One of Tampa’s hottest developments has sold a major component to investors in Atlanta for an exorbitant price.
Heights Union’s offices at W Palm Avenue and N Tampa Street were sold this week for just under $ 144.8 million to Cousins Properties, which operates several office buildings in the West Shore business district. The act was recorded Tuesday by the Hillsborough County Clerk.
The office complex, which is near Armature Works and Water Works Park, is home to a global hub from Pfizer, which announced a 106,000 square foot lease earlier this year; and one of two head offices of Axogen, a 75,000 square foot Gainesville-based nerve repair biotechnology company.
The 294,000 square foot building is 93.4% leased, according to a Cousins Properties presentation to investors. The presentation cited the Heights area’s “unique live-work-play experience” as the main reason for the investment, noting that a sprout farmers’ market will open in the area this fall.
“Heights Union represents a compelling opportunity to acquire a unique property in an emerging submarket with an exceptional rental list,” Cousins President and CEO Colin Connolly said in a statement. “We continue to respond to what our customers tell us they want: authentic, efficient and compelling properties in highly designed locations that appeal to their employees. “
Cousins Properties’ other investments in Tampa include 1.4 million square feet of office space in five existing or proposed office buildings along W Boy Scout Blvd. near the Place Internationale; and 457,504 square feet in two buildings off N Rocky Point Drive.
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