Commercial Real Estate, Capital, Insurance, Leasing & Management

Water Street Tampa unveils plans for 1 million square feet of office space

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Chad Rupp, managing director, is leasing 180,000 SF of office space at Tampa's new Sparkman Wharf development.

Excerpted from Tampa Bay Business Journal story.

The Sparkman Wharf space is being marketed in the mid $40s per square foot; rents in the two new towers will be in the low to mid $50s per square foot, said David Bevirt, executive vice president of leasing and strategy for SPP. Both of those rents are all-inclusive but do not include parking. 

Top-tier office space in downtown Tampa, in trophy buildings with the most premier views, commands rents in the mid to high $30s per square foot.

Bevirt, who moved to Tampa from Washington, D.C., in March to spearhead the office portion of Water Street, says he doesn’t think a deal will be announced before 1001 Water Street breaks ground, but that an announcement could come by mid-2019.

Between the Sparkman Wharf and 1001 Water Street, Bevirt said there are active negotiations on a total of 500,000 square feet of the forthcoming office space. Of that, about one-third is from local companies; one-third is from companies with a statewide presence; and a third is from national companies.

“We feel very good about where we are in our projections for lease up,” Bevirt said. 

SPP has retained Jim Moler, a senior vice president with JLL in Tampa, to oversee the leasing of 1001 Water Street. Chad Rupp, managing director of office and industrial services at Franklin Street, is leasing the Sparkman Wharf space.

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