While Freeport-McMoRan Inc. was slowly laying down new roots [bizjournals.com] in the Cotton Center business park in recent years amid its shift to remote and hybrid work, the mining giant was also slowly exiting its 250,000-square-foot corporate headquarters, the Freeport-McMoran Center, in downtown Phoenix.
Now, with the Freeport-McMoRan (NYSE: FCX) tower nearly empty of almost all of its employees, REIT Peakstone Realty Trust (NYSE: PKST) is putting the condo interest that covers just over 249,000 square feet of space in the building — now called 333 North Central — on the market, Newmark Executive Managing Directors CJ Osbrink, Barry Gabel and Chris Marchildon told the Business Journal.
The Newmark trio are the brokers handling the sale on behalf of El Segundo, California-based Peakstone. And while there’s no asking price, Osbink said they’re anticipating selling in “the low $40 million price range.” He said that is below the $750 per square foot replacement cost.
The building is a 26-story mixed-use, high-rise tower. The office component of the building comprises the top eight floors, while the 242-room Westin Phoenix Downtown hotel occupies floors 11 through 18. The office and hotel components have their own separate lobbies, elevators and their own parking. Upon acquisition, Marchildon said the Westin hotel will not be impacted and “will continue their enjoyment.”
