Colliers International Tampa Bay brokered the sale for New York-based Sterling Equities
Tampa, Fla. (Nov. 7, 2016) – New York-based Sterling Equities has announced the sale of Park Tower, a 476,000-square-foot, 36-story office building in the heart of Tampa’s Central Business District. The property, which was the first high-rise tower built in downtown Tampa, sold to a joint venture between NYSE-listed City Office REIT, Tower Realty Partners and Feldman Equities for $79.75 million.
John F. Gerlach, CCIM, Managing Director of Office Services with Colliers International Tampa Bay, represented Sterling Equities and joint owner PT Associates, L.P. in the transaction.
Since acquiring the property in 2006 from Colonial Properties Trust, Sterling Equities has invested $5.8 million in capital improvements into Park Tower to modernize common areas, upgrade electrical and lighting systems, and add Class A finishes. The investment resulted in the property achieving the distinguished LEED-EB Gold designation, a 98 percent Energy Star Rating and The Office Building of the Year (TOBY) awards in both 2013 and 2014.
Built in 1973, Park Tower was the first high-rise office tower built in downtown Tampa and overlooks such downtown features as the Hillsborough River, the Tampa Riverwalk pedestrian trail and Curtis Hixon Waterfront Park. Its diversified mix of tenants includes the United States Government, BB&T, Nestle, Lykes Bros. Corp. and Level 3 Communications.
“This has been a very exciting real estate investment for our firm,” said Robert Bergman, Senior Vice President of Sterling. “Park Tower and its tenants are benefiting from the economic revitalization occurring in downtown Tampa. We’re proud that we were able to contribute to this growth.”
Added Colliers’ Gerlach: “Sterling’s significant efforts to modernize Park Tower have allowed this property to create a niche in the market place: Class A interior improvements, and rents under the Class A competing properties. The property offers a central location in an increasingly important area of downtown Tampa, as well as a strong focus on energy efficiency.”
About Sterling Equities
Founded in 1972, Sterling Equities is a diversified, family-run group of companies guided by the values of partnership and civic responsibility. Its portfolio is focused on holdings in real estate, sport and media. Highlights include the New York Mets, SportsNet New York, real estate investment portfolios, related real estate services businesses and private equity.
About City Office REIT (NYSE: CIO)
City Office REIT is a Maryland corporation focused on acquiring, owning and operating high-quality office properties located primarily in metropolitan areas in the Southern and Western United States. City Office currently owns or has an interest in 4.0 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
About Colliers International Group, Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
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