New York Life Building in Tampa Trades

TAMPA, FL—The New York Life building here at 5517 West LaSalle St. here has been sold within just 30 days of being put on the market.

Brokerage firm Avison Young reports that the 21,595-square-foot Class B building, which is fully leased to New York Life Insurance, was sold by 3444 Memorial, LLC for $2.23 million to LaSalle Street Office, LLC. Avison Young's Trey Carswell, principal. and Lauren Coup, vice president, represented the seller during the transaction.

Avison Young was selected to execute by the former owner for the sale of the building as part of an integrated, long-term plan to maximize the value of the asset. The building was originally empty when Avison Young was awarded the property as a leasing assignment, and in December of 2013, the firm secured 100% occupancy by leasing the entire building to New York Life Insurance. The building also recently underwent a $1-million renovation.

“The quick sale of this asset is a testament to the area's high demand for quality opportunities amongst investors seeking to purchase,” said Avison Young's Coup. “The recently renovated building within this highly sought after Westshore submarket coupled with the appeal of the building being 100% leased to a high caliber financially secure tenant made 5517 West LaSalle St. stand out in the market.”