The deal took two years to close. Representatives of Highwoods Properties Inc., the building's owner, and Cushman & Wakefield of Florida Inc., BBA's tenant representative, wouldn't discuss lease terms.
But Downtown brokers intimate with the deal tell GlobeSt.com the deal went down at an estimated effective rate of $23 per sf, making the total value of the lease about $10.26 million.
Highwoods beat out rivals St. Joe Co, Jones Lang LaSalle and several other Downtown and suburban owner representatives in keeping BBA as a tenant. "This company was very, very attractive to all landlords, not just in size but in its quality and creditworthiness," Cushman & Wakefield broker Steve Coughlin tells GlobeSt.com.
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