McCarthy Building Cos. signs 96,252-square-foot lease in Camelback Corridor

Article originally posted on Phoenix Business Journal on July 8, 2026

One of the largest construction firms in the country is nearly doubling its Valley office footprint, with plans to move its regional headquarters into a new building next year in Phoenix’s Camelback Corridor.

McCarthy Building Cos. signed a 96,252-square-foot, 11-year lease at 3133 E. Camelback Road, according to Maricopa County records, taking up nearly the entire 100,000-square-foot building.

Andrew Cheney, Craig Coppola and Gregg Kafka with Coppola Cheney Group of Lee & Associates represented the landlord, Reliance Management. Mark Seale and Ben Seale of Stream Realty Partners represented McCarthy. Reliance Management is a private property management company and a subsidiary of Presson Companies, which is owned by Daryl R. Burton, the co-founder and vice chair of the Burton Family Foundation.

“This is an investment in our people and in our future in Arizona,” said Justin Kelton, McCarthy’s Southwest Region CEO. “As we continue to grow to support Arizona’s evolving needs, we are creating a space that reflects who we are as an employee-owned company – one built for collaboration, connection, and the kind of culture that makes McCarthy a special place to build a career. This new space will do exactly that.”

The lease was executed June 28, Cheney confirmed, and McCarthy is anticipated to move into the building in late 2027 after it undergoes “substantial” tenant improvements.

“They’re basically just making it custom for them, so starting from scratch, and it’s a very, very intensive buildout,” Mark Seale told the Business Journal.

The three-story office was built in 1999 and is part of a complex that also includes a 200,000-square-foot building at 3131 E. Camelback Road. Press Coffee will open a 2,029-square-foot space on the ground floor at the 3133 address, anticipated in the third quarter of this year, Cheney said. McCarthy’s new home is also near the Bond luxury Phoenix office building.

Although Cheney said he could not disclose the lease rate, the 3133 property is listed on Lee & Associates’ website at $47 per square foot.

McCarthy is currently housed in a roughly 50,000-square-foot building at 6225 N. 24th Street at Lincoln Drive, still considered within the Camelback Corridor, Seale said. He added that McCarthy liked the area and wanted to stay in it.

The Camelback Corridor is known as the city’s financial district with proximity to restaurants, the Biltmore Fashion Park and State Route 51, which gives workers access to “executive neighborhoods” in Arcadia and Paradise Valley, Cheney said.

“These high-end tenants who want to get back into the office, they want to make the juice worth the squeeze, and they realize that tenants will pay up, and they’re willing to make the experience great for their tenants,” he said.

It’s one of the largest office leases signed in the Valley so far this year, second behind Consumer Cellular’s 123,340-square-foot lease at Raintree office building in north Scottsdale.

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