PHOENIX—Lincoln Property Company hassigned a 30,000-square-foot lease with a nationally platformedtechnology tenant at the Camelback Square office project inDowntown Scottsdale. The confidential tenant commitment brings theClass A building to 95 percent occupancy.

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Bill Blake, Craig Coppola,Andrew Cheney, Colton Trauter andGregg Kafka of Lee &Associates serve as the listing team for CamelbackSquare. Bryce Terveen ofCBRE represented the tenant.

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“Downtown Scottsdale is a truly unique combination of business,dining, shopping and entertainment,” says Lincoln Property Companyvice president Amr Ceran. “It is easy tounderstand why companies want to locate here, and we do all we canas an owner/manager to make sure we're complimenting that choicewith very positive tenant relationships and lease deals that are awin-win scenario for everyone.”

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With the new lease, the 172,690-square-foot, three-storyCamelback Square is now 95% occupied to tenants including Regus,Echo Global Logistics, Paramount Financial, Ashton Woods, CarefreeFinancial, Barker Education and Mastro's City Hall Steakhouse.

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“This is a very stabilized occupancy position for CamelbackSquare, even when compared to South Scottsdale's recovering officevacancy rate, which is performing competitively in the low teens,”says Ceran.

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LPC and Los Angeles-based investment firm OaktreeCapital Management purchased Camelback Square out ofspecial servicing in June 2011. Since that time, LPC has completeda major renovation including new building entrances, lobby andcommon area finishes, a courtyard fountain and furniture, andupgraded building signage. As property owner and manager, LPC alsoinitiated an aggressive leasing plan that moved the project fromjust 50 percent occupied to almost 100 percent occupied.

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Camelback Square is located at 6991 E. Camelback Road, at thesouthwest corner of Camelback and Scottsdale roads. It sitsadjacent to the 2 million-square-foot Scottsdale Fashion Squareregional mall.

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