Hines Spins Off Camelback Offices for $97.9M

Wide Open Excursions—a leisure service provider—acquired 24th at Camelback II for $97.9 million. Hines sold the 306,877-square-foot Class A asset with the assistance of JLL Capital Markets. The JLL team that brokered the sale on behalf of Hines included Will Mast, Ben Geelan, Jack Miler and Gigi Martin.

Designed by Pickard Chilton, 24th at Camelback II came online in 2009. The 11-story high-rise was 87.2 percent leased at closing, its tenant roster including Blue Origin, Dorsey & Whitney, Mercer, as well as Lucid and Squire Patton Boggs.

The office property is part of a two-building campus. In 2017, Hines began a repositioning effort focusing on the duo’s exteriors. In addition, the overhaul included improvements to the lobby and common areas, conference room and suites.

Commercial Edge reports New York Life Real Estate Investors sold the campus’ other building this year, the 302,209-square-foot 24th at Camelback I, to Columbus Properties for $86.1 million. New York Life Real Estate Investors had purchased it from Hines for $100 million in 2018.