Tampa Fundamentals Driving Office Investor Interest

TAMPA, FL—Fifth Third Center has traded hands for the second time in 10 years. Terrace Tower Tampa sold the class A 281,187-square-foot landmark office building in Downtown Tampa for an undisclosed sum. Terrace paid $52 million for the asset in 2005, Hillsborough County property records show.

The Tampa-based CBRE team representing the seller included Dale Peterson, Anne-Marie Ayers, and Courtney Decker. The asset is located at 201 East Kennedy Boulevard in Tampa, FL.

“Fifth Third Center is exceptionally positioned for stable, long-term income growth and value appreciation,” says Peterson, a senior vice president at CBRE. “It is one of Tampa's premier office assets and has been impeccably maintained with no significant near-term capital requirements.”         

Built in 1982 and located in the Tampa Central Business District, the 19-story Fifth Third Center's exterior sports a dual pane dark reflective glass façade and offers panoramic views. The office tower has a two-story ground floor lobby and marble floors. Parking is available in a six-story connected parking garage with 244 spaces, including 31 valet/visitor spots.

“Investor interest in Tampa continues to escalate due to positive job growth and rapidly improving market fundamentals,” says Peterson. Fifth Third Bank, the United States Government, Deloitte, Saxon Gilmore, Skoda Minotti, Marshall Dennehey, Conroy Simber, and Walter P. Moore are among the office building's high-profile tenants.

Fifth Third Center is next to Tampa City Hall and Lykes Gaslight Park and has direct access to the Hilton Hotel across Jackson Street. The property is also accessible from both Interstate 275 and Interstate 4. In-building amenities include onsite banking and ATM, café, conference room, tenant storage areas, 24/7 security presence and a covered walkway to Bank of America/Tampa Club.