Phoenix Office Tower Lands Major Tenant
The office component is being reworked to support multiple tenants.
Trinity Capital has signed a long-term lease at 333 Tower, a Class A office tower at 333 N. Central Ave. in downtown Phoenix, where Trinity will occupy the property’s top two-and-a-half floors and secure building-top signage rights. Foundation 8 owns the building, while Newmark brokered the agreement.
Acquired by Foundation 8 at the end of 2025, 333 Tower’s office component is being transformed from a single-tenant occupancy model into a multi-tenant workplace destination designed to attract companies seeking high-quality headquarters space in Phoenix’s urban core.
The building was previously fully occupied by international metals company Freeport-McMoRan, according to Yardi Matrix.
Situated atop the Westin Phoenix Downtown, 333 Tower is a 26-story mixed-use high-rise with floor plates of about 30,000 square feet, floor-to-ceiling glass and structured parking. Foundation 8’s plans for the property’s next phase include a rooftop restaurant and bar, a ground-floor coffee shop and café, a dedicated conference center and additional hospitality-driven amenities.
DeBartolo Architects is designing the tenant improvements for Trinity Capital and the property’s planned hospitality spaces.
According to Foundation 8, about 165,000 square feet of office space remains available for lease at 333 Tower, including a large contiguous block.
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Newmark Senior Managing Director Brett Abramson, Managing Director Chris Latvaaho and Director Chris Beall represented Foundation 8 in the transaction. Executive Managing Director Chris Nord and Senior Associate Nikki Tate of Cushman & Wakefield represented Trinity Capital.
A mixed outlook for Phoenix offices
In May, Lincoln Property Co. broke ground on Sky Harbor Logistics, a 256,000-square-foot office-to-industrial redevelopment that will bring a two-building, Class A logistics campus to an infill site in Tempe, Ariz. Completion is scheduled for spring 2027. The redevelopment will bring the property full circle, because the site was developed for industrial use in 1977, then converted to office use in 2018.
More recently, a Yardi Matrix report noted that metro Phoenix topped the other four leading Western markets (Denver, Las Vegas, Tucson and Boise) for year-to-date office property sales volume, at $522.8 million.
The data also revealed a conundrum, however. Even as both sales dollar value and total square footage sold rose year-over-year, office space pricing declined by 27.3 percent over the same period.
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