GVA Advantis associate of leasing services Josh Tarkow negotiated the lease on behalf of the tenant. "After careful consideration and an extensive search, the client and I determined that renewing its lease at Eisenhower Technology Park was the best course of action," Tarkow says.
The landlord, ARA Properties No. 1 Ltd. c/o Peter Lawrence Commercial Real Estate Inc., is a Florida limited partnership based in Tampa and was represented by Cushman & Wakefield of Florida, Inc.
The 200,000-sf Eisenhower Technology Park is located in the Westshore/Airport submarket located across from Tampa International Airport. It is comprised of six flex buildings constructed between 1975 and 1978.
Tampa Bay Press' decision to renew its lease may have been prompted by the tight conditions that currently exist in the Tampa Bay industrial market. According to a CB Richard Ellis market report for Q3, the vacancy rate was 3.7% with 1.18 million sf of absorption during the quarter. Average asking rental rates were $7.28 per sf. "The Tampa Bay industrial market remained healthy this quarter," the report states. "Continued demand has pushed the already historically low vacancy rates even lower, while asking rates continued to rise."
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