Newmark, as exclusive advisor, is pleased to present the opportunity to acquire a ±249,012 SF condominium interest in 333 North Central Avenue, Phoenix, Arizona (the “Property”), a Class AA mixed-use trophy high rise tower in the heart of Downtown Phoenix, AZ. Originally designed by The Smith Group and developed by Mesirow Financial, this mixed-use 26-story tower totals ±520,000 SF, of which the offering includes ±249,012 SF across 8-levels of premier office, a ground floor lobby, adjacent ground floor ±2,522 SF retail space, and rights to 514 parking spaces in a secured,9-level parking structure. The condo interest being offered in this tower is shared with the Westin Phoenix Downtown, a 242-room luxury hotel with a fitness center, conference facilities and Jacy & Dakota’s restaurant. Constructed in 2010, 333 N Central is one of Downtown Pho enix’s newest high-rise properties offering institutional-quality construction and finishes, world-class architecture and magnificent views of all of Metro Phoenix. This is the first time since inception that this one-of-a-kind office tower has been made available for new occupancy and is being offered at a fraction of replacement cost, estimated to be in excess of $750 PSF!
This premier offering includes ±1.6 years remaining of investment grade income from the building’s only office tenant, Freeport McMoRan, which is contractually committed to their lease for the first floor and floors 19-26 through 5/16/2027. The Tenant is occupying the 19th floor, and is nonoperational in the balance of their leased premises, thus al lowing an opportunity to further reduce basis via cash flow and/or utilize for a prospective tenant lease buyout. Additionally, the Property is afforded “better than fee simple” property tax treatment via a long term GPLET (Government Property Lease Excise Tax) providing abated/significantly reduced property taxation through 2060.