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Commercial Real Estate
Business Observer Friday, Jul. 5, 2019 3 months ago

100 N. Tampa St. pulled from the market

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PGIM elects to retain ownership of 42-story downtown Tampa office tower
by: Kevin McQuaid Commercial Real Estate Editor

PGIM Real Estate, the successor to Prudential Real Estate Investors and a firm with more than $33 billion in assets under its control, has yanked one of downtown Tampa’s pre-eminent office towers from the market, according to multiple commercial real estate sources.

The New Jersey-based asset manager and landlord earlier this year offered 100 N. Tampa St. for sale via commercial real estate brokerage Holliday Fenoglio Fowler L.P. (HFF)

The potential sale garnered considerable buzz because the 42-story skyscraper was expected to fetch a record price for a single downtown Tampa office tower — in excess of $200 million.

100 N. Tampa also represents one of the few Class A office properties in downtown Tampa not to have traded hands over the past decade.

Offering documents indicated HFF was seeking $375 per square foot for the 552,610-square-foot building, the city’s newest at 27 years and its tallest. Prudential paid a reported $127 million for 100 N. Tampa a dozen years ago.

The brokerage had apparently gone through at least one round of bidding for the tower and was preparing to ask investors for “best and final” offers this month.

But PGIM, in what some contend is a vote of confidence in the long-term viability of the downtown Tampa office sector, apparently had a change of heart and decided to hold onto the property and its solid rent roll.

100 N. Tampa is currently 96% occupied by law firm Holland & Knight, investment house Morgan Stanley, accounting firm KPMG, insurer AIG and Regions Bank, among others.

PGIM officials declined to comment on its decision and HFF officials did not respond to requests for comment.

HFF continues to list 100 N. Tampa among its properties for sale on its website, however, together with a host of other Gulf Coast assets. In addition to 100 N. Tampa, HFF is selling the 235-unit 500 Harbour Island apartment tower in downtown Tampa; the four-building Gateway Professional Center office complex in Sarasota; and the Fountain Square II office project, also in Tampa.

For its part, 100 N. Tampa has been recognized as one of the most environmentally progressive in Florida, as well, capturing Leadership in Energy and Environmental Design (LEED) Silver status from the U.S. Green Building Council and the Building Owners and Managers Association’s highest environmental certification.

 

 

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