The parties won't disclose the purchase price and it hasn't yet showed up on the public records. But area brokers familiar with the property tell GlobeSt.com the deal was done for about $90 million, or $170 per sf, a record for a Tampa Bay office asset. Brokers tell GlobeSt.com TIAA had about a dozen offers for the property and previously rejected the highest of the offers, $76 million, or about $144 per sf.

The transaction follows TIAA's recent purchase of another area trophy office building, the 14-year-old, 220,579-sf, 98%-leased 4200 Cypress Building in the affluent Westshore submarket. TIAA paid Prudential Real Estate Investors $32.8 million, or $148.47 per sf, as GlobeSt.com previously reported.

The CMD purchase includes two undeveloped acres adjacent to the SunTrust Financial Centre at the corner of Florida Avenue and Jackson Streets. Industrial brokers in a position to know tell GlobeSt.com the estimated market value of the land is about $500,000 per acre, or $11.48 per sf.

In a prepared statement, Richard Schaller, executive vice president and chief investment officer of CMD, says the SunTrust acquisition is "a benchmark for the types of investment opportunities CMD is aggressively seeking in markets across the country."

He says privately held CMD is "actively looking at a number of high-quality buildings in both the central business districts and outlying suburban areas of strong performing second-tier markets like Tampa that offer significant upside for opportunistic investors."

Schaller adds, "The last three years have been characterized by soft demand, but recent signs of economic recovery have yielded an upswing in investment opportunities nationwide. We are looking to seize these opportunities, as we did in the 1990s with an aggressive acquisition strategy." The CMD executive says the company has acquired more than $1 billion of commercial property across the country in the past decade, focusing primarily on suburban office buildings.

Joseph Bowar, CMD vice president of acquisition, represented his company in the SunTrust transaction. Broker Dale Peterson of Trammell Crow Co. negotiated for TIAA.

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