TAMPA, FL—It’s one of the Tampa Bay area’s most significant office leases of 2014. Trenam Kemker just inked a 40,000-square-foot lease at Bank of America Plaza.
It’s significant because with the lease, the law firm keeps its corporate headquarters in the Tampa Bay area. Trenam will occupy space on the 22nd, 26th, and 27th floors at the class A office tower.
JLL managing director Chris Butler and vice president Jimmy Ullrich represented Trenam, which is recognized as a leader among Florida law firms with more than 90 attorneys and ranked among the top law firms in size and breadth of practice. CBRE‘s Anne-Marie Ayers, first vice president, and Philip Weber, vice president, represented the landlord.
“In completing the lease on behalf of Trenam Kemker, we focused on securing favorable lease terms that would allow the law firm to modernize its office space, reflective of the move towards a more engaging and collaborative environment that we are seeing among law firms nationwide,” says Butler. “Trenam Kemker represents one of the largest tenants in the class A office tower, making this a significant renewal not only for the office building, but also for the broader office market.”
The Tampa Bay office market continues to gain strength. According to JLL, Downtown Tampa has the largest year-over-year decrease in direct vacancy since the turn of the century. The current vacancy rate of 13.9% is below the submarket’s five-year low and 10-year averages of 17.2% and 17.0%, respectively, according to the firm’s first quarter Office Insight report. The report also predicts vacancy will continue to decline this year to hit below historic averages.
Located 101 E. Kennedy Boulevard, Bank of America office tower spans 786,419 square feet in the Tampa Central Business District. Building amenities include a café, fitness center, conference facility and atrium.
“The signing is evidence of our all-in commitment to the Tampa Bay business community,” says Hal Mullis, president of Trenam Kemker. “We look forward to reconfiguring our space to take full advantage of new technologies and collaborative work environments to accommodate the unique desires of our workforce that is trending younger. We believe all of this will help us to better serve our clients.”