The Real Deal Miami

Miami firm and a partner buy 38-story office tower in downtown Tampa for $110M

A partnership between Miami-based Banyan Street Capital and Oaktree Capital got an $84 million HSBC Bank loan to finance the acquisition of Tampa City Center
November 04, 2018 09:30AM

Tampa City Center

Miami-based Banyan Street Capital and a partner  acquired a 38-story office building in downtown Tampa for $110 million.

A partnership between Banyan Street and Oaktree Capital got an $84 million loan from HSBC Bank to finance the acquisition of the 757,425-square-foot office building, called Tampa City Center.

A pedestrian bridge connects the office building to the 520-room Hilton Tampa Downtown. The office building also connects to a city-owned parking garage.

Bryn Mawr, Pennsylvania-based Alliance Partners HSP sold the office building at 201 North Franklin Street in downtown Tampa for about $145 per square foot.

The building has a 95 percent occupancy rate, and its tenants include Ernst & Young, Deloitte, Morgan & Morgan, PNC Bank and FieldCore, a division of General Electric.

Commercial property brokerage firm Cushman & Wakefield arranged the sale of the office building and the acquisition loan from HSBC Bank.

Cushman & Wakefield vice chairman Mike Davis, executive director Rick Brugge and executive director Michael Lerner represented the Alliance Partners HSP in the transaction.

Four members of Cushman & Wakefield’s Equity, Debt & Structured Finance Group – senior directors Jason Hochman and Chris Lentz, managing director Michael Ryan and executive director Brian Linnihan –  helped the buyer to obtain the acquisition financing from HSBC Bank. – Mike Seemuth