McCarthy Building Companies has committed to a substantial expansion in Phoenix, signing an 11‑year lease for 96,252 square feet at 3133 E. Camelback Road and planning to relocate its regional headquarters to the Camelback Corridor in late 2027.
What the deal is
The agreement, executed on June 28, takes up nearly the entire 100,000‑square‑foot building and ranks among the larger office leases recorded in the Phoenix market this year. The company anticipates moving into the space after completing what the parties describe as substantial tenant improvements.
“substantial” tenant improvements
Reliance Management, the building landlord, is a private property manager that operates as a unit of Presson Companies. Presson is owned by Daryl R. Burton, who is identified as a co‑founder and vice chair of the Burton Family Foundation.
Representatives and timeline
Lee & Associates brokers Andrew Cheney, Craig Coppola and Gregg Kafka handled the landlord’s side through the Coppola Cheney Group. On behalf of McCarthy, Mark Seale and Ben Seale of Stream Realty Partners represented the tenant. The lease calls for McCarthy to occupy the space once the renovation work is finished, with an expected relocation in late 2027.
Market implications
For Phoenix’s office market, a single tenant taking almost an entire mid‑rise is notable at a time when large-block leasing remains closely watched by investors and occupiers. The move will nearly double the construction firm’s local footprint and signals continued corporate interest in the Camelback Corridor, an established commercial stretch in the city.
- Tenant: McCarthy Building Cos.
- Size: 96,252 sq. ft.
- Term: 11 years
- Address: 3133 E. Camelback Road
- Move-in: Expected late 2027 after improvements
Large leases like this can affect local service demand, from construction and architecture to facilities management and food service vendors, while also shaping submarket rental dynamics. For businesses weighing Phoenix as a regional hub, an expanded presence by a major national contractor adds another data point for the city’s competitiveness.
| Metric | Detail |
|---|---|
| Leased area | 96,252 sq. ft. |
| Building size | ~100,000 sq. ft. |
| Lease length | 11 years |
| Lease execution | June 28 |
| Expected occupancy | Late 2027 |
Reliance Management managed the property on behalf of Presson Companies. The transaction was reported in partnership with the Phoenix Business Journal and is among the more significant office transactions announced in the Valley so far this year.
From a corporate standpoint, McCarthy’s move consolidates its regional operations into a single, sizable footprint, which could streamline back‑office functions and provide room for local growth. For landlords and brokers, the lease underscores appetite among corporate tenants for contiguous blocks of space when suitable product and location align.
