Mike Davis, Rick Brugge and Michael Lerner Negotiated the Disposition of Corporate Oaks, a 186,854-Square-Foot Office Campus in Tampa’s Westshore District
Cushman & Wakefieldannounced today that it has negotiated the sale of Corporate Oaks, a 186,854-square-foot office campus in Tampa.
The Capital Markets team of Executive DirectorMike Davis, Senior DirectorRick Brugge and Senior DirectorMichael Lernerrepresented the seller in the disposition. Connecticut-basedNext Generation Net Lease Management, LLCwas the buyer.
The Corporate Oaks campus was developed in 1983 and is comprised of three three-story office buildings. All buildings are equipped with full-building backup generators, two elevators, a central staircase and covered exterior walkways. The campus is served by an on-site deli and fitness center and features a three-story parking garage as well as generous surface parking.
Corporate Oaks is located at5405, 5445 and 5505 West Cypress Streeton an 11.4-acre site in Tampa’s Westshore submarket. This location provides excellent access from both sides of Tampa Bay and is just two minutes from Tampa International Airport and only 10 minutes from downtown Tampa.
Over $1.5 million in improvements have recently been completed at the property, including upgrades to interior finishes, elevators, HVAC systems and the parking garage. Additionally, New York Life Insurance Company, the lone tenant, has invested $2.7 million in interior upgrades.
At the time of sale, the campus was 100 percent occupied by New York Life, housing the insurer’s AARP program headquarters on a long-term lease through 2024. This division employs 920 people at Corporate Oaks.
“Corporate Oaks provided investors with the opportunity to acquire a recently renovated asset in a premier location with a highly rated credit tenant in place on a long-term lease," said Davis. “Opportunities such as this are very rare, and it garnered a tremendous amount of interest.”
“The asset’s irreplaceable location in the heart of Tampa’s Westshore district drove demand from single-tenant net lease buyers as well as conventional real estate players,” added Brugge.
Cushman & Wakefield research indicates Tampa’s strong office fundamentals have been influenced by the excellent performance of non-CBD submarkets like Westshore.
“Tampa’s office market finished the first three months of the year in positive territory on many key indicators. Strong leasing activity and increased absorption, especially in the non-CBD submarkets, has kept vacancy low and pushed rents further up,” wrote Florida Research ManagerChris Owenin the firm’s1Q 2016 Tampa Office MarketBeat Report. “Cushman & Wakefield anticipates local economic expansion and job growth to positively impact and fuel additional gains in Tampa’s office market throughout the rest of 2016.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.comor follow@CushWakeon Twitter.
