Behind the Deal: Biltmore Commerce Center's Part-MOB Future
Healthcare companies are helping drive office space occupancies in Phoenix, and it isn't always in MOBs. Recently Phoenix Children's Hospital inked a deal for more than 27k SF at Biltmore Commerce Center at 3200 E Camelback Rd.
Biltmore isn't a medical office building, but it had what Children's needed. PCH was looking for a location close to its main hospital that could provide office-specific space for its growing administrative and executive functions, Lincoln Property Co VP Amr Ceran tells us. "With its location and efficiencies, Biltmore Commerce Center fit the bill.” Amr's the one in the checked shirt, and on the far left is Oaktree Capital Management's Mark Jacobs; they were snapped at NAIOP Night at the Fights XIX.
LPC and a fund managed by Oaktree bought the property only a few months ago as part of more than $165M of investment in the Phoenix market. This is the first new lease deal signed by the new owners. PCH will ultimately occupy a full wing on the project’s second floor, bringing the building to 96% leased. Scott Maxwell of CRESA repped the hospital, while Lee & Associates’ Bill Blake, Craig Coppola, Andrew Cheney and Colton Trauter repped the landlord.