Northern Trust Inks Downtown Tampa Office Lease

1001 Water St. Image courtesy of Seamus Payne.

Northern Trust Corp. has signed a lease for more than 10,000 square feet of office space at Thousand & One, a newly built 20-story mixed-use development at 1001 Water St. in Tampa, Fla.

Cushman & Wakefield is exclusively handling leasing efforts on behalf of Strategic Property Partners, the building’s owner and developer. Northern Trust will move into the new space on the ninth floor of the office tower in the next few months.

Thousand & One is part of Strategic Property’s $3.5 billion Water Street Tampa mixed-use district. The company is building the megaproject in a joint venture with Cascade Investment, an entity controlled by Microsoft founder Bill Gates, and Tampa Bay Lightning owner Jeff Vinik.

Upon completion, Water Street Tampa will be one of the largest downtown real estate developments in the U.S. The upcoming 56-acre neighborhood is set to include 9 million square feet of office, residential, retail and public space. Completion of the full development is slated for 2027.

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Construction on Thousand & One began in 2019 and was completed in 2021. Designed by COOKFOX Architects, the tower offers 375,000 square feet of Class A office space. The building is WiredScore Platinum and LEED Silver certified, and anticipates receiving WELL Core and Shell certification, which would be a first for the region.

Suffolk Construction, ReliaQuest, Sila Realty Trust and RSM are among the property’s tenants. Amenities include floor-to-ceiling windows, a rooftop terrace, a fitness center and a ground floor with 12,000 square feet of retail space. The building is situated adjacent to the city’s central business and waterfront districts.

Tampa’s office market trends

Northern Trust’s relocation takes place as the city’s office market recovers amid a widespread corporate downsizing of space during the pandemic. Despite such trends, Tampa, for its part, has seen increasing demand for new office space, as more than 15 companies have announced plans to relocate to the city, according to a second quarter 2022 report from Avison Young. The city’s office market has 46.7 million square feet of space in its inventory, with 2.5 million available; pricing for space is at an all-time high of $161 per square foot, with demand directed particularly toward Class A assets, the same report shows.

Putting these market trends in context, Strategic Property Executive Vice President of Corporate Leasing and Strategy David Bevirt told Commercial Property Executive: “The new lifestyle opportunity we’ve created here is the best tool for recruiting and retaining talent, and we’re seeing robust interest from financial service companies like Northern Trust looking to expand to Water Street Tampa to become part of this newly established financial center in the city.”