Downtown Tampa office tower 100 North Tampa sells for $151 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 28, 2024

Downtown Tampa office tower 100 North Tampa has sold for $151 million.

Atlanta-based Brookdale Group closed on the tower on Tuesday, according to Hillsborough County property records. The Tampa Bay Business Journal first reported that Brookdale was under contract to purchase the tower for around $150 million on April 23.

JLL Inc. represented the seller, an affiliate of PGIM Inc., the asset management arm of Prudential Financial, which has owned the 572,111-square-foot tower since 2007. The PGIM affiliate paid $149 million for the tower 17 years ago, property records show.

The pricing is far below the $492 per square foot that Heights Union sold for in 2021. Office buildings in the central business district have lost tenants to Water Street Tampa and The Heights in recent years, as those mixed-use districts opened with restaurants, bars and other amenities lacking in the heart of the urban core. 100 North Tampa, which bears Regions Bank signage, has been particularly hard hit by the opening of those new developments. It lost multiple tenants to Water Street, including national law firm Bradley, Weatherford Capital and Tampa law firm Bartlett Loeb.

The tower is 83% leased, according to JLL, and recently completed a $21 million renovation that includes a new lobby, tenant lounge and updates to the conference and fitness centers. It is 42 stories and is the city’s tallest office tower.

The JLL team that marketed the tower for sale includes Hermen Rodriguez, Ike Ojala, Matthew McCormack, Robbie McEwan, Blake Koletic, Max Lescano and Hunter Smith.

“Tampa is a thriving business location, and this offering attracted high-profile, national investors,” Rodriguez said in a statement.