$69.3M refinancing arranged for premier office building in Phoenix’s Camelback Corridor

PHOENIX, Nov. 2, 2026 - JLL Capital Markets announced today that it has arranged $69.3 million in refinancing for The Offices at The Grove, a 185,536-square-foot Class AA office building in Phoenix, Arizona.

JLL's Debt Advisory team represented the borrower, RED Development, in placing the five-year, fixed-rate loan with PGIM's real estate investment group.

The Offices at The Grove is a four-story Class AA office building completed in Q4 2022, fully leased to a primarily investment-grade tenancy, including JPMorgan Chase, Clayco, First Solar, JLL, PwC, Caterpillar and Aon. The property features best-in-class amenities, including a rooftop pickleball court and pavilion, first-floor dining with Pyro (a Japanese izakaya bistro by Flagship Restaurant Group), pristine views of ionic Camelback Mountain and 631 parking spaces in shared structured parking. The building achieved LEED certification and incorporates state-of-the-art building systems and technology infrastructure. The financing collateral consisted of the office building, Pyro restaurant, two retail spaces and an underground parking facility.

The building serves as the office centerpiece of The Grove, a 750,000+ square foot luxury mixed-use development featuring 180,000+ square feet of Class AA office space, The Global Ambassador boutique hotel by renowned restaurateur Sam Fox, 58 luxury residential units at The Bergen, Banner Health Center Plus medical facility, the Verizon 5G Performance Center (home to the NBA's Phoenix Suns and WNBA's Phoenix Mercury training facilities), and curated upscale dining and retail experiences.

The Offices at The Grove is strategically positioned at 4300 East Camelback Road at the intersection of 44th St., the epicenter of Phoenix's Camelback Corridor submarket. This premier location provides tenants and their employees immediate walkable access to 180+ restaurants and bars, 4.1 million square feet of retail, including Biltmore Fashion Park and Camelback Village Center and over 7,000 apartment units.

The Camelback Corridor remains Phoenix Metro's premier office submarket, featuring the highest Class A office rents in the market and the most concentrated collection of institutional real estate ownership. With zero new office assets under construction and high barriers to entry due to land constraints and affluent residential neighborhoods, the submarket maintains a limited supply of 30 Class A office buildings totaling 5.1 million square feet.

JLL's Debt Advisory team representing RED Development was led by Kevin MacKenzie, President, JLL Capital Markets Americas, Senior Director Jason Carlos and Associate Frank Choumas.

"The Offices at The Grove represents the type of high-quality office asset that we seek to finance, with strong investment-grade tenancy, modern amenities, and a prime location in one of Phoenix's most desirable and supply-constrained submarkets," said Trent Brown, Executive Director, Originations, PGIM's real estate investment group. "The property's sustained occupancy levels and strong tenant credit reflect the continued demand for best-in-class office space. We are pleased to partner with RED and provide financing for this exceptional asset."

This transaction exemplifies lender confidence in best-in-class office assets with exceptional tenant credit and long-term lease commitments in irreplaceable locations," said MacKenzie. "The Offices at The Grove's achievement of 100% pre-leasing prior to delivery and its sustained full occupancy demonstrates the strength of RED's execution and the compelling value proposition of this location."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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