Twelve-story, Class A office building centrally located on Tampa's elite Harbour Island with unparalleled water views and included a 6-story/1,179 space integrated parking deck
Positioned as a gateway building to the Tampa CBD and executive housing options and walking distance to Downtown's popular venues
Purchased adjacent 1.3 acre vacant land for $2.5MM at the same time
Office building purchased for $32MM ($170/sf) and sold for $56.35MM ($300/sf)
Vacant land sold in separate transaction for $12MM in 2016 to Related Group, which constructed a 21-story, 340-unit luxury apartment building on the site
Business plan included taking advantage of excess parking capacity by allocating spaces to Related, reducing development cost and risk while monetizing on underutilized garage
Invested more than $3MM to reposition Two Harbour Place with elevator, lobby and common area upgrades, a new building cafe, and installation of a building concierge
Pushed rental rates from $25/sf to over $37/sf due to premier tenant service and strategic enhancements
Acquired building at 91% occupancy with known vacates that would lower it to 82%; building sold at 92% occupancy
