Wentworth Property Co. and CBRE Phoenix

Chase Tower in Phoenix is Arizona's tallest building at 483 feet.

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.