In a deal signaling that Class A office space in the Valley has reached a price per foot value close to pricing prior to the downturn in the market, Crow Holdings Capital Partners LLC in Dallas, Tex. has paid $74.3 million ($340.41 per foot) to buy the 218,266-square-foot Esplanade III office building near the southeast corner of 24th Street and Camelback Road in Phoenix.
The seller was A-Esplanade III LLC, formed by AEW Capital Management L.P. in Boston, Ma. The sale was brokered by Jim Fijan and Will Mast of CBRE in Phoenix, along with Kevin Shannon of CBRE in El Segundo, Calif. The 10-story building, with an address of 2415 E. Camelback Road, is one of five office structures within the Camelback Esplanade mixed-use project.