AZ Mining Company HQ On the Block

The Freeport-McMoRan headquarters building in Phoenix is nearly vacant. The mining company has been slowly moving workers to the Cotton Center business park and leaving its 250,000-square-foot digs.

The Phoenix Business Journal reports the building owner, REIT Peakstone Realty Trust (NYSE: PKST), is putting its interest in the building — now called 333 North Central — on the market. The building is a 26-story mixed-use, high-rise tower. The office component of the building comprises the top eight floors, while the 242-room Westin Phoenix Downtown hotel occupies floors 11 through 18. The office and hotel components have their own separate lobbies, elevators and their own parking. Upon acquisition, the Westin hotel will not be impacted.

Newmark’s CJ Osbrink, Barry Gabel and Chris Marchildon are handling the sale. No asking price has been publicized but the team believes the office will trade in the low $40 million price range.

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