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Commercial Real Estate
Business Observer Monday, May 6, 2019 2 months ago

100 N. Tampa tower coming to market

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Tampa's tallest office building has been owned since 2007 by Prudential Real Estate
by: Kevin McQuaid Commercial Real Estate Editor

Don’t be surprised if downtown Tampa’s tallest building becomes the next major downtown office tower to trade hands.

Prudential Real Estate, which has owned the 42-story skyscraper at 100 N. Tampa St. since June 2007, has retained commercial real estate brokerage firm Holliday Fenoglio Fowler to market the building for sale.

HFF is seeking $375 per square foot for the tower, which contains roughly 554,000 square feet of rentable office and retail space, industry sources with knowledge of marketing materials say.

At that price, the tower would fetch a record $207.75 million and generate a robust return for Prudential, which acquired the building for estimates that range from $127 million to $150 million.

HFF officials involved in the marketing efforts could not be reached for comment.

The 26-year-old building could garner in excess of $200 million based on its tenant base and rent roll. Currently, 100 N. Tampa is 99% occupied by law firms Foley & Lardner and Holland & Knight, investment house Morgan Stanley.

In addition to its Class A offices, the building also contains a Regions Bank branch on its ground floor, a fitness center, dry cleaner, sundries store and full-time concierge. A 603-space parking garage also is connected to the tower for tenants’ use.

The 100 N. Tampa tower also is, for now at least, the newest downtown office structure, opened in June 1992.

The building has long been on the vanguard of environmental sustainability, too, for energy efficiency and conservation. In 2009 and again in 2014, the former Regions Bank Building achieved Leadership in Energy and Environmental Design (LEED) Silver status from the U.S. Green Building Council.

The Building Owners and Managers Association (BOMA), a national industry trade group, has also given the tower its BOMA 360 certification, its highest honor.

Prudential and Cushman & Wakefield, which manages the building, also have been lauded for their maintenance of 100 N. Tampa and their willingness to make upgrades.

Cushman & Wakefield is currently overseeing $5 million in improvements to the high-speed elevators in the tower, which was designed by HKS Architects and developed by a joint venture between Paragon Group Inc. and AIG Real Estate Investment and Management Co. Inc.

For HFF, selling 100 N. Tampa also represents a bit of a coup.

In addition to managing the tower, Cushman & Wakefield also oversees leasing there and its Tampa-based capital markets team has been instrumental in disposing of numerous downtown assets over the past three years.

Moreover, rival CBRE Group brokered the deal in which Prudential, an affiliate of the New Jersey-based insurance giant, bought the building nearly a dozen years ago.

 

 

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