Downtown Tampa office tower sold for $42 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 17, 2016

A New York investor has paid $42 million for an office tower in downtown Tampa, according to public records.

A corporate entity tied to Angelo Gordon & Co. LP closed on 501 E. Kennedy Blvd. on Feb. 8, according to a Hillsborough County deed filed last week.

South Florida-based IP Capital Partners LLC paid $45.8 million for the 20-story tower in 2007. In early 2014, the group recapitalized the tower and planned a multimillion-dollar renovation that turned the second floor into a tenant lounge, added a large meeting room that smaller tenants can use for free and a gym.

The building has perhaps the most potential upside as any in downtown Tampa. Law firm Buchanan Ingersoll & Rooney is in the process of vacating 100,000 square feet in the tower, making it one of only two downtown office buildings with that large of a block of contiguous space.

The tower recently landed a Workscapes Inc. storefront on the ground level. The Anvil Group, which offers security services risk management and security services for international business travelers, committed to 8,000 square feet of space in the tower in September 2015.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.