Tampa office portfolio changes hands for $167m
Parkway Properties and Partners Group paid $167.3m for an office portfolio in Tampa. The deal includes six properties: a class A office tower in Tampa’s downtown core and five properties located in the Westshore submarket. Totaling 833,705 sq ft, the package comprises 501 East Kennedy Boulevard, REO Center, Westshore Corporate Center and the Cypress Center I, II and III. The deal was completed with a $121.52m loan arranged by Berkadia’s Miami office. The three-year, floating rate loan includes two one-year extension options.
“This was an outstanding buy for Parkway/Partners and the lender recognized the same with a highly structured loan that not only allowed for the purchase but provided for the future leasing and capital needs of the property,” said Charles Foschini, senior managing director of Berkadia. “Flexibility was built into the loan to permit the opportunistic release and future sale or finance of the assets as the business plans were met building by building.”