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Five Tampa commercial properties sold in nearly $157-million deal

The portfolio of properties includes one in downtown Tampa and four in West Shore.
Westshore Corporate Center in Tampa. [Commercial Florida Realty Partners]
Westshore Corporate Center in Tampa. [Commercial Florida Realty Partners]
Published Nov. 25, 2019
Updated Nov. 25, 2019

A partnership that includes a Swiss-based global investment firm has bought WeWork Place in downtown Tampa and four West Shore office centers for more than $156.9 million.

Properties involved in the mega-deal have a total of 756,138 square feet of rentable space and include big-name tenants like Progressive, American Express, Amscot and Invitation Homes.

The sellers, Commercial Florida Realty Partners and New York-based Angelo, Gordon & Co., acquired the properties in 2015 and 2016, and spent more than $12 million on capital improvements.

"We added significant value by securing new tenants and expanding and renewing existing tenants'' George Sacks of Commercial Florida said in a release. “As a result, we increased the portfolio’s value beyond the expectations of our financial partner (Angelo Gordon).”

The properties are:

  • WeWork Place, a 20-story tower at 501 E Kennedy Blvd. recently named for the beleaguered New York-based firm that leases coworking spaces. Despite mounting losses and a failed attempt at going public, WeWork recently took over three floors of the tower and plans to expand onto two more in December. Other tenants in the building, which last sold two years ago for $42-million, include Florida’s attorney general, private law firms and GE Capital.
  • Westshore Corporate Center, a 12-story Class A office tower at West Shore Boulevard and Interstate 275.
  • Cypress Centers I, II and III and a 6-acre parcel of land where a six-story building to be called Cypress Center IV is planned. The existing centers are south of W Cypress Street and east of N Reo Street.

Cushman & Wakefield handled the sale to PG-PKY Fairway JV, LLC, an Orlando-based affiliate of Parkway Properties in partnership with Partners Group. Based in Baar, Switzerland, Partners Group is a private equity firm with $91 billion in real estate and other assets under management.


  1. Brian Davison is chief executive officer of Equialt, which bought this Safety Harbor home in a tax deed sale. The U.S. Securities and Exchange Commission contends in a new lawsuit that EquiAlt is a Ponzi scheme, and Davison has diverted investor funds for his own lavish personal spending. Times (2015)
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  4. The developers of Avalon Park West in Wesley Chapel are planning a $736 million downtown core to accompany nearly 2,700 residences and 355,000 square feet of commercial and office space in a walkable neighborhood. . As part of the deal, Pasco County will consider kicking  in a $33 million 30-year incentive, mostly a tax rebate to help with infrastructure costs.
  5. Pasco County commissioners introduced an ordinance Tuesday governing upkeep of empty property after residents complained about the condition of the Links Golf Club in Hudson, which closed in June 2019.
  6. In this Aug. 8, 2015, file photo former owner of the San Francisco 49ers Edward DeBartolo, Jr., is interviewed before the Pro Football Hall of Fame ceremony at Tom Benson Hall of Fame Stadium in Canton, Ohio. President Donald Trump pardoned DeBartolo, who was convicted in gambling fraud scandal. (AP Photo/Gene J. Puskar, File)
  7. Outback Steakhouse at 4302 W. Boy Scout Blvd. near International Plaza and Bay Street. [Monique Welch | Times]
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  9. The 26-story JW Marriott hotel is rising across the street from the Marriott Water Street Hotel near Amalie Arena. [RICHARD DANIELSON | Times]
  10. This file photo shows a Pier 1 Imports store in Dallas. Pier 1 Imports is closing nearly half its 942 stores as it struggles to draw consumers and compete online. The home decor company said Monday, Jan. 6, 2020, it is closing up to 450 stores and will also shutter distribution centers. It didn't say where the store closures would occur, but it operates stores in the U.S. and Canada. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas. [Donna McWilliam | Associated Press (2005)]
  11. [Getty Images]
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