MetLife Provides $127M in Acquisition Financing for Bank of America Plaza in Tampa
MetLife originated a $127 million acquisition loan on the Bank of America Plaza in downtown Tampa, Fla., a spokesman for the insurance giant told Commercial Observer.
The borrowers, Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management, are using the proceeds from the five-year loan towards their $195 million buy of the 42-story tower, which the joint venture partners purchased from MetLife Real Estate Investors.
The sale marks the largest office-building transaction that Florida has seen since 2012, according to published reports.
MetLife and the former real estate investment trust Paragon Group—which was later acquired by Camden Property Trust—built the 787,042-square-foot office tower in 1985, according to marketing information from CBRE. CBRE has managed and leased the building since 2003.
The building, which sits at 101 East Kennedy Boulevard, offers tenants access to a gym, full-service banking, a lounge and a number of restaurants including Caffé Fresco, Tropical Smoothie Café, Nathan’s Famous, and Tampa Salad Company. The property also contains also a full-service dentist, an optical shop, and a salon. Additionally, the building is connected to a 14-level parking garage with 1,260 parking spaces.
The office tower is located 15 minutes from Tampa International Airport, and is in walking distance to the county and federal courthouse, as well as the Tampa Convention Center, hotels and restaurants.
A representative for Oaktree Capital Management declined to comment. A representative for Banyan Street Capital did not respond to inquiries by time of publication.