Trinity Capital has committed to a long-term lease at 333 Tower, the Class A office component at 333 N. Central Ave. in downtown Phoenix. The company is taking 75,000 square feet and will occupy the tower’s top two-and-a-half floors. As part of the lease, Trinity Capital has also secured rights to building-top signage, giving the firm prominent visibility in the downtown skyline.
The office space at 333 Tower sits above the Westin Phoenix Downtown, a 242-room upscale hotel, creating a mixed-use environment that combines hospitality and office uses within a single property. Ownership of the building is held by Foundation 8, which has been repositioning the office portion of the tower following a major tenant departure.
Previously, the office space in the building was fully occupied by a single tenant, Freeport-McMoRan. After that tenant moved out, Foundation 8 shifted the asset from a single-tenant configuration to a multi-tenant office setting. Trinity Capital’s lease marks a significant commitment within this new multi-tenant framework and further establishes the building’s role as a modern downtown office destination.
In support of its strategy for the property, Foundation 8 recently closed a $44,500,000 loan secured by the office component of the tower. The financing aligns with a broader business plan for the next phase of the asset, which calls for enhancements to both the tenant and visitor experience. According to the owner, planned additions include a rooftop restaurant and bar, a ground-floor coffee shop and cafe, and a dedicated conference center.
Newmark brokered the lease agreement on behalf of Foundation 8. The ownership was represented by Newmark professionals Brett Abramson, Chris Latvaaho and Chris Beall. Trinity Capital was represented by Cushman & Wakefield, with Chris Nord and Nikki Tate leading the assignment for the tenant. With the lease in place and capital recently secured for the office portion, the property is positioned to continue its transition from a single-tenant corporate tower to a multi-tenant office environment anchored above an upscale hotel.
