Tampa Bay, FL – March 23, 2011 – (RealEstateRama) — CB Richard Ellis (CBRE) negotiated 65,000 square feet in lease renewals and a new 4,500-square-foot lease at Colonial Place I & II in Westshore. Totaling 371,674 rentable square feet, the two Class A office buildings are owned by DRA/Colonial Properties Trust. CBRE’s Brian Devlin and Clay Wommack provided representation on behalf of the ownership.
The largest of the four transactions is the 57,000-square-foot renewal of Blue Cross and Blue Shield of Florida (BCBS), for a lease term of five years. The pending lease expiration for BCBS brought a great deal of attention from the market, making for competitive renewal negotiations. Colonial Place I met two critical requirements for BCBS by featuring prominent signage along I-275 and providing first floor space to construct their own employee fitness center.
Colonial Place I & II are located at 4300 and 4350 West Cypress Street, west of Lois Avenue and on the southbound side of I-275. Features including on-site property management, recent renovations, abundant covered parking and the adjacent accommodations and restaurants of Westshore are all factors cited by tenants in selecting these buildings.
Additional renewing tenants include Standard Insurance for a four-year term with 5,000 square feet Colonial Place I, and Waddell and Reed for a three-year term with approximately 3,000 square feet at Colonial Place II.
New to Colonial Place II is national general contractor, Whiting-Turner, taking 4,500 square feet.
About CB Richard Ellis
CB Richard Ellis 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 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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.
