Los Angeles-based real estate and infrastructure owner, operator, lender and developer CIM Group recently announced that it had issued a refinance loan to the owners of the trophy office tower located at 101 East Kennedy Blvd. in downtown Tampa, Fla.: A CIM-managed fund closed a $175 million whole loan for Bank of America Plaza to an affiliate of property owner Banyan Street Capital and funds managed by ownership partner Oaktree Capital Management, L.P.
The 42-story tower incorporates roughly 760,500 square feet of LEED Gold-certified Tampa office space. One of the city’s tallest commercial structures, the Bank of America Plaza also features an adjacent 14-level parking structure that’s connected to the tower by a covered, climate-controlled skybridge. At 1,260 spaces, the property offers a parking ratio of 1.5 spaces per 1,000 square feet.
Bank of America Plaza was originally completed in 1986 and underwent extensive renovation in 2018. It features floor plates of 20,781 square feet; a newly renovated lobby; a full-service fitness center; a tenant business lounge and conference facility; 18 passenger elevators; and 23,500 square feet of retail space.
Located at the corner of North Tampa Street and East Kennedy Boulevard, Bank of America Plaza takes up two whole blocks and offers major street exposure along both thoroughfares. In 2020, Banyan and Oaktree built out 17,000 square feet of speculative downtown Tampa office space for rent in preparation for post-pandemic leasing. The new suites were designed to incorporate new sanitary measures, more private offices, larger work stations and less open space. And, although the pandemic has yet to be a thing of the past, these build-out enhancements are sure to be highly appreciated amenities going forward.
According to CommercialEdge data, there are 52 active leases in the building. Tenants include several law firms, insurance providers, and a medical office, as well as some city administrative operations and U.S. government agencies. The property is subject to a 99-year, unsubordinated net ground lease that expires in 2080. The property was purchased for $194.4 million by Banyan and Oaktree from MetLife in 2015.
Bank of America Plaza at 101 E Kennedy Boulevard in Downtown Tampa (property image courtesy of CommercialEdge)
