An office building that houses a chunk of MetLife Insurance Corporation’s operations in Tampa has sold for $43 million to a New York City real estate investment firm.
Sentinel Real Estate Corporation closed on the purchase of the four-story, 115,000-square-foot office building in the West Meadows area of northeast Tampa on June 23. The seller was Raleigh, N.C.-based Highwoods Properties Inc.
The building, dubbed Preserve VII, sits in the Highlands Preserve development near Interstate 75 and Bruce B. Downs Boulevard. It is fully occupied by one tenant, MetLife, which is leased there through late 2031.
“Preserve VII provided us with an opportunity to acquire a well-stabilized asset with a tenant that has made significant commitments to both the property and the surrounding area,” Sentinel managing director Martin Cawley said in a statement. “We expect the asset will generate steady returns and an opportunity for growth and appreciation due to its location in the quickly-growing Tampa market.”
For Highwoods, the sale is part of a broader strategy of selling off what it calls “non-core assets” in order to fund the $769 million purchase of a portfolio of Class A office space in Atlanta, Raleigh and Charlotte. That deal was announced in April.
Highwoods has 24 office properties in Tampa, including Truist Place (formerly known as the Suntrust Financial Centre) in downtown Tampa and the Midtown West building in the new Midtown Tampa development.
“We are pleased with the execution of this sale and buyer interest in the non-core properties we currently have in the market,” Highwoods Properties president and CEO Ted Klinck said in a statement.