The Real Deal Miami

Tampa offices built in ’83 sell for $32 million

The single-tenant property in the city's Westshore area commanded $173 per square foot

June 26, 2016 11:00AM

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The Corporate Oaks office complex in Tampa

The Corporate Oaks office complex in Tampa

A Connecticut investment firm paid $173 per square foot for a Tampa office complex in the city’s Westshore area.

Next Generation Net Lease Management LLC paid $32 million for Corporate Oaks, a three-building office complex spanning 184,854 square feet.

The seller of the office complex, Boston-based pension fund adviser TA Realty, was represented in the transaction by a three-member Cushman & Wakefield capital markets team: Mike Davis, Rick Brugge and Michael Lerner.

The sole tenant of the three-building office complex is New York Life Insurance Co., which has a lease that expires in 2024. More than 900 employees of New York Life work there.

The three-building complex was constructed in 1983 on 11.5 acres at 5405-5505 West Cypress Street in Tampa.

Corporate Oaks is Connecticut-based Next Generation’s first property acquisition on Florida’s Gulf Coast. [Business Observer] — Mike Seemuth