Largest Phoenix office transaction of 2024 closes

PHOENIX, Oct. 31, 2024 – JLL Capital Markets announced today that it has arranged the sale of 24^th at Camelback II, a Class A office asset totaling 306,877 square feet in Phoenix, Arizona. The transaction represents the largest metro Phoenix office sale since 2022.

JLL represented the institutional owner in the sale of the property to a private family office.

24^th at Camelback II is located at the prestigious intersection of 24^th St. and Camelback Rd. in the Camelback Corridor, Phoenix’s premier business district. The property is adjacent to two of the most notable retail centers on Camelback Rd., The Shops at Town & Country and Biltmore Fashion Park, and is within walking distance of numerous high-end shops, luxury residential, dining and entertainment options. Additionally, 24^th at Camelback II is less than 10 miles from both downtown Phoenix and the Phoenix Sky Harbor International Airport.

The 11-story office building has won numerous industry awards, including The Building of the Year (Toby), USGBC Arizona Heavy Metals Award and is Energy Star and LEED Platinum certified. Originally developed in 2009, the 87.2% leased tower features an impressive tenant roster including Blue Origin, Dorsey & Whitney, Mercer, Lucid and Squire Patton Boggs. Beginning in 2018, the seller made significant investments to elevate the property including an extensive lobby renovation, improvements to common areas, a state-of-the-art conference room, spec suites and modern tenant improvement packages that served as a catalyst for the building’s strong performance in the leasing market.

JLL’s Investment Sales and Advisory team representing the seller was led by Will Mast, Ben Geelan, Jack Miler and Gigi Martin.

"This landmark office transaction underscores the enduring appeal and resilience of prime office assets in key markets," Mast added. "It not only highlights investor confidence in the region's economic fundamentals but also signals a positive shift in the office sector. This sale demonstrates that well-located, quality office properties continue to attract significant investment, highlighting Phoenix's growing stature as a prime destination for commercial real estate investment."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm 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.