Developed in the mid-1980s at 2201 and 2231 E. Camelback Rd., the two-building, class A complex is 75% leased, with its major office users including headquarters operations for Starwood Lodging Trust and the Arizona Community Foundation. Other large tenants are AIG Claims Services, Old Republic Title Insurance Co. and Chase Manhattan Mortgage.
Patrinely Group LLC of Houston, the seller of record as Anchor Centre Office Properties LLC, purchased the property in 2003 for $50 million. Since then, it's completed extensive renovations, inside and outside.
"The location within the premier Camelback submarket was a huge draw to this asset," Rick Stone, Alliance's president and CEO of Alliance Commercial Partners, says in a press release.
Rick Egitto and Carole Schumacher with Crimson Services LLC in Littleton, CO represented the seller. The brokerage house's property management arm will continue to manage the complex.
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