Midtown Tampa East Tower
Update
12/13/22
Highwoods and The Bromley Companies Form 50/50 Joint Venture to Develop Midtown East in Tampa
Highwoods Properties, Inc. (NYSE:HIW) and The Bromley Companies have formed a 50/50 joint venture to construct Midtown East, a multi-customer office development project located in the mixed-use Midtown Tampa project in Tampa’s Westshore submarket.
Upon completion, the joint venture will own 134,000 square feet, consisting of five floors of office (floors 10 through 15) and ground level retail, of an overall 18-story, 432,000 square foot tower. The rest of Midtown East will serve as the future headquarters of Tampa Electric and Peoples Gas.
The total anticipated investment for the joint venture’s share of the overall project is approximately $83 million (at 100%). Construction of the project is expected to begin in the first quarter of 2023 with a scheduled completion date in the first quarter of 2025 and a pro forma stabilization date in the second quarter of 2026.
Highwoods currently owns an 80% interest in a joint venture with The Bromley Companies that developed and owns Midtown West, a 150,000 square foot, $71 million office project completed in the second quarter of 2021 that was 92.5% leased as of September 30, 2022.
Ted Klinck, President and Chief Executive Officer of Highwoods, said, “We’re excited to once again partner with The Bromley Companies on another high-quality office development in the dynamic Midtown Tampa district. The proven success of Midtown West, which broke ground in the fourth quarter of 2019 and leased up according to pro forma even in the midst of a global pandemic, has demonstrated how quickly Midtown Tampa has become the premier office destination for growing companies in Tampa.”
