PHOENIX-Lowe Enterprises, a big investment advisor and development company, is closing on the largest single office sale the city has seen this year–a deal valued at about $200 psf.

Los Angeles-based Lowe is representing an unnamedpension fund in the $58-million purchase of 3131Camelback, a two-building office complex thattotals nearly 300,000 sf at the corner of 32nd Streetand Camelback Road. The project was built by Phoenix-based DMB and wascompleted only last year.

The development is 99% leased. Its biggest tenant is financial-services giant Charles Schwab & Co., which occupies more than 100,000 sf in the two buildings.

Lowe’s new acquisition is part of a portfolio of buildings that owner DMBnearly sold to New Jersey-based Mack-Cali Realty lastyear, but that deal fell through when the financialmarkets dropped sharply.

Buyers of office properties in Phoenix aren’t findingvalues in portfolios but in individual buildings, local Insignia/ESG broker Trevor Klinhamer tells Klinhamer and his colleague, Dennis Desmond, helped put the Lowe deal together.

Office space in the Camelback Corridor is among themost prized in the Valley, Klinhamer adds. The vacancy rate at thestart of the third quarter was 10.4% and theasking lease rate for class A space is nearly $30 psf, much higher than the Phoenix area’s overall average.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.