Highwoods and The Bromley Cos. Join Forces to Develop Midtown East in Tampa
They are building a multi-customer office development project inside a mixed-use Midtown Tampa project.
After a successful joint venture, Highwoods Properties and The Bromley Companies have joined forces once again to build a multi-customer office development project inside a mixed-use Midtown Tampa project.
The joint venture, which will be in Tampa’s Westshore submarket, will have 134,000 square feet that consist of five floors of office space, and ground-level retail.
The 18-story, 432,000-square foot-tower called Midtown East, has an anticipated investment of $83 million for the joint venture’s share of the project. The remaining portion of Midtown East will be the future headquarters of Tampa Electric and Peoples Gas.
Ted Klinck, President and Chief Executive Officer of Highwoods said the company is excited to partner with The Bromley Companies on another high-quality office development. Highwoods owns an 80% interest in Midtown West, a 150,000-square-foot, $71 million office project that was completed in the second quarter of 2021. As of September of this year, the project was 92.5% leased.
“The proven success of Midtown West, which broke ground in the fourth quarter of 2019 and leased up according to pro forma even in the midst of a global pandemic, has demonstrated how quickly Midtown Tampa has become the premier office destination for growing companies in Tampa,” said Klinck in a press release.
Construction of Midtown East is expected to begin in the first quarter of 2023. It’s scheduled to be completed in the first quarter of 2025.