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Tampa tower owners obtain $45 million in financing


  • By Louis Llovio
  • | 8:00 a.m. November 3, 2023
  • | 2 Free Articles Remaining!
Midtown West is in the $1 billion Midtown Tampa development.
Midtown West is in the $1 billion Midtown Tampa development.
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  • Tampa Bay-Lakeland
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The owners of Midtown West in Tampa have taken out a $45 million loan on the building.

JLL Capital Markets arranged the five-year loan for Highwoods Properties and The Bromley Companies. New York Life Insurance Co. is the lender.

Midtown West is an eight-story office building in the city’s Midtown Tampa development. It opened in 2021 and is currently fully occupied.

Its current tenant roster includes Prudential, Primo and Nestle. And Tampa-based technology staffing company Kforce moved its headquarters from Ybor City into the building about a year ago, taking 22,232 square feet on the fifth floor.

Midtown Tampa is a 23-acre, 1.8 million-square-foot, $1 billion development on North Dale Mabry, just off Interstate 275. It is made up of offices, apartments, hotels, restaurants and retailers REI Co-op and Whole Foods.

Along with its current offerings, another tower is under construction in the development — Midtown East.

The 18-story office building has already secured several tenants, chief among them is Tampa Electric and People's Gas which is taking 11 floors and will move about 900 employees from its current headquarters in downtown.

And Insight Global, international staffing and recruiting company, announced in late October it would move its office into a 20,000-square-foot space in the building in 2025.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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