$45M financing secured for Tampa office tower

ATLANTA, Nov. 1, 2023 –  JLL Capital Markets announced today that it has arranged $45 million in financing for Midtown West, a newly built office property totaling 152,000 square feet in Midtown Tampa.

JLL worked on behalf of the borrower, a joint venture between Highwoods Properties and The Bromley Companies, to secure the five-year loan from New York Life Insurance Company.

Midtown West is located at 1150 Assembly Drive, within the 22-acre Midtown Tampa development, offering a dynamic and transformative mixed-use environment comprised of 185,000 square feet of retail space, including nine eateries, a Whole Foods and an REI; nearly 400 apartments; an Aloft/Element hotel and two Class A office buildings, with a third, Midtown East, a 430,000-square-foot tower under construction as part of another joint venture between Highwoods and Bromley. The Midtown Tampa development is close to many of Tampa Bay’s most desirable residential nodes and provides quick access to Tampa International Airport.

Completed in 2021, Midtown West is a modern eight-story office building with market-leading amenities and green buildings standards. The property is fully leased to prominent tenants, including Prudential, Primo and Nestle. Midtown West offers tenants the quality finishes they demand today as part of a vibrant walkable atmosphere.

The JLL Debt Advisory team representing the borrower was led by Senior Managing Director Ed Coco, Managing Director Matt Casey and Lee Weaver, JLL Senior Managing Director and co-head of the Tampa Capital Markets team.

"Midtown West represents the best-of-the-best office product in a growing market with solid fundamentals,” said Coco. “The combination of a newer vintage asset built by strong institutional ownership within the thriving Midtown Tampa mixed-use development were all critical to both a successful lease-up and ultimately this refinance. We sincerely appreciate the relationships and efforts amongst all parties involved to execute in today’s challenging environment.”

According to JLL’s Q3 Office Outlook new product like Midtown West that was developed since 2015, has seen occupancy gain in every single quarter since the pandemic and has generated over 120 million square feet of positive net absorption. Furthermore, in Tampa demand continues to shift into urban Class A and trophy assets that are currently 85% leased overall, according to the JLL Tampa Bay Q3 Office Insights report.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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