Landmark Core-Plus Office Building Lists

TAMPA, FL—The landmark Fifth Third Center office building is up for grabs. The 281,187-square-foot institutional-grade office asset is in the center of Downtown Tampa. The list price was not disclosed.

“With approximately four years of weighted average lease term remaining, a well-balanced lease expiration schedule and no foreseeable capital expenditure required, Fifth Third Center is well positioned for stable, long-term income growth and capital appreciation,” says Dale Peterson. Peterson is leading the marketing charge on the building.

Located at 201 East Kennedy Boulevard, the office building is a “core-plus” investment opportunity with well-stabilized income supported by a solid and diverse base of credit tenants. The building is 87% occupied to tenants including Fifth Third Bank, Deloitte, Saxon Gilmore, Skoda Minotti, United States Government, and Marshall, Dennehey.

As Peterson sees it, the office asset will appeal to core investors looking for quality and yield that want to either establish a strong presence in Tampa or add a high-profile office asset to their portfolio. CBRE is marketing the asset in the United States, Asia, Europe, the Middle East, and Australia.  

Even with the anticipated increase in market rents, CBRE reports Tampa's Central Business District rents are still not yet near the level needed to justify new construction. That means the market isn't likely to see any new office development in the short-term. Says Peterson, “This barrier to entry alone makes Tampa's CBD a great place to invest at a price well below replacement cost.”

Building amenities include on-site banking and ATM, café, valet parking, conference rooms, a covered sky bridge connecting to Bank of America Tower/Tampa Club, and a 24-hour/7-day security presence. The Hilton Hotel is just across the street from the office building.