Tampa, FL – April 2, 2014 – – CBRE has been appointed exclusive advisor in marketing the 281,187-square-foot, institutional-grade Fifth Third Center office building for sale, located at the epicenter of downtown Tampa.
The property, located at 201 East Kennedy Boulevard in the heart of downtown Tampa’s central business district (CBD), is a “core-plus” investment opportunity with well-stabilized income supported by a solid and diverse base of credit tenants. The building’s current occupancy of 87% and a remaining weighted average lease term of approximately 4 years will have wide investor appeal, providing stable term income with value add upside potential. It will appeal to core investors looking for quality and yield who want to establish a significant presence in Tampa or add a prestigious asset to their existing portfolio. CBRE will be widely marketing the property to qualified investment groups based in the United States, Asia, Europe, the Middle East and Australia.
“With approximately four years of weighted average lease term remaining, a well-balanced lease expiration schedule and no foreseeable capital expenditure required, Fifth Third Center is well positioned for stable, long-term income growth and capital appreciation,” said Dale Peterson of CBRE, Inc.
This unique urban asset attracts premier tenants as a result of its quality and highly visible location, exceptional on-site amenities, superlative ease of access, efficient floor plates, and proximity to local amenities. Building amenities include on-site banking and ATM, café, valet parking, conference rooms, a covered sky bridge connecting to Bank of America Tower/Tampa Club, and a 24-hour/7-day security presence. These amenities are supplemented by nearby lodging, restaurants, meeting and retail amenities. Additionally, the Hilton Hotel is just across the street from the Property.
The property enjoys a diverse roster of well-known quality credit companies. These include Fifth Third Bank (50,458 SF until 2021), Deloitte (26,462 SF until 2016), Saxon Gilmore (16,489 SF until 2017), Skoda Minotti (14,018 SF until 2024), United States Government (11,702 SF until 2018), and Marshall, Dennehey (10,347 SF until 2020).
Even with the anticipated increase in market rents, Tampa’s CBD rents are still not yet near the level needed to justify new construction. Consequently, the market will not see new office development for the foreseeable future. “This barrier to entry alone makes Tampa’s CBD a great place to invest at a price well below replacement cost,” said Peterson.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.