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Tampa Bay Area
Business Observer Friday, Dec. 23, 2016 2 years ago

Citigroup deal is tops for Tampa in 2016

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At $116 million, Citigroup Technology Inc.'s purchase of the six-building office campus in Tampa that houses its Global Shared Service Operation Center will likely rank as the largest single-asset sale of 2016 on the Gulf Coast.
by: Kevin McQuaid Commercial Real Estate Editor

At $116 million, Citigroup Technology Inc.'s purchase of the six-building office campus in Tampa that houses its Global Shared Service Operation Center will likely rank as the largest single-asset sale of 2016 on the Gulf Coast.
Citigroup acquired the 72,000-

square-foot property earlier this month from an affiliate of U.S. Bank N.A., a trustee for Zurich Alternative Asset Management, according to Hillsborough County property records.

Zurich was represented in the sale by CBRE Group Inc. Senior Vice President Dale Peterson and Christian Lee, in the brokerage's Miami office.

Although the $174 million deal that Workspace Property Trust of Pennsylvania completed for Liberty Property Trust assets ranked higher in terms of price this year, that deal involved 34 buildings spread through the Tampa and St. Petersburg markets.

Built in 1998, the 3800 Citibank Center property contains a series of two- and three-story buildings on 92 acres in all, and is part of the larger Sabal Park corporate campus.

Zurich had owned the property since December 1999, when it paid $147 million to buy it — from Citigroup. The banking giant had acquired the land for its multibuilding complex two years earlier for $14.4 million, records show.

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