Cushman & Wakefield Arranges $110M Sale of Downtown Tampa Office Tower

by Amy Works

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Tampa City Center, an office tower located at 201 N. Franklin St. in downtown Tampa. A partnership between affiliates of Miami-based Banyan Street Capital and funds managed by Oaktree Capital Management acquired the 38-story property for $110 million. An affiliate of Alliance Partners HSP, the East Coast operating arm of the Shilder Group, sold the property. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the deal.

Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore (a division of GE), CDW, PNC Bank and The University Club are tenants at the 757,425-square-foot, Class A office building. Via a skybridge, the tower is connected to the 520-room Hilton Tampa Downtown, with 30,000 square feet of meeting and conference space; 211 Restaurant; Starbucks Coffee; and Fort Brooke parking garage, a covered parking facility owned by the City of Tampa.

Jason Hochman, Chris Lentz, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the buyer in securing an $84 million acquisition loan. Funded by HSBC Bank, the loan includes proceeds at acquisition plus future funding for capital improvements to the building and tenant improvement costs.

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