Highwoods Properties buys Westshore offices

Highwoods Properties buys Westshore offices

BUYER: Highwoods Realty Limited Partnership, Raleigh, N.C.

SELLER: Teachers Insurance and Annuity Association of America

PROPERTY: 4200 W. Cypress St., Tampa

PRICE: $22.25 million

PREVIOUS PRICE: $32.75 million, December 2003

LAW FIRM ON DEED: Sutherland, Atlanta

PLANS, DESCRIPTION: Raleigh, N.C.-based Highwoods Properties purchased a 219,815-square-foot, 10-story office building in Westshore for $22.25 million.

The purchase price equated to $101 per square foot. The building was 93% occupied at the time of the sale, according to Dan Woodward, vice president of the Tampa division of Highwoods Properties.

“Clearly this was a building we were attracted to from our strategic plan of wanting to fortify our position in Westshore,” Woodward says. “We were looking for class-A properties in strong dominate submarkets, like Westshore. Right now, we are focusing on what we can do to improve the environment for tenants there and improving operational efficiencies.”

The purchase increased Highwoods Properties' portfolio of Westshore office buildings to more than two million square feet. It's large ownership in Westshore gives it advantages in property management and greater purchasing power when it comes to capital items such as buildings systems and maintenance services, Woodward says.

The building features 24-hour security, an on-site deli, covered parking and a fitness center.