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Sarasota-Manatee
Business Observer Monday, Sep. 19, 2016 1 year ago

Downtown Sarasota office owner seeks $12M for one floor

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Jamatt Properties LLC has owned the space since December 2005.

The owner of the top floor of office space in the Plaza at Five Points building in downtown Sarasota is hoping to sell the space for nearly $12 million.

At that amount — $359.61 per square foot — the 50 Central Ave. office space would be among the most expensive in the Sarasota market. Comparable Class A office space has sold in the $250 per square foot to $270 per square foot range over the past year, property records show.

Jamatt Properties LLC, a company controlled by U.S. Rep. Vern Buchanan, R-Longboat Key, and Sandra Buchanan, has retained commercial real estate brokerage firm Ian Black Real Estate to market the ninth floor of the building for sale or lease, according to information from real estate research firm CoStar Group.

On a lease basis, the 33,356 square feet are being offered at $25 per square foot on a net basis.

“We think it's a wonderful opportunity, as it's among the best office space in the entire city,” says Ian Black, who heads the brokerage that bears his name.

The space is becoming available now because Direct Energy, which occupies 21,000 square feet, intends to vacate the floor when its lease expires next April.

Other tenants include Buchanan Enterprises and SunTrust. The bank's lease term also is expiring soon.

Direct Energy, a subsidiary of a British company, announced in May that it planned to consolidate its U.S. operations to Houston beginning next month.

Jamatt has owned the space since December 2005, when it paid $9.8 million for the floor, Sarasota County property records show.

The space could have a measurable impact on Sarasota's downtown Class A vacancy rate, however, which currently stands at roughly 10%, according to data from Harshman & Co. Inc., a Sarasota commercial real estate brokerage firm.

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