PHOENIX (April 21, 2008) –Ryan Companies announced today that it has closed on the sale of 4.8-acres of land in Phoenix at 3900 E. Camelback Road and is ready to break ground on 3900 Camelback Center, a 177,520-square-foot Class A office development. Ryan Companies purchased the land from RK Buckeye, LLC, a Colorado-based LLC.
One of only two new office developments within the Camelback Corridor in the past seven years, 3900 Camelback Center is a three-story building that includes two levels of executive underground parking with direct access to the building lobby. 3900 Camelback Center will be the first LEED certified “Green Building” within the Corridor. Construction is expected to be completed during the fourth quarter of 2009. Ryan Companies intends to relocate its Western Region Headquarters to the building from its current Central Avenue location. “This project has it all: a stunning backdrop, a stellar location, and a sustainable design,” says John Strittmatter, President of Ryan Companies Southwest Division, “We are truly excited to be working with our partners and clients on 3900 Camelback, and we can’t wait to move in.”
Jeff Wentworth, Blake Hastings and Nicole Cooley, with Grubb & Ellis|BRE Commercial, LLC are the exclusive leasing agents for 3900 Camelback Center. For complete building details or more information contact them at 602.954.9000 or visit www.breoffice.com
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise. Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC) exchanges, public non-traded real estate investment trusts (REITs) and real estate investment funds. As of December 31, 2007, nearly $3 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 216 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation's Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit www.grubb-ellis.com.
Grubb & Ellis|BRE Commercial, LLC
Grubb & Ellis|BRE Commercial, LLC is an independently owned and operated full service commercial real estate firm serving Metropolitan Phoenix and secondary Arizona cities. Through an affiliation with Grubb & Ellis Company, one of the world’s largest commercial real estate services firms, Grubb & Ellis|BRE Commercial, LLC is committed to offering customized solutions to meet the real estate needs of every client. For more information, visit the company's Web site at www.brephoenix.com. BRE Commercial is one of Southern California's leading privately-held full service commercial real estate firms. Based in San Diego, BRE represents industrial, office and retail properties throughout the region. For more information about BRE Commercial, please visit www.brecommercial.com.
Ryan Companies US, Inc.
Ryan Companies US, Inc. is a leading national commercial real estate firm offering integrated construction and development as well as asset, property and facilities management services to customers. In addition to its Phoenix office, Ryan has offices in Minneapolis, Chicago, San Diego, Tampa, Cedar Rapids and Des Moines, Iowa. Since formally opening a Southwest regional office in Phoenix in 1994, Ryan has been responsible for constructing projects totaling more than 12 million square feet in the greater Phoenix area for premier companies such as Allied Signal (now Honeywell), Motorola, Phelps Dodge, Wells Fargo Bank, Dial Corporation, ConocoPhillips, Sears, Phoenix Newspapers, Del Webb, Avnet, Mayo Clinic and Target. www.ryancompanies.com