Rick Brugge, associate director of Cushman & Wakefield's Capital Markets Group in Tampa, says the deal was accretive to both the seller and buyer. While Verizon has agreed to remain in the building, the new owner will need to find another suitable tenant after next year, he says.
"This is a building that they wanted to exit, but they just wanted some time," Brugge tells GlobeSt.com. The building, which opened in 1972 and is located near the University of South Florida campus, will serve well as a call center or data center once Verizon leaves, he says.
Verizon currently uses the building at 10402 N. 56th St. as an emergency operations center, according to Brugge. Besides being located well beyond hurricane evacuation zones, the building includes a backup power generator that can last up to 10 days, he says.
Brugge worked with C&W executive directors Mike Davis and Andy May, office brokerage director Barry Oaks and associate director Bill Reeves in negotiating the sale-leaseback on Verizon's behalf. Rian Smith, industrial brokerage director with C&W's Tampa office, represented the buyer.
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