Cushman & Wakefield Arranges Sale and Financing of Iconic Tampa City Center for $110M

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

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