Cushman & Wakefield Negotiates $156.9M Sale of Tampa Office Portfolio

TAMPA, FLA. — Cushman & Wakefield has negotiated the sale of a 756,038-square-foot office portfolio in Tampa for $156.9 million. Angelo Gordon, a New York-based private equity real estate investment firm, and Commercial Florida Realty Partners sold the collection of five office buildings to a joint venture between Partners Group and Parkway Property Investments LLC. Partners Group is a global private markets group based in Zug, Switzerland, and Parkway Property Investments is a real estate investment, development and operating company with assets across the Mid-Atlantic and Sunbelt regions. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield’s Investment Sales Team represented Angelo Gordon and Commercial Florida Realty Partners in the sale. The portfolio includes 501 E. Kennedy Blvd. in downtown Tampa, now known as WeWork Place, and four properties in the Westshore District (Westshore Corporate Center and Cypress Centers I, II, and III). The properties were built between 1981 and 1988, and the overall occupancy was approximately 91 percent at the time of sale. WeWork Place is a 19-story, 295,982-square-foot office tower that houses tenants such as GE Capital, Woodforest National Bank, the Florida Office of the Attorney General and BMO Harris Bank, in addition to WeWork. Westshore Corporate Center is an 11-story, 173,142-square-foot office building located at 600 N. Westshore Blvd. Notable tenants include Amscot and Progressive Insurance. Cypress Center I, II and III are located at 5404, 5310 and 5405 Cypress Center Drive, respectively. The three buildings together comprise 286,914 square feet. The Cypress Center campus includes tenants Healthesystems, a pharmaceutical company, and ADP. Charles Foschini and Christopher Apone of Berkadia’s Miami office arranged a three-year, floating-rate acquisition loan on behalf of Partners Group and Parkway.