TAMPA, FLA. — A joint venture between City Office REIT (NYSE: CIO), Feldman Equities LLC and Tower Realty Partners has acquired Park Tower, a 475,000-square-foot office building in downtown Tampa, for $79.8 million.
The 36-story tower is located at 400 N. Tampa St. The joint venture plans to make a substantial investment in the property to modernize the building.
The building is approximately 86 percent leased. Notable tenants include BB&T, United States Department of Justice U.S. Attorney’s Office, Level 3 Communications and Lykes Insurance. The tower boasts views of Hillsborough Bay, the Hillsborough River and the Tampa skyline.
Park Tower was built in 1973. It was the tallest building in Tampa until 1981 when One Tampa City Center was constructed. Park Tower has previously served as the headquarters for the First National Bank of Tampa, the Lykes Brothers Corp. and Colonial Bank.
Park Tower is situated near the Florida Museum of Photographic Arts and Lykes Gaslamp Park, about two blocks from the Hillsborough River and the Tampa Riverwalk entertainment district.
Mike DiBlasi of Feldman Equities will lead the building’s leasing efforts. The seller was Sterling American Property.
City Office REIT currently owns about 1 million square feet of office properties in the Tampa market. The company’s stock price closed at $12.12 per share on Friday, Nov. 4, up from $11.49 one year ago. The sale was brokered by John Gerlach of Colliers International Tampa Bay.
— Nellie Day