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Sale of Tampa office building one of biggest in Florida history

The sale of the 38-story One Tampa City Center, also known as the PNC Bank Building, is one of the largest transactions in state history.
The sale of the 38-story One Tampa City Center, also known as the PNC Bank Building, is one of the largest transactions in state history.
Published Oct. 31, 2014

TAMPA — In one of the largest commercial office transactions in Florida history, the 38-story One Tampa City Center has sold for $128.13 million.

"It's got to be in the top five or 10," said Mike Davis, executive director of Cushman & Wakefield, which represented the seller. "It's the largest square-footage deal that's ever happened in downtown Tampa, that's for sure."

Davis called the purchase by Alliance Partners, part of a Pennsylvania commercial real estate firm, "a real vote of confidence" in downtown and predicted it could lead to further sales. Also on the market is the 22-story Wells Fargo Center.

"I think the pricing is at levels that's going to be intriguing for existing building owners," Davis said Thursday. "Wells Fargo is a much smaller building, but I believe it will sell."

Prices per square foot for downtown office towers have traditionally lagged those in the West Shore business district, but "that appears to be beginning to change," Davis said.

Claire Calzon of Colliers International called One Tampa City Center a "trophy property" and said its sale bodes well for future downtown transactions.

"Any time a building is sold at a premium, it raises the bar for the rest of the market," she said.

Built in 1981, it was Florida's tallest office building for three years. It has since been surpassed in Tampa by 100 North Tampa and by the Bank of America Plaza.

Among the tenants in One Tampa City Center, which has 750,000 square feet of leasable space at 201 N Franklin St., are the University Club, Verizon, Merrill Lynch and several banks.

The seller was One Tampa City Center LLC, a joint venture between Carval Investors of Minneapolis and Mainstreet Capital Partners of Fort Lauderdale. They bought it for $87.8 million in 2006.