$69.3M refinancing arranged for premier office building in Phoenix’s Camelback Corridor

• JLL Capital Markets has facilitated a $69.3M refinancing for The Offices at The Grove, a 185,536 SF, Class AA office building in Phoenix, Arizona

• PGIM provided the five-year loan to RED Development

• The property delivered 100% pre-leased in Q4 2022 and remains fully occupied with 69% investment-grade tenancy, including JPMorgan Chase, Aon, Caterpillar, PwC, First Solar and JLL

PHOENIX, Nov. 2, 2026 – JLL Capital Markets announced today that it has arranged $69.3 million in refinancing for The Offices at The Grove, a 185,536-square-foot Class AA office building in Phoenix, Arizona.

JLL's Debt Advisory team represented the borrower, RED Development, in placing the five-year, fixed-rate loan with PGIM’s real estate investment group.

The Offices at The Grove is a four-story Class AA office building completed in Q4 2022, fully leased to a primarily investment-grade tenancy, including JPMorgan Chase, Clayco, First Solar, JLL, PwC, Caterpillar and Aon. The property features best-in-class amenities, including a rooftop pickleball court and pavilion, first-floor dining with Pyro (a Japanese izakaya bistro by Flagship Restaurant Group), pristine views of ionic Camelback Mountain and 631 parking spaces in shared structured parking. The building achieved LEED certification and incorporates state-of-the-art building systems and technology infrastructure. The financing collateral consisted of the office building, Pyro restaurant, two retail spaces and an underground parking facility.

The building serves as the office centerpiece of The Grove, a 750,000+ square foot luxury mixed-use development featuring 180,000+ square feet of Class AA office space, The Global Ambassador boutique hotel by renowned restaurateur Sam Fox, 58 luxury residential units at The Bergen, Banner Health Center Plus medical facility, the Verizon 5G Performance Center (home to the NBA's Phoenix Suns and WNBA's Phoenix Mercury training facilities), and curated upscale dining and retail experiences.

The Offices at The Grove is strategically positioned at 4300 East Camelback Road at the intersection of 44th St., the epicenter of Phoenix's Camelback Corridor submarket. This premier location provides tenants and their employees immediate walkable access to 180+ restaurants and bars, 4.1 million square feet of retail, including Biltmore Fashion Park and Camelback Village Center and over 7,000 apartment units.

The Camelback Corridor remains Phoenix Metro's premier office submarket, featuring the highest Class A office rents in the market and the most concentrated collection of institutional real estate ownership. With zero new office assets under construction and high barriers to entry due to land constraints and affluent residential neighborhoods, the submarket maintains a limited supply of 30 Class A office buildings totaling 5.1 million square feet.

JLL's Debt Advisory team representing RED Development was led by Kevin MacKenzie, President, JLL Capital Markets Americas, Senior Director Jason Carlos and Associate Frank Choumas.

“The Offices at The Grove represents the type of high-quality office asset that we seek  to finance, with strong investment-grade tenancy, modern amenities, and a prime location in one of Phoenix’s most desirable and supply-constrained submarkets,” said Trent Brown, Executive Director, Originations, PGIM’s real estate investment group. “The property’s sustained occupancy levels and strong tenant credit reflect the continued demand for best-in-class office space. We are pleased to partner with RED and provide financing for this exceptional asset.”

This transaction exemplifies lender confidence in best-in-class office assets with exceptional tenant credit and long-term lease commitments in irreplaceable locations," said MacKenzie. "The Offices at The Grove's achievement of 100% pre-leasing prior to delivery and its sustained full occupancy demonstrates the strength of RED’s execution and the compelling value proposition of this location."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

RED Development is an industry leading, wholly integrated commercial real estate company known for its high-performing mixed-use and retail portfolio across the Southwest and Midwest. A preferred partner for best-in-class retailers and investors, RED is known nationally for its vibrant, well-trafficked ground-up developments along with its keen expertise for remerchandising and repositioning existing properties to improve profitability and appeal.

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management.1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

1 As of Mar. 31, 2026.

2 As of Mar. 31, 2026, AUM reflected as gross. Net AUM is $189 billion and AUA is $50 billion. PGIM Real Estate is the second-largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of June 30, 2025. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.