Kforce buys headquarters from iStar for $28.5 million

BUYER: Kforce Services Corp. (principals: Joseph Liberatore, David Kelly, William Josey, Judy Genshino-Kelly and Sara Nichols), Tampa

SELLER: iStar CTL East Palm — Tampa LLC

PROPERTY: 1001 E. Palm Ave., Tampa

PRICE: $28.5 million

PREVIOUS PRICE: $1.25 million, September 2000

LAW FIRM ON DEED: Katten Muchin Rosenmann LLP, Chicago

PLANS, DESCRIPTION: Kforce Inc. purchased its headquarters in Ybor City for $28.5 million.

The price equated to $213 per square foot.

The four-story, 133,660-square-foot building was originally built in 2001. It occupies a 6.37-acre parcel and features a 4,200-square-foot fitness center, 100-seat cafeteria, coffee bars on each floor and an outdoor basketball court.

Kforce previously leased the building from iStar, a commercial real estate firm.

“It was a far better deal to own it,” says Michael Blackman, chief corporate development officer. “We believe it adds to the long-term shareholder value. It [also] reaffirms Kforces' commitment to keeping our headquarters in Tampa Bay.”

Kforce is a professional staffing firm with 800 employees.

The publicly traded company (symbol: KFRC) expects the building purchase will save it more than $1.4 million a year, according to its May earnings call.

The Kforce Services Corp. mortgaged the property to Bank of America for $28.5 million.