COMMONWEALTH CAPITAL CORP. LEASES 22,300 SF AT COLONIAL CENTER BAYSIDE
Tech Equipment Leasing Firm Makes Room for Growth
Clearwater, FL – April 26, 2012 – (RealEstateRama) — CBRE arranged a new 22,300-square-foot lease at Colonial Center Bayside with Commonwealth Capital Corp., a technology equipment leasing and financial services company with plans for growth in the near future. The firm will be relocating from downtown Clearwater to a suburban office park with upgraded features and amenities.
“The transaction represents an overall trend in the Pinellas County market with the majority of leasing activity comprising relocations to higher quality product,” said Jane Dizona, First Vice President with CBRE and landlord representative for Colonial Center Bayside.
Commonwealth Capital Corp. will also be growing their current footprint in the market. The move will represent a small improvement in overall absorption for the Pinellas County office market.
“The market is still in a stabilization period, but is showing signs of movement toward recovery,” added Dizona.
Located at 17755 US Highway 19, just south of Belleair Road, Colonial Center Bayside is a Class A office property with views of Old Tampa Bay and a neighbouring golf course and marina.
Commonwealth has more than 30 years of history in the United States, with headquarters locations in both Pennsylvania and Clearwater, Florida. Commonwealth’s expertise is in structuring information technology, medical and telecommunications equipment leases for large credit-worthy companies.
Dizona was joined by CBRE Vice President Clay Wommack in providing landlord representation to owner, DRA/CLP Bayside Tampa LLC. DRA/CLP Bayside Tampa LLC is a joint venture partnership between a real estate investment fund managed by DRA Advisors LLC and Colonial Properties Trust.
About DRA Advisors LLC and Colonial Properties Trust, Inc.
DRA Advisors is a registered investment advisor specializing in real estate investment and management services for institutional and private investors. DRA currently has over $9 billion in assets under management. Additional information about DRA can be found on the company’s website at www.draadvisors.com.
Colonial Properties Trust is a real estate investment trust with a focus on multifamily properties and the management and development of select commercial assets in the Sunbelt region of the United States. For more information, please visit the company’s website at www.colonialprop.com.
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 firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
