of Vestar.

Vestar was represented Tom Adelson with Newmark Knight Frank.  The building landlord, CIII Capital Partners, was represented by Transwestern.