Camelback Corridor to see new building, an article from The Arizona Republic, reports that Ryan Cos. US Inc. plans to break ground on a new 177,520-square-foot office building in the Camelback Corridor during the next few months.

According to Jeff Wentworth, senior vice president with Grubb & Ellis/BRE Commercial LLC's Phoenix office, the commercial development firm recently bought 4.8 acres near the northwest corner of 40th Street and Camelback Road for about $8.7 million.

3900 Camelback Center will be one of two major office projects under way in the Camelback Corridor, which boasts some of the highest office rents in the Valley and has few sites available for new development.

Commercial developer Hines recently broke ground on its 11-story 24th at Camelback II office building. Wentworth said starting rents for 3900 Camelback Center are currently projected at $39 to $40 per square foot once it is completed in late 2009.