Renovations at The Esplanade bring 70,000 SF New Leases, Renewals

The Esplanade rendering courtesy of JLL
The Esplanade rendering courtesy of JLL

Leasing, renovation a powerful combination for Camelback Corridor landmark

PHOENIX, AZ – The Esplanade is re-asserting its position on the Camelback Corridor with 70,000 square feet in new leases and renewals completed by the Phoenix office of JLL, and a $9 million renovation in the works by MetLife, Inc., owner of The Esplanade buildings I, II, IV and V.

“The Esplanade is the benchmark by which real estate professionals judge the health of the overall office market, and the Camelback Corridor in particular,” said JLL Managing Director John Bonnell, who along with JLL Vice Presidents Brett Abramson and Chris Latvaaho represented MetLife in all lease transactions. “After years of decreasing rents, we can finally say that the Camelback Corridor is back and breathing new life into its best and brightest projects. The entire submarket is booming with tenants wanting dense, amenity rich space and modern options.”

The Esplanade office commitments (and brokerage representation) completed by JLL since January include:

  • * Bankers Trust Company – new 13,337-square-foot lease (Scott Maxwell and Brandon Clarke, Cresa)
  • * Citigroup Technology – 9,542-square-foot renewal (Gary Gregg and Mike Gordon, Cresa)
  • * Walker Dunlap – new 3,602-square-foot lease (Jim Achen and Bill Zurek, Transwestern)
  • * Van Trust Real Estate – new 3,336-square-foot lease (Jeff Hartland and Scott Boardman, Cassidy Turley)
  • * Western Retail Advisors – 3,426-square-foot renewal (self represented)
  • * Benovia Vineyard, LLC – 3,188-square-foot renewal (Keith Lambeth, Colliers)
  • * Landmark Title Assurance Agency – 3,027-square-foot renewal (Tyler Smith, Colliers)
  • * Thomas Connelly – 2,156-square-foot renewal (self represented)

“This is a tremendous project with tremendous tenants,” said MetLife, Inc. Director/Asset Manager Duhee Lee. “We value every renewal and new lease, and we look forward to providing these tenants with truly exceptional amenities in one of the market’s most unique and dynamic mixed-use spaces.”

Built between 1989 and 2002, The Esplanade Buildings I, II, IV and V are located at 2425, 2525, 2575 and 2555 E. Camelback Rd. in Phoenix. They offer large and flexible floorplates ranging from 20,000 to 60,000 square feet, panoramic views of Camelback Mountain and Piestewa Peak, private balconies, fitness facilities, concierge service, 24-hour security and multiple covered parking areas.

Lobby renovations are already complete in Building I and underway in Building II, including new corridors and restrooms, upgraded amenity packages and new spec suites. Other renovation plans for the project include a revived community square along the central retail/restaurant corridor, featuring new indoor/outdoor spaces, shaded gathering spots, redesigned walkways, new outdoor seating and a venue for community events. Renovation plans also include the introduction of MetLife’s trademarked IQsmartcenter and PodFlexLounge, an amenity-rich, high-tech business space for tenants and guests to hold meetings, events and related functions.

The Esplanade I, II, IV and V office assets are part of a 1 million-square-foot mixed-use development totalling three Class A, 11-story office towers and one Class A, 10-story office tower, as well as on-site retailers, fine and casual dining, a 291-room Ritz-Carlton Hotel and a 14-screen, dine-in AMC Theatre. There is also a pedestrian walkway connecting The Esplanade to Biltmore Fashion Park, which totals 500,000 square feet featuring some of the Valley’s most coveted retailers and restaurants.

The entire project is located in the heart of the Camelback Corridor, approximately one mile from the 51/Piestewa Peak Freeway, with direct connectivity to the full metro Phoenix interstate and freeway system, and Sky Harbor International Airport. It is also a short drive from Arizona Biltmore Resort, two 18-hole championship golf courses and the executive housing of Arcadia and Paradise Valley.