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Locally based development giant Opus West has paid $7.5 million for a nearly two-acre parcel in the sizzling Camelback Corridor submarket and plans to build a $50-million office tower on the site.

The land is in the Camelback Esplanade development, at the southeast corner of 24th Street and Camelback Road. Opus West, which recently completed construction of the fourth office tower inside the development, plans to begin building its fifth and final tower on the parcel later this year.

Many local brokers consider Camelback Esplanade the heart of the Camelback Corridor, a fast-growing submarket that already boasts the highest rents in metropolitan Phoenix. At the start of the third quarter, the asking rent along the Camelback Corridor for class A space was $27.21 psf, about $3.50 higher than the Valley’s overall average.

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