Hines Signs Tech Company to Upscale Office Suite at 24th at Camelback
- Apr 29, 2016
Phoenix–Hines recently announced that it has signed a New York-based tech company to one of its Pheonix-area properties. Presidio is moving to 24th at Camelback following a leasing deal that was arranged by a Cushman & Wakefield team consisting of Jeff Hartland and Scott Boardman on behalf of the landlord. Peter Menna, also of Cushman & Wakefield reăresented Presidio in the deal.
Located at 2375 East Camelback Road in Phoenix, the eight-story office building offers 302,209 square feet of Class A office space. Presidio will be moving its local employees into a high-end 2,915-square-foot suite at the mid-rise building. The space features a built-in reception desk, appliances, TV, as well conference room with upgraded lighting and flooring. The speculative suite was one of three vacant suites of its kind at 24th at Camelback, with the remaining spaces offering 7,912 square feet still available for lease.
IT solutions provider Presidio has been present in the Phoenix market for the past seven years and currently employs 12 people. The company decided to relocate to 24th at Camelback in order to be closer to frequent business partner Cisco Systems. Other major tenants at the property include AAA Arizona, Regus Business Centre, and Greenberg Traurig.
Hines acquired 24th at Camelback I in December 2012 when it paid GLL Real Estate Partners $81 million. Hines originally developed the property in 2000, then sold it in 2005 to KanAm Grund for $107 million. The LEED Gold certified office building is part of a master-planned mixed-use project that also includes 24th at Camelback II, a 324,897-square-foot LEED Platinum certified office property that was completed in 2009.