LPC Desert West, the Southwest division of Dallas-based Lincoln Property Company, has announced the sale of Twenty Seven Camelback, a Class A, trophy office building located in the heart of Phoenix’s coveted Camelback Corridor. The 109,291-square-foot building is located at 2777 E. Camelback Road, immediately west of 28th Street. The sale price was $34 million, according to public records.
LPC purchased Twenty Seven Camelback in 2017 and immediately renovated the building with an upgraded lobby, new conference facility, outdoor lounge area and improved signage, landscape and hardscapes. It also completed improvements to secure ENERGY STAR Certification by the U.S. Environmental Protection Agency (EPA), denoting an average 35 percent less energy use than a typical building and the release of 35 percent less carbon dioxide into the atmosphere.
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Other amenities at Twenty Seven Camelback include touchless entries, 13-foot ceilings, modern open layouts with exposed concrete aesthetics, flexible 36,000-square-foot floorplates, views of surrounding mountains and a two-level subterranean parking garage with direct elevator access to tenant spaces.
LPC has provided institutional-level asset, property management and leasing services at Twenty Seven Camelback since its acquisition of the property. The company will continue to manage and lease the building for the new owners, Rosebud Properties.
“This portion of the Camelback Corridor has enjoyed an extended period of renovation and new construction, which has even further cemented the long-term value of Twenty Seven Camelback,” said Lincoln Property Company Vice President John Orsak. “This has always been a very flexible building, able to accommodate a wide range of tenants in one of the Valley’s most sought-after office corridors. We’re confident it will perform well for its new owners as the office sector continues to rebound.”
Twenty Seven Camelback is currently 87 percent occupied by tenants such as UMB Bank, Abrazo Medical Group and Lavidge. It is surrounded by landmark office, retail and restaurant destinations, as well as newer developments such as the Cortland Biltmore luxury apartment community and an AC by Marriott hotel.
The building offers prominent signage exposure to Camelback Road, is minutes from State Route 51 and Sky Harbor Airport, and is walkable to more than a dozen restaurants and Biltmore Fashion Square.
Barry Gabel and Chris Marchildon from CBRE represented LPC in the sale transaction. To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.