756,038-SF Portfolio Includes 501 E. Kennedy in Downtown Tampa as well as Cypress Center I-III and Westshore Corporate Center in the Westshore District
TAMPA, FL, November 25, 2019 – Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. The portfolio includes five diverse buildings located in Tampa’s top two office submarkets: the Central Business District and the Westshore Business District.
The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Executive Managing Director Rick Brugge, Director Rick Colon, Senior Financial Analyst Zachary Eicholtz and Financial Analyst Ryan Jenkins represented Angelo Gordon, a New York-based private equity real estate investment firm, in the disposition.
The buyer is a joint venture between Partners Group, a global private markets group based in Zug, Switzerland, and Parkway Property Investors, a fully integrated real estate investment, development and operating company with over $3 billion of assets under management across the mid-Atlantic and Sunbelt regions.
The portfolio includes 501 E. Kennedy in downtown Tampa, and four buildings in the Westshore District: Westshore Corporate Center, Cypress Center I, Cypress Center II and Cypress Center III. The properties were built between 1981 and 1988, and the overall occupancy was approximately 91% at the time of sale.
“With both Class A and B properties located in Tampa’s top two submarkets, this portfolio offered a rare element of diversification not seen in traditional offerings,” said Davis. “The combination of rapidly rising rental rates, surging employment metrics and the portfolio’s diversification allowed us to secure strong pricing from a variety of capital sources.”
501 E. Kennedy is a 19-story, 295,982-square-foot, Class A office tower. The asset is centrally located in downtown Tampa and amenities include an attached parking garage, conference/training center, state-of-the-art fitness center and employee lounge with a coffee bar. Ground-floor retail includes on-site banking, a hair salon, restaurant and bagel deli. The office tower is home to such notable tenants as Banker Lopez Gassler, P.A. and the Attorney General, as well as WeWork, which is expected to open in spring 2020.
Westshore Corporate Center is an 11-story, 173,142-square-foot, Class A office building located at 600 N. Westshore Blvd. The property is strategically positioned with excellent visibility and access to Interstate 275, where over 180,000 cars pass daily. Amenities include an outdoor covered terrace with seating, as well as an onsite parking garage that was recently updated with new elevator interiors and LED lighting. Notable tenants include Amscot and Progressive Insurance.
Cypress Center I, II and III are value-add, Class B assets located at 5404, 5310 and 5405 Cypress Center Drive, respectively. The three buildings comprise 286,914 square feet and notable tenants include Healthesystems and ADP. The Cypress Center park was recently updated with a new fitness center, electronic directories, an onsite deli and new monument signage. It also includes a parking garage and a 5.5.-acre pad suitable for up to 200,000 square feet of future Class A office space.
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida