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Monday, Oct 22, 2018
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Tampa City Center tower sells for $128 million

The 38-story Tampa City Center tower in downtown Tampa has changed hands in what brokers call the largest transaction in the area in recent memory. The tower at 201 N. Franklin St. sold for $128 million.

“When someone makes a $100 million-plus bet on downtown, it really says a lot about the belief in the market here,” said Mike Davis, a real estate broker with Cushman & Wakefield who handled the sale along with Rick Brugge and Michael Lerner. “Combine this with the announcement by Jeff Vinik about his plans with Bill Gates, and there’s real interest here in the central business district.”

On Thursday, the University of South Florida moved a major step closer to moving its medical school into downtown Tampa into a building on land donated by Vinik — potentially a $158 million project.

The Tampa City Center tower, now emblazoned with the name PNC, is currently 88 percent leased, Davis said, with major tenants such as the Morgan & Morgan law firm, the Holland & Knight law firm and Merrill Lynch.

The building was owned by One Tampa City Center LLC, a joint venture between Carval Investors of Minneapolis and Mainstreet Capital Partners of Fort Lauderdale. That group and put the tower on the market about six months ago as part of its expected sale cycle, Davis said. The buyer is Alliance Partners of Bryn Mawr, Pennsylvania, the East Coast operating arm of Hawaii-based Shidler Group, a commercial real estate investment, development, and management firm.

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