Iconic Park Tower Trades for $80M in Tampa CBD
- Nov 08, 2016
The asset sold to a joint venture between City Office REIT, Tower Realty Partners and Feldman Equities for $79.8 million. John Gerlach, managing director of office services with Colliers International Tampa Bay, represented Sterling Equities and joint owner PT Associates LP in the transaction.
Sterling Equities acquired Park Tower back in 2006 from Colonial Properties Trust for nearly $28 million, and since then invested $5.8 million in capital improvements to modernize common areas, upgrade electrical and lighting systems, and add Class A finishes. The investment resulted in the property achieving LEED-EB Gold designation, a 98 percent Energy Star Rating and The Office Building of the Year (TOBY) awards in both 2013 and 2014.
“Sterling’s significant efforts to modernize Park Tower have allowed this property to create a niche in the market place. The property offers a central location in an increasingly important area of downtown Tampa, as well as a strong focus on energy efficiency,” said Gerlach in a prepared statement.
The property is situated at 400 North Tampa St., overlooking Hillsborough River, the Tampa Riverwalk pedestrian trail and Curtis Hixon Waterfront Park. The high-rise is located within walking distance from more than 70 restaurants and shops, Tampa Museum of Art, University of Tampa and Ybor City, among other attractions. The tower provides easy access to the Leroy Selmon Expressway, as well as interstate 4 and 275.
Completed in 1973, Park Tower was one of the first high-rise office towers built in downtown Tampa. It features approximately 14,000-square-foot floor plates, a conference room on the 26th floor, fitness center and spa, on-site retail, secured and monitored parking garage and electric vehicle charging stations. The property’s tenant roster includes the United States Government, BB&T, Nestle, Lykes Bros. Corp. and Level 3 Communications.
“Park Tower and its tenants are benefiting from the economic revitalization occurring in downtown Tampa. We’re proud that we were able to contribute to this growth,” Robert Bergman, senior vice president of Sterling, said in prepared remarks.
Photo courtesy of Colliers