Tampa Commons Office To Be Rebranded As 1 North Dale Mabry

Tampa FL

30 November, 2020

8:05 PM

Description

TAMPA, FL — Bridge Investment Group LLC of Salt Lake City has announced the acquisition of Tampa Commons, a 13-story, 253,922 square-foot office building at 1 North Dale Mabry in Tampa. 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. Located at the intersection of Dale Mabry and Kennedy Boulevard in the Westshore area, the property is located near Midtown Tampa, a $500-million mixed-use project set to open in early 2021. 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. In line with Bridge's strategy for creating next-generation workplaces, the firm plans additional investments to revamp and reintroduce the property to the market as 1 North Dale Mabry. 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. "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 percent 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." See related stories: Plans Unveiled For Boutique Office Space At Midtown TampaMidtown Tampa Project Planned For Westshore Area: ReportOutdoor Recreation Store, 3 Restaurants Sign On To Midtown TampaBuilding Demolition Sets Stage For Massive Midtown Tampa ProjectPopular Shake Shack Eatery Coming To Midtown Tampa Development