Global real estate services firm JLL announced it will expand and relocate its Arizona headquarters to The Grove, a $400 million mixed-use development in Phoenix. The brokerage firm will occupy 31,000 square feet on the first floor of the 180,000-square-foot office building underway at 4300 E. Camelback Road, which is slated for completion in the third quarter of this year.
JLL will relocate this fall from the 18,000-square-foot space it currently occupies at 3131 E. Camelback Road, less than 2 miles from its future home. The new space will house more than 120 brokers.
Designed by RSP Architects, the new office will feature a collaborative lobby, together with large and small conference rooms and independent workstations. Amenities will include a patio with eating and dining areas, collaborative seating and games.
Recent JLL research shows 74 percent of employees consider the choice to go into the office as fundamental, while 70 percent of office workers see office space as a key factor in all collaborative activities.
Tenants at The Grove
RED Development broke ground on The Grove in June 2021, on a 15-acre site in Phoenix’s Camelback East submarket. At full build-out, the property will comprise three Class AA office buildings, a boutique hotel and 58 luxury residences, as well as various dining and retail venues across 750,000 square feet. One of its components, a 70,000-square-foot medical office building, will be home to a Banner Health center.
Mike Ebert, managing partner at RED Development, said in a prepared statement that JLL’s presence at The Grove is a key factor in the 4300 Camelback building being fully leased before opening. Another tenant at the location will be California technology company Sendoso, which will move its San Francisco headquarters to 58,000 square feet at The Grove in November.
Clayco will also be on the building’s tenant roster as of January 2023. The real estate firm signed a lease for 36,000 square feet at The Grove in March, to relocate from 2398 E. Camelback Road.
The Camelback East submarket
According to a recent CommercialEdge report, Greater Phoenix had a 15.1 percent vacancy rate as of March, showing a 340-basis-point improvement on a year-over-year basis. Camelback East, third in office inventory size after Tempe and Scottsdale-Airport, registered a vacancy of 17.4 percent.
The submarket recently saw another sizeable office lease with Jeff Bezos’ Blue Origin signing a contract for 53,820 square feet at 24th at Camelback II, according to Cushman & Wakefield research. The 302,209-square-foot building at 2325 E. Camelback Road is also home to law firm Greenberg Traurig and VEREIT, among others.
This article was originally published by Commercial Property Executive: https://www.commercialsearch.com/news/jll-to-expand-relocate-arizona-hq/.
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