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New York real estate investor Sason acquires 98,105 SF office building in most active submarket in Tampa, Florida; plans renovation and rebrandingJune 1, 2022
Avison Young retained to lease and manage the asset located in the Westshore submarket
Tampa, Fla. – Avison Young has been retained by the Sason Organization (“Sason”), the new owners of a three-story, 98,105-square-foot office building at 4904 Eisenhower Blvd. in Tampa, Florida, to continue the exclusive leasing and management of the property. Located in the Westshore submarket, just minutes from Tampa International Airport, the building represents a value-add opportunity and Sason’s fourth acquisition in the Tampa market in 18 months.
“For the past several years, we’ve successfully maintained the leasing and management of the property, which is currently 100% occupied, on behalf of previous ownership,” said Clay Witherspoon, Principal and Managing Director of Avison Young’s Tampa operations. “With some leases set to expire this fall, the perfect opportunity arose for the Sason to purchase the asset and plan a significant capital improvement program that will allow us to increase rental rates to north of $30 per square foot.”
To be rebranded, “The Bridge,” upgrades planned for the building include a complete overhaul and modernization of the lobby, a new state-of-the-art fitness center, significant work to the landscape and façade at the entry of the building, and, most uniquely, the creation of an outdoor oasis to work, relax or play in the rear of building, complete with water features and the activation of The Bridge’s own private island.
“Tampa has been one of the best performing markets in our office portfolio and remained incredibly resilient and active even throughout the depths of the pandemic,” said Ari Sason, Principal, Sason. “The Bridge is precisely the type of asset that we’re looking to add to our portfolio as it’s one that provides a completely unique and transcendent experience for tenants. Its campus-like feel with the ability to work seamlessly from inside to out perfectly situates the building to accommodate the future of work.”
Avison Young’s Michael F. Coppola, Senior Associate; and Laure Hynes, Senior Client Services Coordinator; will work alongside Witherspoon to lease and manage the office building.
“The planned improvements will offer a significant value to tenants in the traditional Westshore core where rates are steadily rising after an influx of new office product,” added Witherspoon. “The Eisenhower corridor location also offers ease of commute to employees living in Hillsborough County, Pinellas County and the growing Pasco County communities to the north.”
According to Avison Young market insights, Tampa’s Westshore submarket was particularly active during first-quarter 2022, as five out of the top six signed leases represented a total of more than 250,000 square feet. Avison Young anticipates ongoing activity as companies continue to consider Tampa a desirable location to relocate and tenants seek out highly amenitized spaces. The Bridge, post-renovation, will see particularly high demand among office users looking for well-located best-in-class space.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
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For more information:
Clay Witherspoon, Principal and Managing Director, Avison Young – Tampa: 813.444.0626
Michael F. Coppola, Senior Associate, Avison Young: 813.444.0625
Laurie Hynes, Senior Client Services Coordinator, Avison Young: 813.444.0621
About Sason Organization
The Sason Organization (“Sason”) is a privately controlled real estate investment firm that focuses on creatively repositioning office assets across the U.S. to accommodate the future of work. For more information, please visit: sasonorg.com.