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Commercial Real Estate
Business Observer Thursday, Jun. 24, 2021 1 year ago

SPP lands Sila Realty at 1001 Water St.

20-story Thousand and One tower will be the first new, dedicated office building delivered in downtown Tampa in nearly three decades.
by: Kevin McQuaid Commercial Real Estate Editor

Health care landlord Sila Realty Trust Inc. has committed to 10,500 square feet in Thousand and One, a 20-story office building that Strategic Property Partners is developing in the Water Street Tampa project downtown.

The 380,000-square-foot tower marks the first new, dedicated office building in downtown Tampa in nearly three decades.

Sila becomes the third tenant announced in the 1001 Water St. tower, along with accounting firm RSM US and Suffolk Construction. In all, 34,700 square feet has been leased. Thousand and One is expected to be completed later this year.

Sila, the former Carter Validus Mission Critical REIT, intends to relocate to Thousand and One in January from Urban Centre II, in Tampa’s Westshore district.

Michael A. Seton, Sila’s president and CEO, says the company plans to adopt a hybrid work schedule for staff going forward, and he expects the caliber of the new building to be a draw for employees.

“There’s really not a building like it in Tampa,” Seton says. “Their focus on wellness and the amenities in the building, like a rooftop terrace, and close by, including a Publix Greenwise market, really set it apart.”

COURTESY PHOTO — Michael A. Seton is the CEO of Sila Realty Trust, which will relocate to Thousand and One in Water Street Tampa in January.

He adds the building’s proximity to the Tampa Marriott Water Street hotel, the new 26-story JW Marriott Hotel and nearly completed 172-room Marriott Edition five-star hotel — all part of the $3.5 billion development — also contributed to Sila’s decision.

Commercial real estate brokerage Cushman & Wakefield agents Mercedes Angell and Barry Oaks negotiated on behalf of SPP, a joint venture between Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC.

Sila’s lease will run well into 2029.

Following the pending sale of its data center portfolio, the company’s portfolio will comprise 124 health care properties valued at about $2 billion.

Sila may not be the only new tenant unveiled soon at the COOKFOX Architects-designed tower, either. SPP is negotiating with a tenant for roughly 100,000 square feet, sources with knowledge of the building say.

In all, the 56-acre Water Street Tampa is expected to contain nine million square feet at build out.


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