Kettler JV Lands 50 KSF Office Lease in Tampa

Industrial supplier Ferguson has signed a 50,570-square-foot office lease at Gasworx, a 50-acre mixed-use redevelopment in Tampa’s Ybor City neighborhood. The development is a joint venture between Kettler, Darryl Shaw and PPF Real Estate.

The office building at Gasworx will be a 145,000-square-foot, six-story asset. The new lease will bring the Class A building to full occupancy ahead of its estimated December completion. Grow Financial is the building’s other major tenant.

S9 Architecture and Smallwood designed the office building, and the general contractor is Moss. The property’s amenities will include a rooftop deck, outdoor terraces, a lobby café and bar, and a direct connection to Gasworx’s retail and dining marketplace.

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At completion, Gasworx will total 6 million square feet, including 5,000 residential units, 500,000 square feet of office space and 140,000 square feet of retail.

Still to arrive, in addition to the office building, are The Luisa, with 140 residential units, and Olivette, with 376 homes. Both will feature ground-floor retail. A 28,000-square-foot retail marketplace connected to the office building is also planned. Those three projects are scheduled to deliver next year, along with a quarter-acre park and a new TECO Line Streetcar stop.

Tampa’s office market holds steady

Overall availability in Tampa’s office market is 18 percent, just 50 basis points more than 12 months prior, according to a second-quarter report from Savills. Leasing activity has been steady, if unspectacular, at around 1 million square feet per quarter, with larger office leases dominated by renewals.

In July, Highwoods Properties and The Bromley Cos. secured a $55.7 million loan for 143,354 square feet of office and retail space at Midtown East, which is located within the larger $1 billion Midtown Tampa district. Valley Bank provided the funding in a transaction arranged by JLL.

The 22-acre Midtown Tampa district features 650,000 square feet of office space across three buildings, 200,000 square feet of retail space, roughly 700 multifamily units and a hotel.