Sale represents Florida’s largest office building transaction since 2012
Tampa, FL – December 17, 2015 – CBRE has arranged the sale of one of the most recognizable landmarks on the Tampa, Florida, skyline, the iconic Bank of America Plaza at 101 East Kennedy Blvd. The 787,042-square-foot office tower, which has no building taller than it in the City, was sold by MetLife Incorporated. The property was acquired by a joint venture between Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management, and represents the largest office building sale in Florida since 2012. CBRE represented the seller in the transaction.
“This landmark building stands 42 stories tall and spans two city blocks, making it one of the most prestigious office developments in the southeastern United States,” said Christian Lee, CBRE Vice Chairman. “In an urban market where fundamentals are accelerating and supply is constrained, vacancy in the highest quality assets is at a premium and rents throughout the CBD are poised to spike sharply.”
“This represents the seventh significant office building to trade in the last 18 months in the downtown Tampa submarket. Investor demand is being fueled by the prospects for significant future office rental rate growth,” said Dale Peterson, CBRE Senior Vice President. “Downtown Tampa has a very impressive growth story to tell and we will see continued residential and employment growth.”
Bank of America Plaza occupies a 0.96-acre site and is connected by a skybridge to an adjacent 1,263-space, 14-story parking structure. It boasts the highest parking ratio in the CBD. Bank of America Plaza features a tenant business lounge, state-of-the-art building systems and operations, and an unparalleled location that puts 90 percent of Tampa’s downtown amenities within a two-block radius. Tenants and visitors enjoy quick access to I-275, the Selmon Expressway, Kennedy Boulevard (S.R. 60), and North Florida Avenue. Tampa International Airport is just seven miles away.
The sale was led by Christian Lee and Dale Peterson, but other members of CBRE’s marketing team included Marcos Minaya, Andrew Chilgren, Jose Lobon, Amy Julian, Charles Foschini, Christopher Apone, Anne-Marie Ayers and Phil Weber. Over the last 18 months CBRE has also handled other recent Tampa CBD sales, including Rivergate Tower ($70 million), Wells Fargo Plaza ($78 million) and Fifth Third Center ($47 million). CBRE is currently marketing for sale 501 East Kennedy.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.