Bridge Investment Group LLC Acquires Tampa Commons Office Tower in Metro Tampa Bay

Kelly Kuykendall

 

ATLANTA, GA, Nov. 12, 2020 – Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today the acquisition of Tampa Commons, a 13-story, 253,922 square-foot Class A office building at 1 North Dale Mabry in Tampa, Florida.

 

The acquisition marks Bridge Office’s return to the metro Tampa Bay market, and further bolsters the company’s Florida portfolio with nearly 2.4 million total square feet across nine properties.

Ryan Reynolds

Located at the intersection of Dale Mabry and Kennedy Boulevard in the Westshore submarket, the property conveniently lies just minutes from downtown Tampa, Tampa International Airport and Midtown Tampa, a $500-million mixed use project set to open in early 2021 that will enhance the area’s already strong amenity base.    

Originally built in 1985, Tampa Commons received more than $3 million in improvements in 2018, including a new covered mezzanine as the primary entrance from the renovated parking garage, upgrades to first-floor lighting, floors and furniture as well as the addition of a tenant conference room, concierge desk and management office.

John Heald

In line with Bridge’s proven strategy for creating next-generation workplaces, the firm plans additional investment to revamp and reintroduce the property to the market as 1 North Dale Mabry, a nod to its physical address and connection to the surrounding community.

 Improving the tenant experience is the focus, with planned improvements and amenities including a new fitness center, lawn games, upgraded outdoor seating area, move-in-ready suites and state of the art building systems.

 

“Historically Bridge has owned several properties in Tampa. After successfully disposing of our last asset in 2019, 1 North Dale Mabry signaled the right opportunity for us to break back into the market,” said Kelly Kuykendall, Director of Asset Management for Bridge Investment Group.

Jackson Kilcoyne

“At Bridge, we believe in the enduring value of the office for companies to foster necessary culture, collaboration and creativity.

 

"With the exciting momentum in Tampa’s hottest submarket, we see an incredible opportunity to deliver a refreshed option for businesses looking for a compelling office destination  -- whether to occupy right now or in the near future -- where their teams will want to come to work, connect and grow together.”

 

With an 83% occupancy rate, the property has traditionally outperformed the submarket with rental rates comparable to Tampa’s Central Business District.

 

Notable tenants include American insurance company Travelers, Ideal Image’s corporate headquarters and med spa, and law firm Rissman, Barrett, Hurt, Donahue, McLain & Mangan.

 

Available office spaces at Tampa Commons range from 4,944 to 19,900 square feet. Bridge has hired Ryan Reynolds, John Heald and Jackson Kilcoyne of CBRE to oversee leasing of the property.

 

“This is an iconic building at the intersection of the two most well-known thoroughfares in Tampa,” said John Heald, Senior Vice President at CBRE. “With the redevelopment taking place along the Dale Mabry corridor, this asset will be among the most desirable suburban office options.”

 

“We are incredibly excited to welcome Bridge back into Tampa,” said Reynolds. “Their investment in this asset is a testament to the strength and trajectory of the market.”

 

Eastdil Secured represented the seller in the transaction.

CONTACT:

 

Nick Banaszak · Account Supervisor

1718 Peachtree St., Suite 1048 

Atlanta, GA 30309

M: 256-457-5384

www.thewilbertgroup.com

 www.bridgeig.com.

www.bcre-atl.com. 

bridgecre-office.com.