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Metropolitan Life Insurance Company has sold towers I, II, IV, & V of "The Esplanade" for $279 million, or $289 per square foot. Buying entity traces to LBA Realty and Clarion Partners, who funded the sale with over $158 million in new debt with Wells Fargo Bank.
Transacting in this sale is a ±966,000 square feet of class A office in four ten and eleven-story buildings. The Esplanade is located east of the southeast corner of 24th Street and Camelback Road in Phoenix, across the street from the Biltmore Fashion Park.
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