New owners plan to renovate Chase Tower, Arizona’s tallest building

May 7, 2018, 4:40 AM
(Facebook Photo)...
(Facebook Photo)
(Facebook Photo)

PHOENIX — Chase Tower, the tallest building in Arizona, was recently purchased in a trustee sale for a bid worth $78.8 million.

Phoenix-based Wentworth Property Co. partnered with New York-based Taconic Capital Advisors LP to form the joint venture 201 North Central Avenue Property LLC, which purchased the 40-story Chase Tower, according to the Phoenix Business Journal.

Located in downtown Phoenix at the corner of Central Avenue and Van Buren Street, Chase Tower was built in 1972 and contains 723,922-square-feet of office space. The deal also includes an adjacent 1,900 space parking garage across the street east of the tower.

“We had an exceptional opportunity to become the owners of Phoenix’s most iconic office building,” said Jim Wentworth, principal with Wentworth Property Co., in a statement. “We are big believers in downtown Phoenix.”

The joint venture is in the design stages of a renovation project for the tower.

Most of the tower is fully leased, but JPMorgan Chase & Co. will move 2,000 workers to a new office space in Tempe, consolidating many of its Valley employees.

According to Wikipedia, Chase Tower is one of only two buildings in Arizona that stands taller than 400 feet, the other being the U.S. Bank Center. The buildings stand at 483 feet and 407 feet, respectively.

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New owners plan to renovate Chase Tower, Arizona’s tallest building