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Exclusive: Fifth Third Center in downtown Tampa sold
Jul 28, 2014, 6:19pm EDT UPDATED: Jul 28, 2014, 6:45pm EDT
Ashley Gurbal Kritzer
Reporter- Tampa Bay Business Journal

The Fifth Third Center in downtown Tampa has been sold.

The sale of the 19-story 281,187-square-foot office building at 201 E. Kennedy Blvd. closed Monday, CBRE Group Inc. confirmed to the Tampa Bay Business Journal.
CBRE Senior Vice President Dale Peterson represented the seller, Oregon-based Terrace Tower USA Inc., in the transaction.
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CBRE declined to confirm a buyer or a selling price. A Hillsborough County deed for the transaction hadn't been recorded late Monday.
Terrace Tower paid $52 million for the Fifth Third Center in 2005, according to Hillsborough County property records.

“Fifth Third Center is exceptionally positioned for stable, long-term income growth and value appreciation,” Peterson said in a written statement. “It is one of Tampa’s premier office assets and has been impeccably maintained with no significant near-term capital requirements.

”Investor interest in Tampa continues to escalate due to positive job growth and rapidly improving market fundamentals.”

Tenants in the building include: Fifth Third Bank, the United States Government, Deloitte, Saxon Gilmore, Skoda Minotti, Marshall Dennehey, Conroy Simberg and Walter P. Moore.
As the Fifth Third sale closes, a number of other marquee office buildings in Tampa Bay are still on the market, among them the Tampa City Center in downtown Tampa and a number of suburban buildings that are part of a very large, multi-city portfolio.

When prime office buildings are sold, new buyers typically raise rental rates in order to meet the projections they based their offer on.

Office rates in Tampa Bay are projected to rise with or without new owners, as demand picks up and a lack of new construction tightens available supply.

http://www.bizjournals.com/tampabay/news/2014/07/28/exclusive-fifth-third-center-in-downtown-tampa.html
 

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OK, lets take a step back here people and note one thing we're doing: Putting all eggs in one basket (Jeff Vinik). That's not healthy, one potential DT developer? That's an argument against a forthcoming office tower, because only one person is tabbed to possibly build it.
 

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Well I didn't mean to across that way meaning that Vinik is the "only" developer. Right now he may be the most significant in Tampa's history. Some people in the community may be idolizing him even though nothing has been built yet. I was just thinking that if he comes up with a office tower plan or office/mixed use, then maybe Southgate would give up. Like many others here I hate Southgate. But yes, I'd love to see other developers come up with a new office tower plan with a quality design. There just hasn't been any other than Southgate that I know of.
 

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OK, lets take a step back here people and note one thing we're doing: Putting all eggs in one basket (Jeff Vinik). That's not healthy, one potential DT developer? That's an argument against a forthcoming office tower, because only one person is tabbed to possibly build it.
I think we are just mentioning the most likely situation for an office project to arise in the near future. Vinik owns land. He's invested in Channelside and the Lightning. People have alot of hope in him, but I believe rightfully so.
 

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I think everyone should consider that Vinik's team of investors is also going to partner with other groups in their developments.

He is also the most likely to accept public input not that they don't have some ideas for some projects already decided. They have already suggested that is the plan for the mall.
 
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