Bridge Re-Enters Tampa Market with Office Purchase
The acquisition of Tampa Commons Office Tower further bolsters Bridge Investment Group’s nearly 2.4 million square foot Florida portfolio.
Bridge Investment Group subsidiary Bridge Office Fund Manager has acquired Tampa Commons for around $57 million, according to media reports. The acquisition of the 13-story, 253,922 square-foot office building marks Bridge’s return to the metro Tampa Bay office market, and further bolsters the company’s Florida portfolio with nearly 2.4 million total square feet across nine properties.
Bridge departed from the Tampa office market last year, according to Kelly Kuykendall, director of asset management for Bridge Investment Group.
Originally built in 1985, Tampa Commons received more than $3 million in improvements in 2018, including a new covered mezzanine, upgrades to first-floor lighting, floors and furniture as well as the addition of a tenant conference room, concierge desk and management office.
Now Bridge is planning additional investments to revamp and reintroduce the property to the market as 1 North Dale Mabry, a nod to its physical address. Planned improvements include a new fitness center, lawn games, upgraded outdoor seating area, move-in-ready suites and new building systems.
“With the exciting momentum in Tampa’s hottest submarket, we see an incredible opportunity to deliver a refreshed option for businesses looking for a compelling office destination—whether to occupy right now or in the near future—where their teams will want to come to work, connect and grow together.”
With an 83% occupancy rate, the property has traditionally outperformed the submarket with rental rates comparable to Tampa’s Central Business District, Bridge says. Tenants include Travelers, Ideal Image’s corporate headquarters and med spa, and law firm Rissman, Barrett, Hurt, Donahue, McLain & Mangan.
Available office spaces at Tampa Commons range from 4,944 to 19,900 square feet. Bridge has hired Ryan Reynolds, John Heald and Jackson Kilcoyne of CBRE to oversee leasing of the property.
“With the redevelopment taking place along the Dale Mabry corridor, this asset will be among the most desirable suburban office options,” Heald says in prepared remarks.
Eastdil Secured represented the seller in the transaction.