December 7, 2009 (Phoenix, AZ) National is pleased to announce it is finalizing negotiations with two premiere tenants for its Central Park East project located in downtown Phoenix, Arizona.
The first of these tenants is Freeport-McMoRan Copper and Gold, Inc., the world’s largest publicly-traded copper mining company and downtown Phoenix’s signature Fortune 500 tenant. Freeport will occupy roughly 40% of the nearly half-million square-foot, 26-story building by mid-2010. Accordingly, the building will be renamed Freeport-McMoRan Center. The building will enhance both Freeport’s premier corporate image as well as operating efficiencies in its corporate headquarters.
National is also pleased to announce that it has signed a Letter of Intent with Starwood Hotels to operate a flagship Westin Hotel at the property. The project will set the standard for luxury business-class accommodations in downtown Phoenix and surrounding areas. The all-suite hotel will feature up to 276 spacious suites many of which will enjoy breath-taking views of the Phoenix metro area as well as the downtown skyline. Common amenities will include a signature restaurant and bar, over-sized health club and spa, a concierge lounge and approximately 14,000 square feet of meeting and function space. The Westin Phoenix Downtown will offer unmatched facilities and services and will be the hotel of choice for business travelers coming to the Valley of the Sun.
Central Park East, now Freeport-McMoRan Center
, is owned by an affiliate of the National Electrical Benefit Fund, whose investment in the project was originated and is managed by National Real Estate Advisors, LLC.
Specializing in real estate investments on behalf of large institutional investors, National Real Estate Advisors, LLC (National) manages more than $1 billion of client capital. To learn more about National, please visit our website at www.natadvisors.com