Tampa, FL — Avison Young, the world’s fastest growing commercial real estate services firm, completed the sale of a fully-leased 21,595 square foot class B office building located at 5517 West LaSalle Street in the Westshore Central Business District of Tampa, Fla. Avison Young’s Trey Carswell, Principal, and Lauren Coup, Vice President, represented the seller, 3444 Memorial, LLC, in the disposition of the asset which represents robust investment sales activity in the Westshore office market.
Overall, investment sales remain strong throughout Tampa with class B and C properties leading the activity. “Westshore is Hillsborough County’s leading employment center and the largest submarket in the State of Florida, making it a highly sought after area for investors interested in purchasing quality properties,” said Mr. Carswell. “Our strategic marketing efforts enabled us to source a quality buyer within just 30 days of listing the property.”
Avison Young was selected to execute the sale of this asset as part of an integrated, long-term plan created with the seller to maximize the value of the asset. The building was originally empty when Avison Young was awarded the property as a leasing assignment, and in December of 2013, the firm secured 100 percent occupancy by leasing the entire building to New York Life Insurance, a highly desirable tenant.
“The quick sale of this asset is a testament to the area’s high demand for quality opportunities amongst investors seeking to purchase,” said Ms. Coup. “The recently renovated building within this highly sought after Westshore submarket coupled with the appeal of the building being 100 percent leased to a high caliber financially secure Tenant made 5517 West LaSalle Street stand out in the market.”
Dubbed the New York Life Building, 5517 West LaSalle Street is part of a growing trend of properties in the bustling Westshore submarket to undergo extensive modernization updates with recent renovations totaling over $1 million. Situated proximate to the area’s busiest thoroughfares with viewable signage from the heavily traveled Memorial Highway/Veterans Expressway, the building affords its tenant convenient access to the entire Tampa Bay region being just minutes from Interstate-275, the Veteran’s Expressway, State Road-60 and the Tampa International Airport. The address is surrounded by appealing entertainment, dining and retail options including International Plaza and Bay Street, Westshore Plaza, Raymond James Stadium and Steinbrenner Field.
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. Carswell at (813) 444-0627 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 59 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.