After buying the top half of the 26-story tower at 333 N. Central that was once home to mining giant Freeport McMorRan last year, Foundation 8 LLC has just closed on a $44.5M loan from Hilgo Global to renovate and reposition the property for new tenants.
Foundation 8 LLC is a joint venture between GIA Hospitality and Trillium Management.
Freeport-McMoRan had occupied the building’s top eight floors, totaling roughly 250KSF, while the bottom half is taken up by a 242-room Westin Hotel. The Westin was not part of Foundation 8’s purchase.
Foundation 8 will now renovate its office section to market the space for new tenants. Most of the work will be build-to-suit tenant improvements.
Renovations will also include rebranding the property away from the existing Freeport-McMoRan signage to feature a future major tenant.
Marketing and leasing are through Newmark. (Source: Phoenix Business Journal)
