Esplanade Towers Set Arizona Sales Record

The Arizona Republic, reports that the original towers at Camelback Esplanade sold for a record $162.5 million, or $310.50 a square foot. The average office building in Valley is selling for $124 a square foot, according to Bob Kammrath of Kammrath & Associates. The deal includes the Esplanade I and II office buildings and the retail space that includes Morton's, Houston's, the Steakhouse and Franco's Italian cafe. The Esplanade complex commands the highest rents in the Valley with some space leasing for as much as $32 a square foot. The average office rent for the Valley is $21 a square foot. The article states that both large institutional investors and small private buyers have been paying record prices for the Valley's commercial real estate during the last year, driven by the population and job growth the area is experiencing. More...