Trinity Capital Signs Long-Term Lease for Top Floors at 333 Tower in Downtown Phoenix
Trinity Capital has signed a long-term lease at 333 Tower, the Class AA office tower at 333 N. Central Avenue in Downtown Phoenix, Newmark and Foundation 8 announced Oct. 15. The company will occupy the building's top 2½ floors and will hold prominent building-top signage rights.
Newmark represented ownership, Foundation 8, in the transaction. Cushman & Wakefield represented the tenant. The lease is a milestone for Foundation 8, which acquired the office component of the property at the end of 2025 and is converting it from a single-tenant model into a multi-tenant workplace.
Brokers and Parties in the 333 Tower Lease
Newmark Senior Managing Director Brett Abramson, Managing Director Chris Latvaaho and Director Chris Beall represented Foundation 8. Chris Nord and Nikki Tate of Cushman & Wakefield represented Trinity Capital.
Trinity Capital CEO Kyle Brown said the company's roots in the city were central to the decision. "Phoenix has been our home since we started back in 2008, and that connection is central to who we are," Brown said. "We're excited about our growth trajectory here at TRIN and proud to remain committed to the innovative business community in Downtown Phoenix for many years to come."
Kenneth Losch of Foundation 8 said the lease supports the owner's strategy. "Trinity Capital's commitment to 333 Tower is an important step in realizing our vision for the property," Losch said. "We acquired the asset with the goal of creating one of Downtown Phoenix's premier workplace destinations. This lease not only validates that vision but also establishes momentum as we continue to attract exceptional companies and invest in an unparalleled workplace experience."
About the 333 Tower Property
Situated atop The Westin Phoenix Downtown, 333 Tower is a 26-story mixed-use high-rise with floor plates of approximately 30,000 square feet, floor-to-ceiling glass, structured parking and views across the Valley. Based on those floor plates, the 2½ floors Trinity Capital will occupy would equate to roughly 75,000 square feet, subject to final floor configurations and common-area allocations.
The office component totals approximately 246,490 square feet across the tower's top eight floors, plus 2,522 square feet of ground-floor retail and rooftop amenity rights. The lower portion of the building contains the 242-key Westin Phoenix Downtown, which is separately owned and was not part of Foundation 8's acquisition. Public property data indicates the building was constructed around 2007 to 2010, with a renovation reported in 2010.
The tower was formerly associated with Freeport-McMoRan, which began vacating the building during the pandemic. The building is also subject to a City of Phoenix ground arrangement involving a 50-year government property lease excise tax, or GPLET, under which the city owns the land while a private entity operates the tower.
Repositioning Plans: Rooftop Restaurant and Bar, Café and Conference Center
Foundation 8 is investing in the next phase of the property, including a rooftop restaurant and bar, a ground-floor coffee shop and café, a dedicated conference center and additional hospitality-driven amenities. Ownership is actively seeking an operator for the rooftop restaurant and bar. DeBartolo Architects is designing the tenant improvements for Trinity Capital and the property's forthcoming hospitality offerings.
Jack DeBartolo III of DeBartolo Architects said the project aims to treat the workplace as an experience. "333 Tower offers an opportunity to reimagine the workplace as an experience, one that brings together architecture, hospitality and human connection," DeBartolo said. He added that the approach is "rooted in simplicity, clarity, and a deep respect for the building's inherent qualities, using natural light, panoramic views, and thoughtful material choices to create spaces that engage the senses, support well-being, and connect people to place."
Foundation 8 recently secured a $44.5 million first-mortgage loan from Hilco Global against the office component. The collateral includes the 246,490-square-foot office portion, ground-floor retail, rooftop rights and shared parking access. The loan equates to roughly $181 per office square foot of proceeds, a financing metric rather than a sale price or appraised value.
Approximately 165,000 square feet of office space remains available for lease, including a large contiguous block suited to headquarters users and growing companies.
Downtown Phoenix Office Market Context
Phoenix's office market remains split by quality. Overall office vacancy was 23.3% in the second quarter of 2026, down 100 basis points from a year earlier. Class A vacancy was higher at 28.1%, while Class B vacancy was 18.4% and Class C vacancy was 9.9%.
Troy Harris of Foundation 8 pointed to those conditions in explaining the acquisition. "We bought 333 Tower knowing the market had very little Class AA space remaining," Harris said. "There is a clear flight-to-quality occurring, and with no new construction on the horizon, we knew we had something special with this building – Trinity Capital's recent lease confirms that. With a rooftop bar and restaurant, as well as a ground-floor coffee bistro on the way, we're excited about what's next for 333 Tower."
Abramson of Newmark said the property offers a combination of features that is hard to find. "333 Tower offers a combination of trophy quality, large block availability and an abundant amenity base that is increasingly difficult to find in today's market," Abramson said. "Foundation 8 has created a compelling vision for the property, and Trinity's commitment is a strong endorsement of that strategy. We expect continued interest from tenants seeking a differentiated workplace environment in Downtown Phoenix."
The firms said the lease signals growing demand for highly amenitized, large-block office opportunities in Downtown Phoenix.
About Foundation 8 and Newmark
Foundation 8, backed by GIA and Trillium, describes itself as a hands-on ownership group with a long-term commitment to 333 Tower. Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisor and service provider that reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and operates from over 195 offices with more than 10,000 professionals across four continents.
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