Tampa, FL – December 8, 2014 – (RealEstateRama) — CBRE arranged the sale of Wells Fargo Center, a Class A, 389,608-square-foot landmark office building located at 100 South Ashley Drive in Tampa, Florida, for an undisclosed price. The CBRE Capital Markets, Institutional Properties team representing the seller included Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya.
“Rents remain extremely affordable in downtown Tampa, despite the fact that it supports some of the highest-quality buildings in the state. However, with nearly a half million square feet of absorption over the last few years pushing Class A vacancy down to 10.5%, it is starting to feel like a landlord’s market. The investment community believes that rent spikes are near and they are eager to get into the market before it gets really expensive,” said Christian Lee, Vice Chairman with CBRE.
“Wells Fargo Center achieved above-market occupancy levels as a direct result of ownership’s commitment to invest capital into the building, and as a result achieved exceptional pricing,” said Dale Peterson, CBRE Senior Vice President.
Constructed in 1985, Wells Fargo Center has been institutionally owned throughout most of its history and recently received over $6 million in capital improvements. Currently, 93% leased, the LEED Gold-certified building rises 22 stories with an exterior façade highlighted by rose-colored concrete panels and insulated solar bronze finish curtain wall set in aluminum frames. The building’s unique “saw tooth” design provides exceptional window lines and expansive panoramic views. Parking is available in a nine-story connected parking garage containing 515 spaces.
The property’s exceptional amenity base includes a state-of-the-art fitness facility, upscale café, full-service branch bank, ATM, a new conference center and complimentary shuttle service. Wells Fargo Center is adjacent to the Tampa Riverwalk, Tampa Convention Center and the newly renovated Hilton Hotel. There are a plethora of abundant dining, shopping, hotels, upscale residential projects and entertainment options in the immediate area, and the property is easily accessible from both Interstate 275 and Interstate 4.
Wells Fargo Center is leased to a well-diversified mix of highly recognizable tenants including both multinational credit tenants (Wells Fargo, UBS and USAA) and national/regional corporate tenants (Valet Waste, Phelps Dunbar, AllegiantMD, Warren Averett and Carlton Fields).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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