Gasworx signs deal with Tampa credit union to anchor office building
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 28, 2023

Grow Financial Federal Credit Union will move its headquarters from a suburban office complex to Gasworx, a mixed-use district under construction between Ybor City and the Channel district.

The credit union will lease 50,000 square feet in the six-story office building that's part of a redeveloped historic warehouse in the second phase of Gasworx, developers Darryl Shaw and Kettler said Thursday. Grow Financial's lease encompasses two floors as well as a retail space along Fourth Avenue. It is moving its headquarters and 120 employees to Gasworx from a property it owns in unincorporated Hillsborough County that is visible from the Lee Roy Selmon Expressway.

Terms of the deal were not disclosed. Doug Bartley of Commercial Advisory Services LLC represented Grow Financial in the lease transaction. Kettler and Shaw were self-represented but have since retained Jim Moler of JLL Inc. to market the office space and Jaclyn Langholz of Colliers to market the retail space.

The second phase of Gasworx spans three city blocks between Second and Fifth avenues, Channelside Drive and Avenida Republica de Cuba (14th Street).

"Office workers will bring daytime foot traffic to support the critical mass of retail proposed at the heart of the development," Bob Kettler, founder and CEO of Kettler, said in a statement.

Signing a deal with an anchor tenant is critical to office development in the current economic environment. Graham Tyrrell, Kettler senior vice president, previously told the Tampa Bay Business Journal that the Gasworx office space would need to be 50% preleased before breaking ground. Grow Financial's lease more than satisfies that requirement, as the second phase includes 100,000 square feet of office space.

"Preleasing half of the first building at Gasworx is further testament to the pent-up demand for both residents and businesses to be centrally located in a walkable, streetcar-accessible neighborhood that is part of the larger Ybor City community," Shaw said in a statement.

The deal is significant for Gasworx and by Tampa Bay office market standards; most office leases in this market are between 10,000 and 20,000 square feet. However, Grow Financial is cutting its space by more than half: Its office building at 9927 Delaney Lake Road is 140,000 square feet, according to property records. The credit union announced in May that it was listing the suburban property for sale.

The move follows a trend of companies downsizing their office space and moving to modern urban locations surrounded by amenities. Johnson & Johnson recently slashed its Tampa footprint by 60%.

"This decision further demonstrates the overall confidence in our vibrant and growing urban core," Tampa Mayor Jane Castor said in a statement. "We look forward to the positive impact they will have on our local economy, as well as the unique contributions they will bring to the Ybor City community."