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Tampa’s Heights Union office building sold for $144.8 million

The complex near Armature Works counts Pfizer and Axogen among its tenants.
The Heights Union offices at W Palm Avenue and N Tampa Street in Tampa have sold to an Atlanta investment group for just under $144.8 million.
The Heights Union offices at W Palm Avenue and N Tampa Street in Tampa have sold to an Atlanta investment group for just under $144.8 million. [ SoHo Capital ]
Published Oct. 5

One of Tampa’s highest-profile developments has sold a major component to Atlanta investors for a sky-high price.

The Heights Union offices at W Palm Avenue and N Tampa Street sold this week for just under $144.8 million to Cousins Properties, which operates several office buildings in the West Shore business district. The deed was recorded Tuesday by the Hillsborough County Clerk of Courts.

The office complex, which sits near Armature Works and Water Works Park, is home to a global hub of Pfizer, which announced a 106,000-square-foot lease there earlier this year; and one of two headquarters for Axogen, a nerve repair biotech company founded in Gainesville, which has 75,000 square feet there.

Related: Axogen's aim: Growing Tampa into a hub for nerve repair treatment technology

The 294,000-square-foot building is 93.4 percent leased, according to a Cousins Properties presentation to investors. The presentation cited the Heights area’s “unique live-work-play experience” feel as a key reason for the investment, noting that a Sprouts Farmers Market will open in the area this fall.

“Heights Union represents a compelling opportunity to acquire a unique property in an emerging submarket with an outstanding rent roll,” Cousins’ president and CEO Colin Connolly said in a statement. “We continue to respond to what our customers are telling us they want — authentic, efficient and interesting properties in highly-amenitized locations that appeal to their employees.”

Cousins Properties’s other Tampa investments include 1.4 million square feet of office space in five existing or proposed office buildings along W Boy Scout Blvd. near International Plaza; and 457,504 square feet in two buildings off N Rocky Point Drive.