(Carl Cronan is editor of Real Estate Florida.)
TAMPA, FL-Corporate Center Four at International Plaza, the city's newest class A office building in the Westshore submarket, has signed a second tenant from a nearby building. Sources tell GlobeSt.com that Sage Software Healthcare Inc. will take up 65,000 square feet in two floors of the eight-story building, bringing it to 40% occupancy before its scheduled opening early next year.
Landlord and tenant representatives say they are bound by confidentiality agreements with the new tenant not to disclose its identity, and Sage Software representatives could not be reached Friday to confirm the lease. Charlotte, NC-based Crescent Resources LLC owns the 247,000-square-foot building, which is being promoted as the first LEED-certified office structure in the Westshore submarket.
Westshore's office vacancy increased slightly during the third quarter to nearly 12%, beyond its usual single-digit range but still below Tampa's 14.5% citywide average, according to CB Richard Ellis. More than 500,000 square feet of new offices are expected to open in Westshore over the next six months, amid prospects that some tenants are considering moving elsewhere within the Tampa Bay region upon their lease expirations.
Meanwhile, several Westshore tenants are looking to move into newer space nearby in spite of above-average market rents. GlobeSt.com reported in September that Bay Cities Bank is relocating to Corporate Center Four from Corporate Center One at International Plaza, where Sage Software is also currently based.
"Because it is a tenant's market today, we're going to see more musical chairs, not just within submarkets but between submarkets as well," Paula Buffa, senior director with GVA Advantis in Tampa, tells GlobeSt.com. She adds that the Westshore submarket continues to attract tenants from other parts of Tampa and beyond the region.
Buffa represented the tenant in lease negotiations, while Crescent was represented in Tampa by Sharon Bragg, leasing associate, and Lud Hodges, vice president of commercial development. Crescent has scheduled a Jan. 15 grand opening at Corporate Center Four.
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