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Iconic Tampa City Center Trades for $110M
A partnership between Miami-based Banyan Street Capital and Oaktree Capital acquired Tampa City Center, a 38-story, 757,425-square-foot office tower in downtown Tampa, FL for $110 million. The Class A asset was sold by Bryn Mawr, PA-based Alliance Partners HSP.
The office tower at 201 N. Franklin St., is roughly 95% leased with notable tenants including Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore (a division of GE), CDW and PNC Bank. The 38th floor is occupied by The University Club, a business and social dining facility.
Cushman & Wakefield’s Mike Davis, Rick Brugge and Michael Lerner represented the seller. Cushman & Wakefield’s Jason Hochman, Chris Lentz, Michael Ryan and and Brian Linnihan assisted the buyer in securing an $84 million loan to acquire the property. The loan from HSBC Bank includes proceeds at acquisition, plus future funding for capital improvements to the building and tenant improvement costs.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition