By Mike Sunnucks | Rose Law Group Reporter
Camelback Esplanade III, a trophy Class A office tower, has been sold to a venture led by Transwestern.
Houston-based Transwestern acquired the Esplanade building from Crow Holdings Capital Partners for $60.25 million, according to sources familiar with the deal.
The building is located at the Esplanade development across from the Biltmore Fashion Park at 24th Street and Camelback Road.
CBRE brokers Barry Gabel, Chris Marchildon and Will Mast represented the seller in the deal.
Transwestern’s Jim Fijan and Jack Fijan represented the buying venture. Jim Achen and Bill Zuerk, also with Transwestern, will handle the leasing and property management of Esplanade III
“Transwestern is poised to offer tenants up to 100,000 square feet of contiguous space within a submarket that is realizing a demographic shift generated by the most dynamic combination of office, retail, residential and hospitality amenities in the Phoenix Market,” said Zurek.
Crow Holdings purchased the same building for $74.3 million in 2015, according to Business Real Estate Weekly.