A representative for the park's owner, ACP/UTAH Renaissance LLC, declined to disclose the length or value of the expansion lease, other than to say it was "a long-term lease." However, area brokers familiar with the submarket at 8725 and 8735 Henderson Rd. tell GlobeSt.com the lease was probably for 10 years at an effective rent of about $18 per sf. That would make the estimated value of the expanded space about $20 million, area brokers tell GlobeSt.com.

The expansion was WellCare's third in two years. The tenant's original space in Renaissance III was 140,402 sf in April 2004. "This was the largest single office lease in 2004 in Tampa," Jim Paladino, a senior director in the Tampa office of Cushman & Wakefield of Florida Inc., tells GlobeSt.com. In December 2004, WellCare added 68,155 sf in Renaissance I and shortly after added another 1,718 sf.

Cushman & Wakefield senior director John Fish and Paladino negotiated the lease for the landlord. Johnson Real Estate Advisors Inc. represented the tenant. Miami-based America's Capital Partners and Utah Retirement Systems are the joint venture partners in ACP/Utah Renaissance LLC.

The current occupancy at the 71-acre Renaissance Park is 89.8%. The five buildings were constructed between 1997 and 2001. The average asking gross rent range is $22.50 per sf, full service.