Trinity Capital has committed to a long-term lease at 333 Tower, taking 75,000 square feet across the top two-and-a-half floors of the Class A office component at 333 N. Central Ave. in downtown Phoenix. The lease also grants Trinity Capital rights to building-top signage, giving the tenant a prominent branding opportunity on the skyline.
The office space that Trinity Capital will occupy sits above the Westin Phoenix Downtown, a 242-room upscale hotel. The tower was previously configured as a single-tenant office asset occupied by Freeport-McMoRan, but that tenant has since vacated. Following the departure, building owner Foundation 8 repositioned the office portion of the property to accommodate multiple tenants rather than a sole user.
As part of this broader repositioning, Foundation 8 recently secured a $44,500,000 loan backed by the office component of the tower. The financing closed last month and is tied specifically to the office space above the hotel, not the hospitality portion of the asset. The new lease with Trinity Capital adds a sizable commitment of occupancy to the restructured office stack.
Foundation 8 is also planning a series of amenity upgrades as it advances the next phase of its strategy for the property. The plans call for a rooftop restaurant and bar, a ground-floor coffee shop and café, and a dedicated conference center intended to support the building’s office users. These additions are aimed at enhancing the overall experience for tenants and visitors within the mixed-use tower.
Newmark brokered the lease agreement. A Newmark team consisting of Brett Abramson, Chris Latvaaho and Chris Beall represented Foundation 8 in the transaction. Trinity Capital was represented by Cushman & Wakefield, with Chris Nord and Nikki Tate advising the tenant on the lease.
The combination of a major new office lease, recent financing secured by the office component and planned amenity upgrades underscores the ongoing transition of 333 Tower from a single-tenant corporate office asset into a multi-tenant, amenity-rich office environment anchored by a full-service hotel.
