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Tallest Tampa Office Tower Changes Hands

4 months ago

The 572,111-square-foot property previously traded in 2007 for $151.9 million. The post Tallest Tampa Office Tower Changes Hands appeared first on Commercial Property Executive.

100 North Tampa is the tallest office building in the city, rising 42 stories. Image courtesy of JLL

The tallest office tower in Tampa, Fla., 100 North Tampa, has changed hands. PGIM Real Estate previously owned the 572,111-square-foot high-rise, according to CommercialEdge data. JLL Capital Markets represented the seller and procured the buyer.

The asset last traded in June 2007, when PGIM Real Estate acquired the property from AIG Global Real Estate for $151.9 million, the same source shows.

Metro Tampa registered $184 million in sales year-to-date as of May, according to the latest CommercialEdge office report. Assets traded for $172 per square foot on average, slightly above the $165 national threshold. The metro’s office vacancy rate stood at 13.1 percent, a 160-basis-point drop over a 12-month period.

The JLL Capital Markets team representing the seller included Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala, Senior Directors Matthew McCormack and Robbie McEwan along with Associates Blake Koletic and Max Lescano and Analyst Hunter Smith.

Tallest office building in Tampa

The LEED Gold-certified high-rise is at 100 N. Tampa St. in downtown Tampa and less than 8 miles from Tampa International Airport.

The tower came online in 1992 and was 83 percent leased at the time of sale by multiple blue-chip tenants, with a 17.7-year weighted average tenant tenure. Some of the companies that occupy space within the building include Foley & Lardner, J.P. Morgan, Morgan Stanley and Cushman & Wakefield, based on CommercialEdge information.

Formerly known as the Regions Building and the AmSouth Building, the tower rises 42 stories and was designed by HKS Inc. The building went through cosmetic renovations in 2013 and, more recently, underwent a $21 million upgrade that included a new lobby and tenant lounge, as well as updates to the conference and fitness centers.

Other amenities at the property include a bank branch, sundry shop and dry cleaning, along with some 11,000 square feet of retail space and 12 passenger elevators. The building also features floorplates averaging 22,000 square feet and EV charging stations.

The post Tallest Tampa Office Tower Changes Hands appeared first on Commercial Property Executive.