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Business Observer Friday, Apr. 28, 2017 5 years ago

Gramercy buys Bristol-Myers' Tampa building

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Gramercy Property Trust, a New York-based investment company that owns more than 325 properties nationwide, has acquired a Tampa office building housing Bristol-Myers Squibb's North American Capability Center.
by: Kevin McQuaid Commercial Real Estate Editor

Gramercy Property Trust, a New York-based investment company that owns more than 325 properties nationwide, has acquired a Tampa office building housing Bristol-Myers Squibb's North American Capability Center.

Gramercy bought the four-story building housing the pharmaceutical giant last month for $31.4 million, property records show.

The 140,000-square-foot building had been owned since 2004 by Dallas-based Tier REIT, which acquired it for $31.23 million, according to Hillsborough County records.

The building, on nearly 13 acres at 4931 George Road, was completed in 1998, records indicate.

Gramercy officials did not return calls for comment on the transaction.

Bristol-Myers Squibb established its North American Capability Center in Tampa, where it refines products and systems, in January 2014.

Gramercy is no stranger to Gulf Coast commercial real estate. The company owns eight other office and industrial projects in Tampa, St. Petersburg, Largo and Clearwater, according to its website, including a 176,000-square-foot property at 4506 Acline Drive E., in Tampa.

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