Citigroup Nabs Class A Tampa Office Park

by Mihaela Coste

3800 Citibank Center

Tampa, Fla.—Citigroup Inc. recently announced the purchase of 3800 Citibank Center, a Class A office park located in Tampa’s Sabal Park Office Development. The property, which encompasses roughly 670,000 square feet of space, was sold by an affiliate of Zurich Alternative Asset Management and was already fully occupied by the Citibank division at the time of the transaction. According to Tampa Bay Business Journal, the seller was represented by Christian Lee, vice chairman; and Dale Peterson, senior vice president of CBRE. Citibank was represented by Cushman & Wakefield, represented by Executive Managing Director Lou Varsames, Senior Director David Harris, Executive Director James Garvey and Director Ryan Reynolds.

Located at 3800 Citibank Center in Tampa, adjacent to Interstate 75, the campus built in 1998 consists of four three-story office buildings interconnected by enclosed conditioned walkways and an amenity building, including dining services, a fitness center, child care facilities and personal service shops such as newsstands, drug store, dry cleaner, hairdresser and shoe repair shop. The property features abundant covered and surface parking in two adjacent multi-level parking structures.

The leading global bank has approximately 10,000 employees in more than 100 locations. The traded asset is home to approximately 5,600 employees who serve in a variety of functions, including client services, finance, human resources, legal and risk services. Florida is home to more Citi employees than any other state outside of New York City.

Citi employees are active members of the Tampa community and they regularly serve the area through initiatives like Global Community Day, educational partnerships and mentoring programs—in 2016 the service center surpassed its largest number of employee volunteer hours, with more than 25,000 hours committed to local community projects.

“Since Citi first established our presence in Tampa in 1983 with a retail support site, we have evolved and expanded to what is now a service center which provides support for many of Citi’s businesses and global functions,” said Gregg Morton, Citi Tampa site president. “This expansion would not have been possible without our important partnerships with the Tampa Hillsborough Economic Development Corp., Enterprise Florida, Hillsborough County and the City of Tampa, and we look forward to a continued partnership with them in the years ahead.”

“Citi has been a tremendous partner and employer for the local community for over three decades and today’s announcement reaffirms their commitment to the Tampa area,” added Tampa Mayor Bob Buckhorn.

Image courtesy of Yardi Matrix