Alliance Partners HSP Sold the Class A Downtown Tampa Office Tower to
a Partnership Between Banyan Street Capital and Oaktree Capital
TAMPA, Fla.--(BUSINESS WIRE)--
Cushman
& Wakefield (NYSE: CWK) has arranged the sale and financing of
Tampa City Center, a 38-story, 757,425-square-foot office tower in
downtown Tampa. The Class A property sold for $110 million to a
partnership between Banyan Street Capital and Oaktree Capital.
Banyan
Street Capital is a Miami-based firm that owns and operates premier
office assets in multiple markets in the eastern United States. Oaktree
Capital is an institutional investment advisor with offices
nationally and abroad.
The Cushman & Wakefield team of Vice Chairman Mike
Davis, Executive Director Rick
Brugge and Executive Director Michael
Lerner represented Alliance
Partners HSP in the disposition. Based in Bryn Mawr, Pa., Alliance
Partners HSP is a boutique real estate investment and operating company
focused on the eastern United States.
Senior Director Jason
Hochman, Senior Director Chris
Lentz, Executive Managing Director Michael
Ryan and Executive Director Brian
Linnihan of Cushman & Wakefield’s Equity,
Debt & Structured Finance Group assisted the buyer in securing
an $84 million loan to acquire the property. The loan from HSBC Bank
includes proceeds at acquisition plus future funding for capital
improvements to the building and tenant improvement costs.
Additionally, Banyan Street Capital and Oaktree Capital have retained
Cushman & Wakefield to continue leasing and management for the property.
The leasing team is led by Managing Director Barry
Hanerfeld and Senior Director Barry
Oaks.
The office tower is approximately 95 percent leased with notable tenants
including Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore
(a division of GE), CDW and PNC Bank. The 38th floor is occupied by The
University Club, one of the preeminent business and social dining
facilities in Tampa Bay.
At 201
N. Franklin St., Tampa City Center is situated at the epicenter of
Tampa’s Central Business District 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 the Tampa Bay. Its recently updated two-story
lobby features a combination of polished and flame-cut granite floors
and walls, modern seating and lighting, and a deli/convenience store.
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 low-cost covered parking.
“Tampa City Center’s unmatched location and connectivity to the Hilton
hotel, Fort Brooke parking garage, Starbucks and The University Club
differentiates this asset from all others in the CBD,” said Davis. “As
demand continues to grow in downtown, this asset will provide
exceptional investor returns and shall remain the location of choice for
amenity-driven tenants.
This sale marks the third time Cushman & Wakefield has represented an
owner in the disposition of Tampa City Center. The team of Davis, Brugge
and Lerner also represented the previous ownership in selling the
property to Alliance Partners HSP in 2014.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services
firm that delivers exceptional value by putting ideas into action for
real estate occupiers and owners. Cushman & Wakefield is among the
largest real estate services firms with 48,000 employees in
approximately 400 offices and 70 countries. In 2017, the firm had
revenue of $6.9 billion across core services of property, facilities and
project management, leasing, capital markets, advisory and other
services. To learn more, visit www.cushmanwakefield.com
or follow @CushWake
on Twitter.
Source: Cushman & Wakefield
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181029005792/en/
Cushman & Wakefield
Brad Dugard
Vice President, Global
Corporate Communications
+1 416 359 2545
brad.dugard@cushwake.com
Source: Cushman & Wakefield