Four Office Towers of "The Esplanade" Sell for $279 Million

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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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Biltmore Financial Center Sells for Over $163 Million

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The 658,982 square-foot Biltmore Financial Center at the northwest corner of 24th Street and Camelback Road sold yesterday for a total of $163,100,000, or $247.50 per square foot. ViaWest Group and AllianceBernstein U.S. Real Estate Partners are the new owners of the property.

The Biltmore Financial Center consists of three buildings of eleven, six, and four stories built in 1988. It also includes ±2 acres of park, an on-site gym, and underground parking structures.

For more information on this property including complete history and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

Hines Has Purchased 24TH at Camelback

VIZZDA -- December 21st, 2012 -- Gerald D Hines of Hines Interests Limited Partnership has purchased 24th at Camelback from GLL Partners, a Munich, Germany based company, for $81M or $268.03 per square foot.

The property is located at the southwest corner of 24th St & Camelback Rd in the Biltmore District in Phoenix, or 2375 E Camelback Rd. The eight-story 302,209 sf building features 275,000 sf of rentable office space and 27,209 sf ground floor retail. The project was built in 2000 on 3.58 acres zoned C-2, and has 1,200 parking spaces or a ratio of 3.97 per 1,000 sf. It is LEED Gold, has been awarded Energy Star ten times since 2002, and was given an NAIOP Award in 2001.

Hines was the developed the property and managed it thereafter. The architect was Jon Pickard of Pickard Chilton. Tenants include Grubb & Ellis, Greenberg Traurig, Cisco Systems, Regus Business Centre, Oscar Taylor's Restaurant. 

The site was previously purchased by GLL from KanAm of Frankfurt, Germany, 5/5/2006 for $113M or $316.62 per square foot, and $73M debt with Landesbank Hessenthuringen Girozentrale (a German banking institution). $118M new financing was acquired from Landesbank on 9/2/2011.

Daniel Alpers

Director of Planning and Municipal Solutions

Vizzda.com