CBRE to Lease Revamped Tampa Office Building

Convergent Capital Partners has tapped CBRE as exclusive leasing agent in charge of a 160,000-square-foot office building in Clearwater, Fla. The company recently acquired the Class A asset from Mercury Insurance Co., for $19.6 million, according to Pinellas County public records. Kennedy Wilson Brokerage negotiated on behalf of the seller. The property last traded in 2005 for 24.9 million, CommercialEdge data shows.

The new owner plans to upgrade the property and to reposition it, changing it into one of the most attractive locations for office users in the Tampa Bay area, added Convergent Capital Partners’ CEO, Santosh Govindaraju, in prepared statements.

Located at 1901 Ulmerton Road, the eight-story building includes three passenger elevators, 820 covered parking spots, an on-site cafe and a fitness center. Improvement plans include an upgraded lobby, a conference room, a renovated fitness center and other common-area renovations.

Situated on a 7-acre lot, the asset is close to Interstate 275 and to St. Pete-Clearwater International Airport, 10 miles from downtown St. Petersburg, 12 miles from downtown Clearwater, Fla., and within 14 miles of downtown Tampa.

Office repositioning strategy in Tampa Bay area 

CBRE’s team of Senior Vice President K.C. Tenukas, Vice President Kristin Kenney and Associate Nick Baldwin are in charge of the 100,000 square feet of space available for lease, with sizes between 1,200 and 60,000 square feet. With significant capital improvements refreshing the asset, the ownership plans to attract companies working in the health-care, law, engineering and financial services fields, looking for relocation or a new office, noted CBRE’s Tenukas in prepared remarks.

In December 2022, Tampa Electric and Peoples Gas announced plans to move at Midtown East, a 1.8 million-square-foot mixed-use development in Tampa’s Westshore submarket. The companies will occupy 298,000 square feet of office space across 11 floors, while the developers, The Bromley Cos. and Highwoods Properties Inc., will own floors 10 through 15.