Press Release brought to you by Avison Young - Arizona

Towering Above: Making a Statement in Downtown Scottsdale

05/21/2013

A landmark in Downtown Scottsdale since 1972, imagine the view from this 11-story, Class A high-rise, formerly known as the Camelview Office Building located at 6900 E. Camelback Road. With its new designation of Camelback Tower, this exclusive property, connected to Scottsdale Fashion Square, has recently been reinvigorated attracting new tenants to make a distinctive statement towering above Scottsdale.

In its original day, this property featured the 11th floor as a 6,600 square foot penthouse complete with pool often used for social gatherings and offering the best views in all of Scottsdale. When the building was eventually connected to Scottsdale Fashion Square, it enticed tenants to work and shop from the same location. A remodel in 1997 allowed the property to retain and attract new tenants for almost 10 years. At which point, a once thriving and sought after location, suffered from the loss of tenants and deferred maintenance with the downturn of the real estate market in 2006/2007.

When West Coast Capital Partners acquired the building out of foreclosure in August 2011, occupancy was hovering around 40% with repair and maintenance vital to bring it back to life. Within a year, a major transformation took place and according to Trisha A. Talbot, CCIM, Senior Vice President of GPE Commercial Advisors who has the leasing assignment along with Kathleen M. Morgan, CCIM, “Camelback Tower is a prominent location for businesses that want to be at the hub of economic growth in the Phoenix area for the long-term.” Greg Leverton of GPE Management Services who serves as the property and construction manager for this project states, “this once exciting and vibrant building has been reborn and has risen like the mystical Phoenix.”

Today, this property is approaching 80% occupancy with several new tenants ready to tower above downtown. Major tenant improvements and building remodeling include new elevators, upgrades to the HVAC and electrical systems and contemporary modern finishes. This along with all new landscaping and valet parking has returned this building to an exciting and functional part of downtown Scottsdale. New tenants such as Searsucker restaurant, Dermatique, LTD, SMI Imaging, LLC, and others now call Camelback Tower home.

If you happen to be shopping at Scottsdale Fashion Square, stop by and enjoy lunch or dinner at Searsucker restaurant and take some time and see the improvements to this beautiful building.

For additional information on this revitalized Scottsdale icon please contact GPE Commercial Advisors or GPE Management Services at 480-994-8155.

Learn more about us at www.GPE1.com or visit us on Facebook, Twitter and LinkedIn. Shortcuts to each social channel are: gpe1.com/facebook, gpe1.com/twitter, gpe1.com/linkedin.

05/20/2013 - 17:49

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Avison Young - Arizona

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