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Arizona’s Tallest Building — Chase Tower — Gets New Owner

A joint venture, managed by Phoenix-based Wentworth Property Company, bought the 40-story Chase Tower in downtown Phoenix.

Business Real Estate Weekly reports the building went into foreclosure and a Wentworth entity paid $78.8 million, compared to $166.935 million when it sold in 2007.

The title also includes a 1,900 space parking garage adjacent to the 483-foot tall building. A Wentworth spokeswoman told KJZZ a project team will spend the next couple months working on renovation plans.

Chase, the main tenant, plans to move many employees to a new campus in Tempe later this year. The building at the southeast corner of Central Avenue and Van Buren Street has been the tallest since it was constructed in 1972.

As a senior field correspondent, Christina Estes focuses on stories that impact our economy, your wallet and public policy.