The space is being vacated by San Antonio, TX-based Clear Channel Communications, which owns eight radio stations in the Valley.

The Phoenix office of CB Richard Ellis, with brokers Tom Auther and Chris Ackel, represented Clear Channel while CB brokers Tom Adelson, Jim Fijan, Jerry Roberts and Kevin Calihan acted on the law firm's behalf. Trammell Crow used in-house broker Barry Gabel to negotiate the deal.

The lease further consolidates the commercial brokerage community in the Valley into one area. Just about all the top commercial brokerage firms, including Lee & Associates, Grubb & Ellis and CB Richard Ellis, have their Phoenix offices along the corridor, near the 24th Street intersection. Last month, Insignia/ESG relocated its office to the area.

The corridor, which runs from 16th to 44th streets along Camelback Road, has the highest priced office space in the Valley and one of the lowest vacancy rates. The corner of 24th Street and Camelback Road is considered to be ground zero for professional services firms, commercial real estate brokerages and financial services companies.

The vacancy rate for office space along the stretch of road is about 6% in comparison to nearly 10% Valleywide. Space leases from $25 per sf to $30 per sf. New construction along the corridor is held in check by height restrictions everywhere except at intersections and every available parcel of land has been filled.