Elevate 24 - A Reimagined Class A Office Campus in the Heart of the Camelback Corridor!
Newmark, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Elevate 24 (the "Property"), a premier ±323,177 SF, two-building, Class A office campus located at the "Main & Main" intersection of the Camelback Corridor. The Property delivers a unique blend of institutional construction quality, expansive floorplates, and a best-in-class indoor/outdoor amenity experience that positions it competitively among the Corridor's top-performing assets. Centrally located along24th Street with unmatched walkability to major retail, dining, hospitality, and executive housing, Elevate 24 offers investors a rare opportunity to acquire a high-quality campus with significant value-creation potential. With 71% occupancy, 6.8 years of weighted average lease term, and in-place rents significantly below the Class A Camelback Corridor submarket, the Property provides both durable cash flow and substantial upside through lease-up and mark-to-market opportunities.
In-place rents at $35.63 PSF are significantly below market, creating measurable mark-to-market potential. Every Class A building that is adjacent or proximate to Elevate 24 is leasing no less than the mid-$40s PSF, FSG; moreover, several competitive buildings have signed leases eclipsing $60 PSF and now approaching $70 PSF in some cases!
Near-term expirations in a rising rental rate environment allow investors to further capitalize on Phoenix's ongoing fight-to-quality trends.
Unique ability to attract tenants seeking large contiguous blocks of space in the Camelback Corridor. Elevate 24 is one of only three buildings that can accommodate a contiguous 50k SF use.