Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.