TECO buys parking spaces for headquarters employees

BUYER: TECO Properties Corp., Tampa

SELLER: Element Properties LLC

PROPERTY: 808 Franklin St., parking condominium units 1-190

PRICE: $1.47 million

LAW FIRM ON DEED: Gardner Brewer Martinez-Monfort PA, Tampa

PLANS, DESCRIPTION: TECO Properties purchased 190 parking spaces in the Element condo building for $1.47 million.

The price equated to $7,737 per space.

TECO Properties is the real estate investment subsidiary of TECO Energy. It purchased the spaces for employees who work at TECO Energy's headquarters building across the street. That building has only 40 spaces, while 650 people work there.

TECO Properties also owns a separate surface parking lot with 130 spaces, where some employees park. Most other employees normally park their cars in city-owned parking garages.

TECO has had an agreement to acquire the parking spaces since 2006 with condo developer Novare Group.