$1.5 million capital improvement program starts at Fifth Third Center
Tampa, FL – May 18, 2015 – (RealEstateRama) — A renovation and modernization project began this weekend at Tampa’s Fifth Third Center, a boutique office property located at 201 East Kennedy Boulevard in Tampa, FL. Property owners Fairlead Commercial Real Estate and Bridge Investment Group Partners have committed $1.5 million toward capital improvements aimed at refreshing the building’s exterior and interior areas, enhancing tenant amenities and delivering new speculative office suites. CBRE is the leasing agent and property manager for the 281,187-square-foot, 19-story tower, presently 87% occupied by tenants including Fifth Third Bank and Deloitte.
“We acquired the office property last summer and the idea was to bring the finishes up to a Class A level commensurate with the overall quality of the building and its location,” said JJ Conners, Principal and Chief Development Officer, Fairlead Commercial Real Estate.
“This is the best-located building in the Tampa CBD,” added Anne-Marie Ayers, CBRE First Vice President. “It sits at a ‘main and main’ intersection on the Franklin Street Mall, adjacent to City Hall, Lykes Gaslight Park and Hilton Hotel, and while small in stature, the property is big in amenities.”
Existing amenities include complimentary building conference room, cafe, dry clean drop-off, dentist, court reporting service and legal copying service. The capital improvement program calls for renovations to the main and west lobbies, including the removal of a granite arch at the main entrance; the creation of a 4,000-square-foot tenant amenity center and 1,500-square-foot common conference area; the addition of 10,000 square feet of new, nicely appointed speculative office suites; and varied other common area renovations.
“Landlords in general are very willing to invest in renovation and modernization programs right now,” explained Ms. Ayers. “Rents have been rising, and tenants are willing to pay for quality – but amenities are key.”
The general contractors engaged in the project are Ed Taylor Construction and Conlan Company. The architect is Horton, Harley and Carter, Inc.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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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