Macerich Co., the owner of Biltmore Fashion Park in Phoenix, has submitted a proposal to develop a 10-story, 330,000-square-foot office tower at the northeast corner of 24th Street and Camelback Road. The tower, with a ground floor featuring retail space, is part of Macerich’s plan to add 750,000 square feet of new Class A office space at both Scottsdale Fashion Square mall and Biltmore Fashion Park. The proposed office tower’s site, currently a surface parking lot, will be considered by Phoenix’s Planning Hearing Officer on February 21. If approved, the project will contribute to the ongoing investments in the Camelback Corridor’s office market.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
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