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