Financial details of the off-market transaction were not disclosed. The 19-story building is located in the city's Central Business District directly across from the city's courthouse. The building is 75% leased, including a long-term lease to law firm Fowler White Boggs Banker.

The property's proximity to the courthouse and its level of parking made it attractive for acquisition. The partnership will embark on a capital improvement program that includes lobby renovation, refurbishing common spaces and improving amenities. The partnership has hired CB Richard Ellis for the leasing and management of the property.

Cypress Creek CIO Jason Isaacson tells GlobeSt.com that the partnership plans to lease up the remaining space. "One of the things we found exciting about this property is the opportunity to rebrand it," he says. "This asset was underperforming for several reasons. It needs some capital to be infused into it which will help spur leasing."

With strong population and job growth, Tampa is experiencing an extended period of expansion. The area's low cost of living and doing business has resulted in a thriving office market. "Over the past 18 months, there has been a major surge in tenant activity with a decline in vacancy rates and a surge in rents," GoldenTree InSite managing director Josh Pristaw tells GlobeSt.com.