Northern Belief Corp. has signed a lease for greater than 10,000 sq. ft of workplace house at Thousand & One, a newly constructed 20-story mixed-use improvement at 1001 Water St. in Tampa, Fla.
Cushman & Wakefield is solely dealing with leasing efforts on behalf of Strategic Property Companions, the constructing’s proprietor and developer. Northern Belief will transfer into the brand new house on the ninth flooring of the workplace tower within the subsequent few months.
Thousand & One is a part of Strategic Property’s $3.5 billion Water Road Tampa mixed-use district. The corporate is constructing the megaproject in a three way partnership with Cascade Funding, an entity managed by Microsoft founder Invoice Gates, and Tampa Bay Lightning proprietor Jeff Vinik.
Upon completion, Water Road Tampa shall be one of many largest downtown actual property developments within the U.S. The upcoming 56-acre neighborhood is about to incorporate 9 million sq. ft of workplace, residential, retail and public house. Completion of the complete improvement is slated for 2027.
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Building on Thousand & One started in 2019 and was accomplished in 2021. Designed by COOKFOX Architects, the tower gives 375,000 sq. ft of Class A workplace house. The constructing is WiredScore Platinum and LEED Silver licensed, and anticipates receiving WELL Core and Shell certification, which might be a primary for the area.
Suffolk Building, ReliaQuest, Sila Realty Belief and RSM are among the many property’s tenants. Facilities embrace floor-to-ceiling home windows, a rooftop terrace, a health middle and a floor flooring with 12,000 sq. ft of retail house. The constructing is located adjoining to the town’s central enterprise and waterfront districts.
Tampa’s workplace market developments
Northern Belief’s relocation takes place as the town’s workplace market recovers amidst a widespread company downsizing of house through the pandemic. Regardless of such developments, Tampa, for its half, has seen growing demand for brand spanking new workplace house, as greater than 15 corporations have introduced plans to relocate to the town, in line with a second quarter 2022 report from Avison Younger. The town’s workplace market has 46.7 million sq. ft of house in its stock, with 2.5 million obtainable; pricing for house is at an all-time excessive of $161 per sq. foot, with demand directed notably towards Class A belongings, the identical report reveals.
Placing these market developments in context, Strategic Property Government Vice President of Company Leasing and Technique David Bevirt advised Industrial Property Government: “The brand new way of life alternative we’ve created right here is the most effective instrument for recruiting and retaining expertise, and we’re seeing sturdy curiosity from monetary service corporations like Northern Belief seeking to develop to Water Road Tampa to turn out to be a part of this newly established monetary middle within the metropolis.”
