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Phoenix Famed Biltmore Commerce Center Acquired by George Oliver
George Oliver has put his stamp on a number of posh Phoenix-area addresses, taking over projects such as the Arbor in Tempe, The Alexander and Johnathan in Chandler and the Quad in Scottsdale. And the iconic Biltmore Commerce Center, which sits at 32nd Street and Camelback Road, should be no different. The purchase price was not disclosed, however the seller, Lincoln Property Group, paid $58 million for the 7 acre center when they purchased it seven years ago.
George Oliver will deploy nearly that same amount, $52 million, in capital improvements that will include flexible, open-planned workspaces with resort-style health and wellness amenities. “Our goal is to deliver a George Oliver office project in each of metro Phoenix’s top office submarkets, and Camelback Corridor is on the top of that list,” said George Oliver’s Curt Kremer.
Built in 1985, the three-story center has 260,000 square feet of office space and key features such as a three-story atrium, conference facilities and multiple common areas.
- ◦Sale/Acquisition
- ◦Development