X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-International engineering firm Stanley Consultants Inc. will relocate its Arizona operations into 50,000 sf of class A-minus office space at Camelback Arboleda. The Muscatine, IA-based firm committed to a 10-year lease with a $12-million payout.

The consultants have inked the largest lease to date this year for the Camelback Corridor, according to Don Mudd, a vice president with Trammell Crow Co.’s local office. He tells GlobeSt.com that Stanley Consultants, set to become the lead tenant, will expand by 63% with the move in November to 1661 E. Camelback Rd.

“They needed to expand and their current building couldn’t accommodate them,” Mudd says. The firm now fills about 32,000 sf in the Royal Biltmore Building at 2929 E. Camelback Rd.

Mudd says the search began 18 months ago, staying focused on Camelback Corridor addresses. He says eight buildings were evaluated and three made it to the short list. He says Stanley Consultants wanted to stay in the same submarket, but also needed floor plates large enough to house most of the team on the same floor. The firm will be taking over the entire fourth story and part of the first floor.

“Camelback Arboleda was the absolute best value and the best option,” Mudd says. “They didn’t have to settle.” The 182,000-sf Camelback Arboleda has floor plates larger than 45,000 sf. Adding to the incentive to sign is a $1.5-million renovation now under way in all common areas.

Stanley Consultants is getting marquee signs on two sides of the building as part of the lease, Mudd says. “Stanley Consultants wanted a building that would provide it with some visibility,” he explains.

Mudd along with TCC’s John Bonnell and Todd Noel represented Stanley Consultants in the negotiations. Tom Jacobs of Grubb & Ellis/BRE Commercial LLC negotiated for the building owner, GFS Arboleda, LLC, an affiliate of Austin-based Falcon Southwest.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.