Terrace Tower Buys Fifth Third Center for $52M

TAMPA, FL-Fifth Third Center, a 272,714-sf, 19-story Downtown building is under new ownership today. Terrace Tower, a Portland, OR-based firm affiliated with the Terrace Tower Group of Cos. in Sydney, Australia, has acquired the class A property for $52 million or $128.33 per sf.

The sellers were the California State Teachers Employee Retirement System (CalSTERS) of Sacramento and Los Angeles-based CBRE Investors Inc. CBRE Capital Markets and its CBRE/Melody’s Portland office arranged a $35-million acquisition loan with an undisclosed life insurance company. Terms of the loan also were not disclosed in a prepared statement from CBRE.

The building at Kennedy Boulevard and Tampa Street is 95% leased to 54 tenants, according to the statement. The tenant roll includes Fifth Third Bank, CB Richard Ellis Inc., Deloitte & Touche, IKON Office Solutions, Fujitsu Consulting, GSA and Hill & Knowlton.

Terrace Tower is part of Terrace Tower Group USA, a privately held group of companies providing full-service commercial real estate activities.