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November 29, 2023
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Phoenix Office Complex Bought by Presson Corp Entity in $72 Mil Transaction


An entity of Presson Corporation has purchased the two-building, 295k sf 3131 and 3133 Camelback office project in Phoenix for $72.1 mil ($244/sf). Located at the southwest corner of 32nd St and Camelback Rd, in the heart of the Camelback Corridor, the project boasts the highest average occupancy rate of any office building in the history of metro Phoenix.

The project consists of two adjacent Class A, multi-story office buildings at 3131 and 3133 E. Camelback Rd. This includes 3131 Camelback, offering 196.3k sf over four stories, and 3133 Camelback, totaling 99k sf in three stories, along with an on-site parking garage.

The buildings sit minutes from State Route 51 and I-10, and within walking distance to a selection of high-end dining, retail and luxury housing. They are a short drive to Biltmore Fashion Park, Arizona Biltmore Resort and Golf Club, and The Camby Hotel.

Owned and managed by Lincoln Property Company’s Southwest division, LPC Desert West (LPC), since 2017, 3131 and 3133 Camelback have enjoyed significant renovations under an institutional-quality asset management strategy. This includes the renovation of its two-story atrium lobbies, contemporary new furnishings, a new tenant conference facility, on-site coffee bar, upgraded and shaded outdoor tenant amenity area, restroom renovations, modernized tenant corridors and new front entryway and landscaping.

LPC also completed improvements to secure the buildings’ Energy Star Certification by the U.S. Environmental Protection Agency (EPA), denoting an average 35% less energy use than typical buildings and the release 35 percent less carbon dioxide into the atmosphere.

Collectively these efforts have helped 3131 and 3133 Camelback maintain an average 90% occupancy since its delivery to market in 1998.

Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented LPC in the property sale. LPC will retain leasing and management duties for the buildings. Presson Corp is led by local investor Daryl Burton.

As the leasing agent for the buildings, LPC since 2022 has completed more than 100k sf of new lease commitments or renewals at the 3131 and 3133 buildings. Among the most significant of these new and existing tenants are:

• New leases by Stewart Title, Renaissance Financial, HKS Architects and Zoom Living totaling 33.3k sf, 16.9k sf, 7k sf and 4.2k sf respectively.
• An expansion by Northmarq, who now occupies 10.5k sf.
• Renewals totaling approximately 25.5k sf by tenants that include Post Integrations, SRS Real Estate, TAIT Development, K-Force and St. Louis Bank.

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