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. Freeport-McMoRan occupied eight floors, amounting to roughly 250,000 square feet. It officially terminated its lease in May of this year, according to Maricopa County records. 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. Find Complete Article At: https://www.bizjournals.com/phoenix/news/2026/09/10/downtown-phx-freeport-mcmoran-tower-formation8.html?cx_testId=131&cx_testVariant=cx_undefined&cx_artPos=4#cxrecs_s