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ORLANDO-A possible signal that institutional investors are prowling again for trophy office assets is the $41.15 million purchase by New York-based Teachers Insurance Annuity Association of The Pointe, a 20-year-old, 94%-leased, 249,000-sf structure formerly owned by Chicago-based Heitman Financial at Rocky Point Tampa’s recovering Westshore district.

TIAA paid Heitman $165.26 per sf for the 10-story, class A building whose replacement cost is estimated at $200 per sf, area construction industry estimators tell GlobeSt.com on condition of anonymity. The Pointe was the first multi-tenant office building on Rocky Point when it was built in 1982.

“Institutional demand for real estate remains high in the Tampa Bay area, driven largely by the area’s significant and consistent job growth figures,” Mike Davis, senior director in the Tampa office of Cushman & Wakefield of Florida Inc., tells GlobeSt.com. “The office market is showing signs of a rebound with recent positive absorption during the third quarter in Westshore where Rocky Point is located.”

Davis represented Heitman. The Point was on the market for only 100 days. Heitman sold the asset after “it met the seller’s objectives,” Davis says.

The building’s average quoted asking rent is $25.50 per sf.

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