The new owners of Fifth Third Center on Kennedy Avenue are looking for higher rental rates by providing a fresh look and new amenities.
TAMPA -- A $1.5 million renovation project has begun at Fifth Third Center on Kennedy Boulevard that not only will “refresh” the building's exterior, but also create new speculative office suites.
The goal, according to the building's owners, is to bring the 1981-built property up to Class A office standards to help bolster the current 87% occupancy rate. The 19-story tower has more than 280,000 square feet of space, and includes tenants like Fifth Third Bank and Deloitte.
Fairlead Commercial Real Estate and Bridge Investment Group Partners bought the building, at 201 E. Kennedy Blvd., in July 2014 for $47.3 million, according to property records.
“This is the best-located building” in the Tampa commercial business district, Anne-Marie Ayers, a first vice president of CBRE Group, which manages the building, says in a release. “It sits at a 'main and main' intersection on the Franklin Street Mall ... and while small in stature, the property is big in amenities.”
Amenities include a building conference room, cafe, dry cleaner, dentist and court reporting service.
The project includes renovations to both the main and west lobbies, including the removal of a granite arch at the main entrance. It also will create a 4,000-square-foot tenant amenity center, and 1,500 square feet of common conference area space, as well as 10,000 square feet of spec office space. Contractors include Ed Taylor Construction and Conlan Co.