Major office campus in Camelback Corridor to undergo significant renovation
Monarch Alternative Capital and Tourmaline Capital Partners are getting in on and investing in Phoenix’s flight-to-quality office movement with a big infusion of capital at the Esplanade campus in Phoenix.
The partnership said it plans to renovate and add to the Camelback Corridor office campus with a $45 million investment, with the heart of the project being the renovation of an existing one-story building into a new 16,000-square-foot two-story amenity building.
The bottom floor will be home to a bar and café, an employee lounge and game areas with pool tables and golf simulators. The second floor will be dedicated to wellness, which includes a gym, studio spaces, recovery rooms, saunas, mothers’ rooms and meditation spaces.
Other amenities will include a new 8,000-square-foot conference center, which is a venue that could accommodate events for up to 100 people, that will be added to the building just to the east of the amenity facility.