Tampa Commons, the 13-story office tower at Kennedy and Dale Mabry, has a new owner
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Nov 12, 2020

Tampa Commons, a 13-story office tower in the city's Midtown area, has sold to an Atlanta firm for $56.5 million.

Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC, closed on the 253,922-square-foot tower that looms over the intersection of North Dale Mabry Highway and West Kennedy Boulevard on Oct. 30, according to Hillsborough County property records.

Wells Fargo provided a $28.9 million mortgage for the acquisition. The sales price is notably higher than what the tower traded for in 2005 — a deal that was deemed a "near record" at the time.

The deal comes amid tremendous uncertainty in the office market. The novel coronavirus pandemic has forced many office-based companies into a work-from-home model, and many are re-evaluating their space requirements in the wake of remote work and social distancing guidelines. In Tampa, the amount of office space available for sublease reached a historic high after the pandemic arrived on U.S. shores.

The seller, Atlanta Property Group, acquired Tampa Commons in a large portfolio deal in 2017. In 2018, APG completed a $3 million renovation that included a new covered mezzanine as the primary entrance from the renovated parking garage, upgrades to first-floor lighting, floors and furniture as well as the addition of a tenant conference room, concierge desk and management office.

Tampa Commons is 83 percent occupied, Bridge said in a news release. Notable tenants include insurance company Travelers and Ideal Image’s corporate headquarters. Available spaces range from just under 5,000 square feet to just under 20,000 square feet. Bridge has hired Ryan Reynolds, John Heald and Jackson Kilcoyne of CBRE Group Inc. to market the tower for lease.

Bridge has owned properties in the Tampa area before and sold off its last one in 2019, said Kelly Kuykendall, director of asset management for Bridge Investment Group.

"With the exciting momentum in Tampa’s hottest submarket, we see an incredible opportunity to deliver a refreshed option for businesses looking for a compelling office destination — whether to occupy right now or in the near future — where their teams will want to come to work, connect and grow together," Kuykendall said in a statement.