BNY Mellon’s manager, URDANG, has acquired Tampa’s Two Harbour Place office building and an adjacent 1.27-acre site zoned for residential multi-family development in a joint venture with Boca Raton-based Crocker Partners, the firms announced.
The office building was purchased from Amstar/CNL Two Harbour, LLC, and the adjacent site was acquired from Lindell-Harbour, LLC. However, the terms of the deal have not been disclosed.
The 180,000 square-foot office building, located on Tampa’s planned Harbour Island development, is 90-percent leased and features seven stories of office space and a six-level parking garage.
“Excess parking in the Two Harbour Place garage can be made available to future residents of the adjacent multi-family site,” David Rabin, managing director at Urdang Capital Management said. “Providing this parking can unlock value in the multi-family site and facilitate construction of a luxury residential tower on the property. Furthermore, the revenue from leasing these excess parking spaces enhances the value of the office property.” –Christopher Cameron