**Freeport-McMoRan HQ in Phoenix Hits the Market**
The headquarters of Freeport-McMoRan in downtown Phoenix is now nearly vacant, as the mining giant gradually relocates employees to the Cotton Center business park. The company is vacating its approximately 250,000-square-foot space in the high-rise building known as 333 North Central.
Real estate investment trust Peakstone Realty Trust (NYSE: PKST), which owns the property, has listed its interest in the tower for sale. The 26-story mixed-use building features both office and hospitality components. The office portion spans the top eight floors, while the 242-room Westin Phoenix Downtown hotel occupies floors 11 through 18. The office and hotel sections each have dedicated lobbies, elevators, and parking. The Westin hotel is expected to remain unaffected by the sale.
Newmark’s CJ Osbrink, Barry Gabel, and Chris Marchildon are managing the marketing and sale of the office portion. Although no official asking price has been announced, industry sources estimate the property could fetch a price in the low $40 million range.
This transition marks a notable change in downtown Phoenix’s office landscape, especially given the building’s prominence in the city skyline.
