TAMPA, FL, March 4, 2020 – A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) has announced the commencement of a $14 million capital improvement project for Tampa City Center, a 38-story, 757,425-square-foot office tower in downtown Tampa. The makeover follows the partnership’s acquisition of the Class A property for $110 million.
Tampa City Center is Banyan Street Capital’s third and most recent office tower acquisition in downtown Tampa (and second with Oaktree), joining Rivergate Tower at 400 North Ashley Drive and Bank of America Plaza at 101 East Kennedy Blvd. in its portfolio. The combined Banyan Street Tampa portfolio now comprises just over 2 million square feet of the roughly 6 million square feet of office inventory in the Central Business District (CBD).
“We’re thrilled to kick off the long overdue capital improvement plan at Tampa City Center. Our investment thesis in Tampa has proven out in dramatic fashion with downtown demand being as high as we’ve ever seen. By adding exciting new amenities and strategic design updates, we hope to deliver best-in-class environments for our tenants and their employees, at multiple price points across the CBD,” said Rudy Prio Touzet, Chief Executive Officer of Banyan Street Capital.
The renovations at 201 N. Franklin St. will commence in the second quarter of 2020 and are expected to be complete by the fall. The Gensler-designed project will include notable aesthetic improvements to the building’s main lobby and second-floor concourse, multi-tenant elevator landings, corridors and restrooms, as well as re-programming of the historic Franklin Street Esplanade.
“The new design maintains some classic stone, while introducing clean modern elements like green walls, white Venetian plaster, metals and bold lighting. The central feature, a white lighting ribbon that extends from the street entry and brings people to the second floor, will emphasize the movement of people and intersections and add several touchdown locations, as well as private seating areas and intriguing artwork,” said Noah Rollins, project designer.
Added Zac Gruber, Banyan Street Capital’s Managing Director of Asset Management, “The lobby of Tampa City Center has been a functional crossroads for Tampa’s downtown core for over 40 years. In that time period, the primary common areas have received only modest capital investment limited mainly to furniture and fixtures. The two-story lobby physically connects several of downtown’s most prominent venues including the Hilton, the University Club, the Tampa Chamber, the Franklin Street Esplanade and the Fort Brooke garage. We couldn’t be more excited at the opportunity to redefine this iconic connection point.”
Tampa City Center is approximately 94% leased with notable tenants including Ernst & Young, Deloitte, Visit Tampa Bay, Morgan & Morgan, PNC Bank, FieldCore (a division of GE), Coca-Cola and CDW. The 38th floor is occupied by the University Club, one of the preeminent business and social dining facilities in Tampa Bay.
At the intersection of North Franklin Street and East Jackson Street, the office tower is situated at the epicenter of Tampa’s Central Business District (CBD), near an abundance of dining options, hotels, and recreational venues such as the Tampa Riverwalk and Amalie Arena. A LEED Gold® property, it offers panoramic views of downtown, the Hillsborough River and Tampa Bay. Its main lobby features a spacious seating area, onsite banking and a cafe/market. Tenants also have access to a fully equipped conference room that seats 76 people.
The building connects via skybridge to the Hilton Tampa Downtown, which offers 520 rooms and 30,000 square feet of meeting and conference space, as well as 211 Restaurant and Starbucks. It also connects to the City-owned Fort Brooke parking garage, which provides abundant covered parking.
“One of Tampa’s first high-rise office towers, Tampa City Center has been an iconic component of the downtown Tampa skyline for nearly 40 years, offering an unmatched location and array of amenities,” said Cushman & Wakefield’s Mercedes Angell, whose team leads the leasing efforts. “Banyan Street and Oaktree’s investment into this building will reinforce its position as the true center of downtown Tampa and will bring it into its next life cycle.”
Added Cushman & Wakefield’s Barry Oaks, “As Downtown Tampa experiences a flurry of new development, these planned improvements will help Tampa City Center remain a top choice among office users who want to be in a central downtown location.”
About Banyan Street Capital:
Banyan Street Capital is a premier owner and operator of office buildings in the eastern United States. As a full-service, vertically-integrated real estate investment firm, Banyan Street Capital always seeks to add value and deliver high risk-adjusted returns to its investors. With its headquarters in Miami, Florida, and regional offices in New York, Atlanta, and Jacksonville, Florida, as of September 30, 2018, Banyan Street Capital owned and managed a portfolio of over 13 million square feet, with an estimated value of over $3 billion.
About Oaktree Capital Management:
Oaktree is a leader among global investment managers specializing in alternative investments, with $125 billion in assets under management as of December 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 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