10-Year, $8.7M Office Pact Passes Muster

PHOENIX-A Phoenix engineering firm will move its regional headquarters into 41,439 sf at the Biltmore Commerce Center under a 10-year lease valued at $8.7 million.

HDR Engineering Inc. will move from 2141 E. Highland Ave into the 260,000-sf, three-story building at 3200 E. Camelback Rd. in September, Jennifer Bishop with CB Richard Ellis Inc.’s Phoenix office tells GlobeSt.com.

Bishop said the firm selected the building because it offered nearly 42,000 sf of contiguous space along the Camelback Corridor for the company’s regional headquarters.The class A office building was home to American Express, which vacated 150,000 sf about two years ago. The new deal pushes occupancy to 85%. Along with the engineering firm, the Biltmore Commerce Center numbers among its tenants Richmond American Homes and software giant Oracle. Located on the northeast corner of 32nd Street and Camelback Road, the property features a three-story atrium and waterscape.

Bishop, along with Mark Seale and Chris Krewson, also with CB Richard Ellis, represented the building owner, New York City-based Teachers Insurance & Annuity Association of America, in the transaction. Craig Coppola from the Phoenix office of Lee & Associates Arizona represented the tenant.