Tampa Bay’s office market continues to defy national trends, with companies expanding their footprints despite challenges. Here are three major office deals that shaped 2024.
KCI Technologies at Silo Bend Office Park
Address: 150-182 Kelsey Lane, Tampa
KCI Technologies made a bold move in 2024 by expanding its Tampa footprint by over 50%, leasing 26,000 square feet at Silo Bend Office Park in East Tampa. The engineering firm previously occupied 17,000 square feet at Meridian Crescent Center, also in East Tampa. The new space can accommodate 150 employees, offering room for growth.
- Brokers: Caleb Lewis of JLL represented KCI Technologies, while Jeff Lanning represented Workspace Property Trust, the landlord.
- Inside the Deal: “The East Tampa office submarket has faced significant challenges over the past four years. KCI’s decision to expand has sparked renewed activity, with an uptick in leasing velocity and growing confidence in the area’s future,” according to deal entry materials.
Insight Global at Midtown East
Address: Midtown East, Tampa
Insight Global signed a lease for 20,000 square feet in Tampa’s Midtown East, the tallest building in the mixed-use development. The staffing agency, which currently occupies 13,800 square feet in MetWest International, will relocate to Midtown East once construction is completed in early 2025. The 18-story, 430,000-square-foot building will also house Tampa Electric Co. and Peoples Gas on its top three floors.
- Developer: Bromley Cos., in partnership with Highwoods Properties Inc.
- Brokers: Joanne LeBlanc of Colliers represented Insight Global, while Lauren Coup and Brad Heeter represented Highwoods Properties.
- Inside the Deal: Initially, the landlord was only leasing full floors (26,391 square feet each), but Insight Global’s team negotiated to secure a smaller portion. This creative deal-making set a precedent, opening the door for smaller tenants in the building.
Masonite Headquarters in Ybor City
Address: 1001 E. Palm Ave., Tampa
Masonite, a Tampa-based window and door manufacturer, consolidated its operations into a 128,000-square-foot building in Ybor City. Previously occupying 87,000 square feet across two locations, the move allows Masonite to house all employees under one roof. This deal follows the company’s acquisition by Ohio-based Owens Corning for $3.9 billion earlier in 2024.
- Brokers: Scott Garlick of Cushman & Wakefield represented Masonite, while Ryan Reynolds and Jackson Kilcoyne of CBRE represented the landlord.
- Inside the Deal: “The complexity of this deal stood out,” the entry materials note. Masonite had to terminate two non-coterminous leases while ensuring parking solutions and room for growth. This relocation aligns with the company’s vision to streamline operations and foster collaboration.
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