Transwestern recently purchased Camelback Esplanade III, a trophy, Class A office tower in the Camelback corridor of Phoenix.
A joint venture between the commercial real estate company and an institutional partner acquired the 218,387-square-foot, 10-story building, according to a press release.
Transwestern Executive Managing Partner Jim Fijan and director, Jack Fijan, represented the buyer and sourced the institutional partner while Transwestern Senior Vice Presidents of Agency Leasing Jim Achen and Bill Zurek will provide office leasing services and oversee property management, the release said.
“Transwestern is expanding its footprint to continue delivering best-in-class service to commercial real estate clients in Phoenix and across the West region,” said Mr. Fijan in a prepared statement.
“Nationally, Transwestern is partnering with institutional capital on select high-profile properties. With the purchase of Camelback Esplanade III, Transwestern is demonstrating its ability to drive unexpected value from assets and deliver superior financial results for partners and clients.”
Developed by Opus, Camelback Esplanade III has been “institutionally managed and maintained” since 1997. The property is 50% leased to a mix of nationally recognized tenants from industries including legal, insurance, financial and real estate services.
“Transwestern is poised to offer tenants up to 100,000 square feet of contiguous office 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 commercial real estate market,” Mr. Zurek said in a prepared statement.
The LEED Gold-certified and Energy Star-rated office tower is within The Esplanade, a prestigious mixed-use development, that offers tenants numerous on-site amenities from a dine-in movie theater to a deli and more.