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Bank of America Plaza in downtown Tampa is sold

A trade journal calls the sale of the towering Bank of America Plaza to a joint venture the biggest such sale in Tampa history. The 42-story office building in downtown Tampa has 786,000 square feet of leasable space.
A trade journal calls the sale of the towering Bank of America Plaza to a joint venture the biggest such sale in Tampa history. The 42-story office building in downtown Tampa has 786,000 square feet of leasable space.
Published Dec. 19, 2015

TAMPA

The Bank of America Plaza has been sold in what's called Florida's largest office building sale since 2012.

MetLife Inc. sold the 42-story tower at 101 E Kennedy Blvd. to a joint venture between Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management.

The parties did not disclose the price but a trade journal, Real Estate Alert, pegged it at about $195 million and said it was the biggest in Tampa's history.

"This represents the seventh significant office building to trade in the last 18 months in the downtown Tampa market," said Dale Peterson, senior vice president of CBRE, which represented MetLife. "Investor demand is being fueled by the prospects for significant future office rental growth."

CBRE also handled the sale of the Rivergate Tower ($70 million), Wells Fargo Plaza ($78 million) and Fifth Third Center ($47 million). Last year, One Tampa City Center sold in a $128 million transaction in which Cushman & Wakefield represented the seller.

The Bank of America Plaza has 786,000 square feet of leasable space and spans two city blocks. According to a news release, "There is no building taller than it in Tampa."

However, the international Council on Tall Buildings, which keeps track of such things, gives the edge to 100 N Tampa. It rises 579 feet compared with the Bank of America's 577 feet, though both are listed at 176 meters and 42 stories high.

In coming years, developer Larry Feldman plans a 52-story mixed-used tower on the site of the doomed Trump Tower Tampa project on the downtown riverfront. And preliminary plans for Port Tampa Bay's huge Channelside project call for two 75-story towers that would vault Tampa into the top tier of skyscraper cities.

"Downtown Tampa has a very impressive growth story to tell," CBRE's Peterson said, "and we will see continued residential and employment growth."

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.