Commercial Florida was awarded the opportunity to acquire the asset, which was facing a near term vacancy by long term law firm tenant, Fowler White, as a result of consolidation of offices through a recent merger with a national law firm, requiring repositioning in the Downtown Tampa marketplace. At the time of purchase, 501 was 91% occupied, however with the departure of Fowler White, occupancy dropped to 57%, exposing the largest block of contiguous Class A space availability in the area. The vacancy was further complicated by the lease rights of two floor law firm Banker Lopez to move up the stack if Fowler White ever vacated. 501 would require substantial capital and tenant improvements, attentive management strategies, and a thoughtful and aggressive leasing campaign to maintain competitiveness in the CBD.
501’s existing competitive advantage included its parking structure, 9’ finished ceiling height as well as its central location in the Tampa CBD, which yielded tenants’ easy access to government buildings and leisure amenities. Through a comprehensive business plan and hands on management strategies, Commercial Florida built on existing advantages for a complete repositioning.