Camelback Offices Trades for $86M
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in August 2026: $17.1B across 72 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Esplanade III, a 222,820-square-foot trophy office building on 2415 E. Camelback Road, sold for $86 million. The 10-story building was acquired by Southwest Value Partners, a joint venture made up of Transwestern and…
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