Highwoods sells off former ConnectWise HQ in Westshore
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 2, 2023

A suburban office campus that was previously the corporate headquarters of Tampa-based ConnectWise has sold to a Virginia investor for $19.5 million.

Highwoods Properties Inc., one of Tampa Bay’s largest office landlords, sold the 116,000-square-foot One Independence Park to Real Estate Value Advisors LLC, according to Hillsborough County property records.

In 2022, information technology company Wipro leased the majority of One Independence Park after ConnectWise vacated the space to move to downtown Tampa’s Park Tower. The three-building campus sits on 9.2 acres and is fully leased to Wipro and HealthPlan Services Inc.

A team from CBRE — Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell, Nick Sharpe and Jimmy Garvey — represented Highwoods in the transaction.

One Independence Park is west of Tampa International Airport and Veterans Expressway. North Carolina-based Highwoods previously sold land next to the office park to apartment developer Crescent Communities Inc. Novel Independence Park, which is under construction and expected to open in the fall, will have 277 apartments.

“The property’s mission-critical location and strength of tenancy drove interest from a wide and diverse set of investors, including international groups,” Peterson, a senior vice president, said in a statement. “Westshore is our most sought-after submarket and provides for exceptional future long-term value appreciation for the new owners.”

Ted Klinck, president and CEO of Highwoods, referred to the sale as a “non-core asset disposition” in a statement. Highwoods also sold off a 60,000-square-foot office building in Raleigh, North Carolina’s Research Triangle.

These transactions highlight that high-quality buildings with healthy occupancy continue to generate solid interest from qualified buyers,” Klinck said. “Proceeds from these sales will further fortify our already healthy balance sheet, enhance our liquidity and position Highwoods to take advantage of future growth opportunities.”

Highwood’s most prominent holdings in the Tampa market include Midtown West and Truist Place. It is also partnering with New York-based Bromley Cos., the New York-based master developer of Midtown Tampa, to build Tampa Electric Co.’s new corporate headquarters.