$45M financing secured for Tampa office tower

ATLANTA, Nov. 1, 2023 –  JLL Capital Markets announced today that it has arranged $45 million in financing for Midtown West, a newly built office property totaling 152,000 square feet in Midtown Tampa.

JLL worked on behalf of the borrower, a joint venture between Highwoods Properties and The Bromley Companies, to secure the five-year loan from New York Life Insurance Company.

Midtown West is located at 1150 Assembly Drive, within the 22-acre Midtown Tampa development, offering a dynamic and transformative mixed-use environment comprised of 185,000 square feet of retail space, including nine eateries, a Whole Foods and an REI; nearly 400 apartments; an Aloft/Element hotel and two Class A office buildings, with a third, Midtown East, a 430,000-square-foot tower under construction as part of another joint venture between Highwoods and Bromley. The Midtown Tampa development is close to many of Tampa Bay’s most desirable residential nodes and provides quick access to Tampa International Airport.

Completed in 2021, Midtown West is a modern eight-story office building with market-leading amenities and green buildings standards. The property is fully leased to prominent tenants, including Prudential, Primo and Nestle. Midtown West offers tenants the quality finishes they demand today as part of a vibrant walkable atmosphere.

The JLL Debt Advisory team representing the borrower was led by Senior Managing Director Ed Coco, Managing Director Matt Casey and Lee Weaver, JLL Senior Managing Director and co-head of the Tampa Capital Markets team.

"Midtown West represents the best-of-the-best office product in a growing market with solid fundamentals,” said Coco. “The combination of a newer vintage asset built by strong institutional ownership within the thriving Midtown Tampa mixed-use development were all critical to both a successful lease-up and ultimately this refinance. We sincerely appreciate the relationships and efforts amongst all parties involved to execute in today’s challenging environment.”

According to JLL’s Q3 Office Outlook new product like Midtown West that was developed since 2015, has seen occupancy gain in every single quarter since the pandemic and has generated over 120 million square feet of positive net absorption. Furthermore, in Tampa demand continues to shift into urban Class A and trophy assets that are currently 85% leased overall, according to the JLL Tampa Bay Q3 Office Insights report.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Highwoods Properties, Inc., headquartered in Raleigh, North Carolina, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust ("REIT") that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. For more information, please visit: highwoods.com. 

Since its founding in 1972, The Bromley Companies has built a diversified portfolio of real estate across the country including office, student housing, retail and industrial assets. Bromley has developed and owned over 5 million square feet of real estate since inception. With a sharp focus on developing compelling tenant spaces and highly personalized service, Bromley continues to create innovative, vibrant, sustainable places that connect lives and enrich communities.  Bromley is headquartered in New York City with offices in Illinois and Florida. For more information, visit bromco.com/.

New York Life Insurance Company (newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/05/2023. For methodology, please see  fortune.com/fortune500/.

²Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).