Colorado-based Koelbel and Company is continuing its national expansion with the recent purchase of the high-profile Camelback Collective office building—the company’s first property in the Phoenix metro area. Koelbel purchased the property at a steep discount for $48,250,000. In 2022, the property sold for $66.3 million and it cost about $80 million to develop.
“We’ve seen firsthand how top-tier, lifestyle-driven office buildings continue to outperform across markets, and Camelback Collective checks every box,” said Dean Koelbel, vice president at Koelbel and Company. “The fundamentals here—limited new development, sustained flight-to-quality, and record leasing velocity for Class A product—make Camelback an ideal entry point for us in the Phoenix market.”
The Class A suburban office property located in the highly desirable Camelback area features an exceptional office environment for businesses seeking a flight-to-quality. The 115,838-square-foot office building, which spans four floors, is 89% leased, with anchor tenant PNC Bank remaining. While this is the first Arizona-based project Koelbel and Company has purchased, they are actively looking to acquire additional office properties in the market.
“Camelback Collective represents exactly what today’s office tenants are chasing—highly amenitized, walkable environments in proven, supply-constrained locations,” said Koelbel. “Phoenix’s Camelback Corridor has emerged as the clear winner for employers focused on recruiting and retaining talent, and we believe this first acquisition positions us well to meet that demand.”
The four-story office building at 2801 E. Camelback Road was built in 2018 and offers direct access to numerous upscale retail, dining, and entertainment options at Biltmore Fashion Park. The property features expansive ceiling heights, floor-to-ceiling windows, and stunning lake, golf course, and mountain views. JLL’s Benjamin Geelan and Will Mast are the listing agents.
“We are excited to complete our first office acquisition in Phoenix, a major milestone in our goal to establish a portfolio of properties in one of the country’s fastest-growing and most dynamic cities to live, work, and play,” said Koelbel.
