Cushman & Wakefield announced this week that it had arranged to sale of Tampa City Center for $128,125,000 in what brokers call the largest transaction in the area in recent memory. The building was sold by One Tampa City Center LLC, a joint venture between Carval Investors of Minneapolis and Mainstreet Capital Partners of Fort Lauderdale, and purchased by Alliance Partners of Bryn Mawr, Pennsylvania, the East Coast operating arm of Hawaii-based Shidler Group. The transaction was managed by Cushman & Wakefield Executive Director Mike Davis, Director Rick Brugge, Executive Director David Meline, and Senior Director Michael Lerner.
"City Center is one of Tampa's most prestigious office properties, and it delivers unparalleled comfort, convenience and service in the heart of downtown Tampa," said Mike Davis, Cushman & Wakefield Executive Director, Capital Markets. "This transaction is further proof that Tampa Bay's commercial real estate market has returned to health."
Located at 201 N. Franklin Street, the 38-story office tower containing 749,035 square feet of Class A office space was 88% leased at the time of sale with major tenants including Merrill Lynch, University Club, Bank of Tampa, Florida Bank, Ernst & Young, PNC Bank, Verizon, and Northwest Mutual Insurance Company. The tower was built in 1981, and was the city's tallest building until 1986; in 2013 it won an EARTH Award from the Building Owners and Managers Association (BOMA).
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