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24th at Camelback Trades for $86.1M
New York-based Columbus Properties paid $86.1 million for the 24th at Camelback office building in Phoenix. NY Life was the seller of the 308,000-square-foot Class A asset. They bought the property in 2018 for $100 million from Hines, the developer. Newmark represented NY Life in the deal, which Newmark says is the largest office deal in Phoenix since 2022.
Newmark’s Barry Gabel, Chris Marchildon and CJ Osbrink, along with Kevin Shannon, represented the seller.
The eight-story office is located at 2375 E Camelback Road. 24th at Camelback offers amenities including a newly constructed fitness center, on-site dining options, shared tenant conference facilities and 24/7 security.
Recent market trends reveal a surge in rental rates within premier Class A buildings like 24th at Camelback. Lease rates surpass $50 per square foot (full-service gross), signaling sustained growth and investor confidence in this dynamic submarket, according to Newmark Research.
- ◦Sale/Acquisition
