Deal Highlights:

Mainstreet recognized the value of this Class A tower located in the heart of the Tampa Central Business District (CBD). The seller, Verizon Wireless, was exiting corporate owned real estate for strategic reasons. This provided Mainstreet with the opportunity to buy the building for an attractive basis and receive the upside from its active leasing and management.

With Tampa’s overall vacancy rate approaching 11%, the CBD was seeing a resurgence from tenants unable to find affordable expansion options in the tight Westshore submarket. Mainstreet has already leased over 70,000 SF bringing the building’s occupancy to 84%. This has occurred while simultaneously increasing rents by 15% to 20%.