After spending $353M to purchase the Esplanade office campus near 24th Street and Camelback Road earlier this year, Monarch Alternative Capital and Tourmaline Capital Partners have announced a $45M renovation plan on the site that will encompass four of its five buildings.
The core of the project will be overhauling a one-story building into a new 16KSF amenity center that will house a café and bar, lounge and game areas, fitness center and meditation spaces, along with other wellness amenities.
A separate amenity offering will be an 8KSF conference center with meeting and coworking areas and media production accommodations. Other components include landscape renovation, new entrances, pedestrian-friendly walkways and a shade structure.
Ownership representatives said the goal is to empower workers to maximize both their efficiency and workplace happiness.
Corgan is the project design firm, and Layton Construction serves as the general contractor. Construction is hoped to commence in Q1 2023 and finish by Q2 2024. (Source)
