Avison Young has signed a six-year lease for a 12,000-square-foot office space in Phoenix. The new location is on the ground-floor of the Camelback Lakes office complex, adjacent to the firm’s current 8,000-square-foot office. A partnership between DRA Advisors and Mainstreet Capital Partners acquired Camelback Lakes in June 2019 for $47.5 million, with plans to upgrade the property early this year.
Built in 1983, the four-building Camelback Lakes campus consists of roughly 203,000 square feet and is situated in the heart of the Camelback Corridor at 2710 E. Camelback Road. The property offers convenient access to Biltmore Fashion Park Mall, a 600,000-square-foot luxury lifestyle retail center and to various retail and entertainment venues including Arizona Biltmore Golf Club, Whole Foods Market, Trader Joe’s, Best Buy and Target. Additionally, Sky Harbor International Airport is a 10-minute drive away.
The new location will feature common-area amenities including large meeting rooms, a collaborative area, a lounge, a private patio and a total of 618 parking spaces. According to Yardi Matrix data, the property last traded in 2006, when AEW Capital Management acquired the asset for $21.2 million from AmeriVest Properties.