Camelback Center

Office Redevelopment

In collaboration with Travelers (formerly St. Paul Properties), the 2001 vintage 9-story, 232,617 SF Class-A building located in the prestigious Camelback Corridor was purchased in late 2004. Prior to acquisition, the asset had underperformed the market—a high-end area for shopping, dining, hospitality, and financial services tenants—and was 40% occupied. Repositioning efforts included the addition of a building café and exterior patio enhancements, including new furniture and landscaping. Interior common area improvements included complete renovation of the main lobby as well as tenant lobby and floor finishes, improved signage, updated lighting and entrances in the parking garage. A strategic pre-build program was adopted to enhance leasing activities. At disposition, a little over two years later, the asset was 94% leased.