Managing Director and Principal Ken Lane spearheads retention of JP Morgan Chase for 62,114 square feet in Westshore Central Business District Office Building
Tampa, FL — Avison Young, the world’s fastest-growing commercial real estate services firm, completed the largest office lease in Tampa to date in 2014 at Memorial Center, a 183,047-square-foot class B office property located in Westshore’s central business district at 4919-4921 Memorial Highway in Tampa, Fla.
Ken Lane, Managing Director and Principal of Avison Young’s Tampa office, completed the 62,114 square foot lease to retain JP Morgan Chase at Memorial Center on behalf of the landlord, Tampa Memorial Center, LLC.
Leasing activity is picking up according to market reports, as downward pressure on vacancy rates and no new construction are putting upward pressure on rent rates. “We are seeing a trend of tenants feeling greater urgency to complete transactions and looking to begin discussions further out from lease expiration than in previous years,” said Mr. Lane.
Spanning three-stories across two buildings, Memorial Center’s Westshore address is conveniently located at the crossroads of the Memorial Highway and Veterans Expressway. “With more than 100,000 employees living within 3 miles of the property according to the 2012 census, the appeal of this market, and in particular this building, we believe we will continue to see an uptick in leasing activity, increases in asking rents and a sustained downward trend in vacancy throughout the next year,” said Lane.
The property offers 24-hour building access, 5/1,000 covered parking ratio and an on-site deli, in addition to a hotel next-door for corporate clients.
Avison Young’s Tampa operations provide best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young in Tampa, please contact Mr. Lane at(813) 288-1800 or visit http://www.avisonyoung.com/offices/tampa.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,500 real estate professionals in 58 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.