City Office REIT has closed on the purchase of Park Tower, downtown Tampa’s original office tower, for $79.75 million. Located at 400 N. Tampa St., the 36-story building was built in 1973. The sales price breaks down to roughly $160 per square foot.The tower was sold by Sterling American Property of New York City which bought the asset for $27.4 million in 2006. Originally built for the new home of The First National Bank of Tampa, the building is home to a large underground Federal Reserve Vault. According to Brent Miller, a senior vice president with JLL in Tampa, “it has a stigma as a low-cost alternative…With upgrades to the finishes, you can reposition that property and you can drive those rents to be comparable to lower A class buildings in the market.”
