Cushman & Wakefield Announces Sale of Tampa City Center for $128,125,000

Cushman & Wakefield Announces Sale of Tampa City Center for $128,125,000
Tampa, FL, October 30, 2014 --( Cushman & Wakefield announced today that its Capital Markets Group represented One Tampa City Center, LLC, a joint venture between Carval Investors of Minneapolis and Mainstreet Capital Partners of Fort Lauderdale, in the sale of Tampa City Center, a 38-story office tower containing 749,035 square feet of Class A office space, for $128,125,000. The transaction was managed by Cushman & Wakefield Executive Director Mike Davis, Director Rick Brugge, Executive Director David Meline, and Senior Director Michael Lerner.

Cushman & Wakefield’s Atlanta-based Equity Debt and Structured Finance Group arranged an acquisition loan on behalf of the buyer, Alliance Partners, the East Coast operating arm of the Shidler Group, a commercial real estate investment, development, and management firm. GE Capital Corp. provided the senior debt.

"City Center is one of Tampa’s most prestigious office properties, and it delivers unparalleled comfort, convenience and service in the heart of downtown Tampa," said Mike Davis, Cushman & Wakefield Executive Director, Capital Markets. "This transaction is further proof that Tampa Bay’s commercial real estate market has returned to health."

Located at 201 N. Franklin Street, Tampa City Center is in the heart of the city’s central business district and is the downtown’s second-largest office building. It was built in 1981 and it was Tampa’s tallest building until 1986. Notable tenants include Merrill Lynch, University Club, Bank of Tampa, Florida Bank, Ernst & Young, PNC Bank, Verizon, and Northwest Mutual Insurance Company.

It has the prestigious LEED Gold certification for environmental sustainability. In 2013, the building won an EARTH Award from the Building Owners and Managers Association (BOMA). The EARTH Award recognizes environmentally friendly and energy efficient buildings.

The building is equipped with the latest Verizon SmartCenter telecommunications capabilities; moreover, it’s directly linked to the downtown’s largest and most centralized city-owned parking garage, the 2,523-space Fort Brooke garage--a feature that provides tenants with excellent convenience.

About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
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