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New owner of Freeport-McMoRan tower plans revamp, secures $44.5M loan
Article originally posted on Phoenix Business Journal on September 11, 2026
The new owner of a notable downtown Phoenix tower just closed on a $44.5 million loan to renovate and reposition the property for new office users.
The 26-story high-rise – built in 2010 at 333 N. Central Avenue – had been the longtime home of Freeport-McMoRan until the mining giant began moving out of the top floors it occupied during the Covid-19 pandemic.
The lower half of the building still operates as the 242-room Westin Phoenix Downtown hotel and wasn’t included in the December sale.
At the end of last year, Phoenix-based real estate investment firm Foundation 8 LLC acquired the top half of the property from Peakstone Realty Trust. The exact sale price was not disclosed, but the buyer obtained an $18 million loan in December 2025 that was set to mature September 1, 2026 – a day before the newest loan was recorded in Maricopa County, public records show.
Now, Foundation 8 is working to revamp the office portion to draw in a new mix of tenants rather than one key user, according to a statement from the firm.
Planned renovations are mostly focused on build-to-suit tenant improvements for a broader range of incoming users, a spokesperson said in an email.
The rebrand will also include removing Freeport-McMoRan signage, which would be replaced by a “future marquee tenant,” the spokesperson said.
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