The five-year lease agreement is valued at $2 million over the contract term. In December, North American Title will relocate from 3003 N. Central Ave. in Phoenix.
Biltmore Commerce Center is situated at 3200 E. Camelback Rd. The corridor's office space commands between $25 per sf and $30 per sf. And, the center's location at intersection of 24th Street and Camelback Road is considered by many to be the focal point for many Valley professional services as well as home to several financial brokerage firms, accounting firms and commercial real estate brokerage houses.
The Phoenix office of CB Richard Ellis, with brokers Mark Seale and Jennifer Bishop, represented the building owner, Teachers Insurance & Annuity Association of New York City. Stephanie Hickok of Grubb & Ellis Co.'s Phoenix office acted for the tenant.
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