{"id":1004158548,"date":"2016-11-08T07:43:21","date_gmt":"2016-11-08T15:43:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004158548"},"modified":"2022-03-03T14:06:56","modified_gmt":"2022-03-03T22:06:56","slug":"iconic-park-tower-trades-for-80m-in-tampa-cbd","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iconic-park-tower-trades-for-80m-in-tampa-cbd\/","title":{"rendered":"Iconic Park Tower Trades for $80M in Tampa CBD"},"content":{"rendered":"<p><em>By Robert Demeter<\/em><\/p>\n<p><iframe loading=\"lazy\" title=\"Park Tower Profile Video 1080p restructured Cut\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/prmIxwoxYIQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Tampa, Fla.<\/strong>\u2014New York-based <a href=\"https:\/\/sterlingequities.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Sterling Equities<\/a> has announced the sale of <a href=\"https:\/\/parktowertampa.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Park Tower<\/a>, a 36-story, 476,000-square-foot office building located in Tampa\u2019s Central Business District.<\/p>\n<p>The asset sold to a joint venture between <a href=\"https:\/\/www.cityofficereit.com\/\" rel=\"nofollow noopener\" target=\"_blank\">City Office REIT<\/a>, <a href=\"https:\/\/www.towerrealtypartners.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Tower Realty Partners<\/a> and <a href=\"https:\/\/www.feldmanequities.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Feldman Equities<\/a> for $79.8 million. John Gerlach, managing director of office services with <a href=\"https:\/\/www.colliers.com\/en-us\/tampabay\" rel=\"nofollow noopener\" target=\"_blank\">Colliers International Tampa Bay<\/a>, represented Sterling Equities and joint owner PT Associates LP in the transaction.<\/p>\n<p>Sterling Equities acquired Park Tower back in 2006 from Colonial Properties Trust for nearly $28 million, and since then invested $5.8 million in capital improvements to modernize common areas, upgrade electrical and lighting systems, and add Class A finishes. The investment resulted in the property achieving LEED-EB Gold designation, a 98 percent Energy Star Rating and The Office Building of the Year (TOBY) awards in both 2013 and 2014.<\/p>\n<div id=\"attachment_1004158565\" style=\"width: 278px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004158565\" data-attachment-id=\"1004158565\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/iconic-park-tower-trades-for-80m-in-tampa-cbd\/park-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg\" data-orig-size=\"800,1200\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;16&quot;,&quot;credit&quot;:&quot;Randy Van Duinen&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1304915761&quot;,&quot;copyright&quot;:&quot;Copyright \\u00a9 2011 Randy Van Duinen&quot;,&quot;focal_length&quot;:&quot;40&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Park Tower\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Park Tower&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg?w=683\" class=\"wp-image-1004158565 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg\" alt=\"Park Tower\" width=\"268\" height=\"403\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg?resize=768,1152 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Park-Tower.jpg?resize=683,1024 683w\" sizes=\"auto, (max-width: 268px) 100vw, 268px\" \/><\/a><p id=\"caption-attachment-1004158565\" class=\"wp-caption-text\">Park Tower, Tampa, Fla.<\/p><\/div>\n<p>\u201cSterling\u2019s significant efforts to modernize Park Tower have allowed this property to create a niche <a href=\"https:\/\/www.commercialsearch.com\/news\/tampa\/\" target=\"_blank\" rel=\"noopener\">in the market place<\/a>. The property offers a central location in an increasingly important area of downtown Tampa, as well as a strong focus on energy efficiency,\u201d said Gerlach in a prepared statement.<\/p>\n<p>The property is situated at 400 North Tampa St., overlooking Hillsborough River, the Tampa Riverwalk pedestrian trail and Curtis Hixon Waterfront Park. The high-rise is located within walking distance from more than 70 restaurants and shops, Tampa Museum of Art, University of Tampa and Ybor City, among other attractions. The tower provides easy access to the Leroy Selmon Expressway, as well as interstate 4 and 275.<\/p>\n<p>Completed in 1973, Park Tower was one of the first high-rise office towers built in downtown Tampa. It features approximately 14,000-square-foot floor plates, a conference room on the 26<sup>th<\/sup> floor, fitness center and spa, on-site retail, secured and monitored parking garage and electric vehicle charging stations. The property&#8217;s tenant roster includes the United States Government, BB&amp;T, Nestle, Lykes Bros. Corp. and Level 3 Communications.<\/p>\n<p>\u201cPark Tower and its tenants are benefiting from the economic revitalization occurring in downtown Tampa. We&#8217;re proud that we were able to contribute to this growth,\u201d Robert Bergman, senior vice president of Sterling, said in prepared remarks.<\/p>\n<p><em>Photo courtesy of Colliers<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colliers International Tampa Bay brokered the sale for the New York-based seller.<\/p>\n","protected":false},"author":59,"featured_media":1004158565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1612],"tags":[],"class_list":["post-1004158548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-tampa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iconic Park Tower Trades for $80M in Tampa CBD - 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