Tallahassee’s City Centre building trades for $13.6M in off-market deal

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.