Pinellas Plaza LLC, a private Tampa-based investment group, paid the Clinton, MS-based telecommunications company $6.3 million or $50.40 per sf for the class A structure. Area construction industry estimators tell GlobeSt.com on condition of anonymity the building was constructed for an estimated $125 per sf or about $15.6 million.
WorldCom subsidiary MCI Corp. leased the building from 1993 to mid-2001 when WorldCom filed for Chapter 11 protection on July 21, 2001. The company disclosed at that time it had improperly accounted for $3.8 billion of expenses.
John McRae and Dale Peterson, senior vice presidents of Crow's Investment Services Group, brokered the transaction. "The property attracted significant interest from the investment and corporate community," McRae says in a prepared statement.
Pinellas Plaza officials couldn't be reached at GlobeSt.com's publication deadline to learn their plans for the building.
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