Trophy Office Asset Comes to Market

Urban Center's owner, Florida Office Property Co., has retained the capital markets group at Jones Lang LaSalle to sell the 93%-leased complex which has a 2,073-space attached parking garage. Florida Office didn't disclose the asking price.

The property, Tampa Bay's largest suburban office building, is at the intersection of Westshore and Kennedy boulevards in Downtown Westshore. Urban Center One, built in 1984 at 4830 W. Kennedy Blvd., has 265,701 sf of rentable space and is 88% leased with a rental range of $21.50 to $23.50 per sf. Urban Center Two, built in 1988 at 4890 W. Kennedy Blvd., has 267,321 sf of rentable space and is 91.3% lease with the same rents as Urban Center One.

JLL and Florida Office Properties have had a lengthy working relationship. Florida Office owns three million sf of class A office space statewide. "This is the first time since it was constructed that the Urban Center has been made available to the investment community," says Tom Beneville, managing director at Jones Lang LaSalle. "We expect strong interest from a wide variety of investors, since Tampa is one of the country's strongest office submarkets."

Beneville says Tampa has been the sixth fastest growing market nationally "in terms of employment over the last four quarters. The job growth in Tampa has significantly outperformed the US averages over the last 20 years."

Beneville says the property's key amenities include "its dramatic 10-story dual atriums, surrounded by foliage and fountains which connect it to the Wyndham Westshore Hotel, an on-site pool, a health club and dining club and immediate adjacency to the Westshore Mall and Tampa International Airport."