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Tallahassee’s City Centre building trades for $13.6M in off-market dealFebruary 15, 2022
Avison Young exceeds pricing expectations for trophy asset in state capital’s CBD
Tallahassee, Fla. – Avison Young’s Florida Capital Markets Group closed the $13.6 million sale of City Centre, a seven-story, 168,677-square-foot trophy office building sitting on 2.14 acres at 227 N. Bronough St. in Tallahassee, Florida. The transaction was the result of Avison Young’s ability to source a strong unsolicited off-market offer on behalf of the Simpson Organization.
The sales team consisted of Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé.
“The opportunity to sell the City Centre building came to us after offers from a 2019 listing attempt weren’t meeting the seller’s pricing expectations,” said Duckworth, who, with his team, has worked with the seller on several other deals throughout South Florida. “We quickly identified a buyer we knew was interested in the Tallahassee market and set up the deal at a price much higher than previous offers.”
Located in the state capital’s central business district, City Centre is 95% occupied by a balanced and diverse mix of government-related and private-sector tenants. The building has undergone more than $6 million in capital improvements including its exterior and common areas over recent years. Property conveniences include a four-story parking structure and walkability, being just steps away from the Florida Sate Capitol, the Florida Supreme Court, and an abundance of retail, restaurant, cultural, and entertainment options.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
David Duckworth, Principal, Avison Young: 954.938.1806
John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842