In the wake of its estimated $52.5 million acquisition of Fifth Third Center, in Tampa, Farley White Interests has tapped CBRE Group to lease the 19-story building.
About 20% of the building, or 56,000 square feet, is available, says Anne-Marie Ayers, a CBRE first vice president.
Playing off the building's name, CBRE has launched an inventive “Take 5” marketing campaign, in which Boston-based Farley White will pay brokers $500 for every legitimate tenant tour; offer five months of free rent to tenants; and pay 5% broker commissions on leases at the time they are executed. (Most commercial deals provide 4% commissions, paid in two installments at the time of execution and tenant move in.)
The push will last for -- wait for it — the next five months.
“Farley White's philosophy is different from many landlords,” says Ayers, who is working on leasing efforts together with CBRE transaction manager Laurie Hynes. “Many companies cycle in and cycle out, but Farley White is a long-term holder of property. They want businesses here to be long-term customers.”
Fifth Third Center marked the sixth property Farley White has acquired along the Gulf Coast. It also owns a trio of buildings in Tampa's Hidden River Corporate Center.
“We want to put our own stamp on Fifth Third,” says John Power, a Farley White co-founder and principal.
For Ayers, the assignment also represents a bit of homecoming. CBRE had its Tampa offices in the building from 1981 to 2012, and Ayers represented the building for its owner beginning in 2000 until a sale in 2014.