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CMD Realty Buys Trophy Tower in Tampa

Pension and financial services firm TIAA-CREF has sold a trophy office tower in downtown Tampa to CMD Realty for an undisclosed price. Trammell Crow Co. brokered the deal for the seller, which reportedly began accepting bids on the property last October.

The SunTrust Financial Centre is a 35-story, 527,237 sq. ft. office tower in the center of the Tampa CBD. The property’s tenant roster includes Lykes Lines (CP Ships), SunTrust Bank, LaSalle Bank, Wells Fargo Bank, Buchanan Ingersoll and Robert W. Baird. It is the fourth-largest office building in downtown Tampa.

Brokers familiar with the deal said the purchase fell short of record prices paid for premium office buildings in Tampa over the past two years, according to the Tampa Bay Business Journal. The newspaper also reported last November that the SunTrust Financial Centre had a market value of $53.3 million, or $101 per sq. ft., according to Hillsborough County property appraiser records.

In addition, Chicago-based real estate investment advisor CMD Realty also bought two development sites totaling 2.06 acres situated on two full city blocks adjacent to the building. The two lots are currently being used for structured and surface parking. CMD owns more than $1 billion worth of office buildings, primarily in the Southeast and West, including buildings in Orlando and South Florida.

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