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Phoenix’s Chase Tower Divested for $80M
Chase Tower, a 40-story office building in Phoenix, was acquired by a joint venture formed by Phoenix-based Wentworth Property Co. for $78.8 million. The 723,922-square-foot office tower at 201 N. Central Ave. was built in 1972, and has been the tallest building in Arizona for 45 years.
Phoenix – 201 North Central Avenue Property LLC., a JV formed by Wentworth and New York-based Taconic Capital Advisors L.P., also acquired a 1,900-space parking garage at 201 N. 1st St. The previous owner lost the asset to foreclosure.
The new owners plan to renovate the iconic tower that has commanded a dominant place on the downtown Phoenix skyline for decades. Primary tenant, JPMorgan Chase & Co., occupies the majority of office space in the nearly fully-leased building. That could change when Chase Bank takes occupancy of the Discovery Business Campus in Tempe.
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