Spec office building in Pasco lands first tenant
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 13, 2023

A speculative office building in Pasco County has landed its first tenant.

Arizona-based Universal Background Screening has signed a lease for 13,362 square feet on the third floor of 54 Crossings’ south building in Land O’Lakes. The company is moving 100 employees from New Port Richey and will take occupancy in Q2.

CBRE Group Inc.’s Kristin Kenney and Jackson Kilcoyne represented the landlord, Rizzetta Real Estate, in lease negotiations. CBRE did not disclose financial terms of the deal but characterized it as a “long-term lease.”

The 60,000-square-foot south building broke ground without preleasing any tenants in February 2022; it will wrap up construction in April. Modern office space is critical to Pasco County’s economic development efforts. Business and civic leaders are working to grow the county’s corporate base, as Pasco has long served as a bedroom community for Tampa commuters.

Rizzetta received county incentives to develop the first office building: Before it broke ground, Pasco commissioners approved a $2.93 million incentive package for the project; it consists of a $1.5 million loan and $1.43 million in tax abatement.

“The property is centrally located for Universal Background Screening’s employee base, and they will be able to take advantage of the property’s excellent visibility and frontage along State Road 54,” Kenney said in a statement.

In addition to the remaining space in the south building, CBRE is also marketing a proposed north building within the 54 Crossings development for prelease.