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PHOENIX-In the wake of its $75.6-million acquisition of the 232,617-sf Camelback Center, TIAA-CREF has awarded the management assignment for the building to JRT Realty Group Inc. The new owner also assigned management responsibilities for the 258,648-sf Park One campus and 313,907-sf 24th & Highland to JRT.

According to JRT founder and president Jodi Pulice, the assignments mark a return to Phoenix for the New York City-based management company. “We had the Biltmore Commerce Center awhile ago, which had been owned by Teachers, then sold,” Pulice says. “Now we’re back in. It’s a great market so we’re happy to be back.”

Pulice tells that the management assignment, which includes alliance partner Cushman & Wakefield Inc., was a result of both TIAA’s Camelback Center acquisition and the merger between Trammell Crow Co. and CB Richard Ellis. TCC had managed Park One and 24th & Highland while Camelback Center’s former owner, Crown West Realty, had its in-house team overseeing the asset.

“When Teachers purchased Camelback Center, they gave us the opportunity to bid and we won the contract. With Trammell Crow’s situation, the other properties went out to bid and we won those as well,” Pulice says. She adds that JRT manages other TIAA properties in other areas.

Pulice says one of JRT’s goals is to ensure all three properties remain in good physical condition. Camelback Center at 2355 E. Camelback Rd. was built in the late 1990s and is in good shape, but Pulice acknowledges that Park One at 2111 and 2141 E. Highland Ave., built in 1983, and the 1986-constructed 24th & Highland could use some sprucing up.

“There’s nothing specific to discuss right now about what, exactly, we’ll be doing to them,” Pulice says. “We’re looking at everything and will make a decision shortly.”

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