Franklin Street closes out leasing for the highly visible Westshore Corporate Center by finalizing two major transactions: Amscot Corporation, currently one of the largest building tenants at 33,000 square feet, renewed its lease for an additional five years. Progressive Casualty Insurance expanded into 15,550 square feet of new space and renewed its existing 40,000- square-foot lease for a total of 55,550 square feet.
“With these two transactions, we are happy to say that the Westshore Corporate Center is completely filled,” said Clay Wommack, Director of Office Leasing for Franklin Street. “It’s the first time the building has been 100 percent occupied since early 2001. It’s also the first time in a long time that ownership has had multiple tenants vying for the same space.”
Westshore is one of the highest-demand Class-A office markets in the Tampa Bay area. With a total of 6.5 million square feet of multi-tenant office space available, all but 8 percent was occupied in the third quarter of 2016. Finding large blocks of contiguous space continues to be a challenge.
The Westshore Corporate Center is a 12-story, 173,566-square-foot building that sits at the southwest corner of Westshore Boulevard and I-275. This location has easy access to St. Petersburg, Clearwater and downtown Tampa, and is just minutes from Tampa International Airport and major retail and restaurant destinations.
Wommack represents the building’s owner. He said that Franklin Street exceeded its clients’ goals in both rental rates and occupancy, achieving 100 percent occupancy within ten months of taking on the assignment. He said that tenants continue to pay for quality buildings in prime locations with professional property management, amenities and well-capitalized ownership.
“The vacant spaces had multiple tenants lined up to sign leases,” said Wommack. “It has been several years since any ownership has had the ‘luxury’ of being able to select the right deal for the asset. When the right team is in place – ownership, operating partner and leasing team – creating value is easily achieved.”
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