It had been a couple of years since the Tampa, Florida, office market had seen a major investment sale. That all changed last year when the city's tallest office tower traded hands in a big deal, giving investors hope during an otherwise slow period.
Atlanta-based private equity firm Brookdale Group paid seller PGIM $151.3 million, or approximately $272 per square foot, for the 42-story, 579-foot tower known as 100 North Tampa. The sale provided a needed jolt to the local investment market. It also ranked as the highest priced office sale in the entire Southeast U.S. through the first half of 2024.
The deal overcame capital market headwinds from elevated interest rates and signaled that investors are willing and able to buy office properties, especially trophy assets, even as others remained on the sideline. Before Brookdale closed on the tower at 101 N. Tampa St., "it had been nearly two years since an office tower was traded in downtown Tampa, as investors have generally shied away from office investments," according to a CoStar Market Analytics report.
These are some of the reasons the sale of 100 North Tampa was selected by a panel of real estate professionals familiar with the market who awarded it the 2025 CoStar Impact Award for sale/acquisition of the year in Tampa/St. Petersburg.
About the project: The 100 North Tampa tower contains about 557,000 square feet of space and was built in 1992. At one point the building was known as the Regions Building. Architecture firm HKS designed the tower in a postmodern style. The property recently underwent a $21 million renovation, according to JLL capital markets, the group that led the sales effort.
The tenant roster of 100 North Tampa includes well-established companies including Morgan Stanley, J.P. Morgan Private Wealth and law firms Holland & Knight and Foley & Lardner, according to CoStar data.
What the judges said: "By overcoming sector-wide challenges, the acquisition of 100 N Tampa sets a precedent for future office investments and reaffirms the city’s standing as a rising powerhouse in commercial real estate," said Quinn Eddins, managing director of U.S. research and analytics, Greystar Real Estate Partners.
Mike DiBlasi, senior managing director and market leader at CBRE Tampa, said, "100 North Tampa is a trophy asset in the CBD under long-term ownership. With impact to office property valuations and the challenges associated with financing office properties, this is the clear winner."
They made it happen: The Brookdale Group's CEO and Chief Investment Officer Robert Turner and Vice President of Investments Cory Gibson. On the brokerage side, Hermen Rodriguez, senior managing director of capital markets with JLL; Ike Ojala, managing director with JLL; Matthew McCormack, senior director capital markets with JLL; Robbie McEwan, senior director of capital markets with JLL; Blake Koletic, capital markets analyst with JLL; Max Lescano, director of private capital markets with JLL and Hunter Smith, capital markets analyst with JLL.