Christian Tyler Properties, LLC (“CTP”), together with its partner, Buffalo Tampa Bay, L.P., purchased the UHG/Optum building for $10.5 million in late December 2017.
The UHG/Optum Building in Tampa, Florida includes a single-story suburban office building totaling 60,000 square feet (“sf”). It is 100% leased to United Healthcare Services, Inc. on a triple net basis. Built in 2002, the Property serves as a high-end, Class A call center, and features tilt wall construction with eleven-foot interior ceilings and storefront glass with premium exterior landscaping and mature trees.
This exceptional property provides the option to expand the current building footprint by up to 39,000 sf while still maintaining an excellent market best parking ratio. The UHG/Optum Building offers an unprecedented parking ratio of 10.15 spaces per 1,000 sf and is only one of two buildings over 50,000 sf in Tampa Bay with a parking ratio above 9 per 1,000 sf.
The Optum Building is strategically located in the geographic center of the I-75 Corridor submarket, which is ideally suited for companies wanting to draw from Tampa Bay’s key labor markets. The Property is situated within Pinebrooke Commerce Center, a premier mixed-use park, allowing for easy access to I-4, I-75, the Lee Roy Selmon Expressway, US-301, and SR-60. Equally as convenient, the Tampa CBD and Tampa International Airport are just a 10 and 20-minute drive from the Property.
With a superior location, amenities, and access, the UHG/Optum Building will continue to appeal to companies requiring functional, moderately priced, well-located call center office space.
Because of its unparalleled parking ratio, central location and Class A amenities, this property is ideally suited to meet the office requirements of corporate America. With a stable tenant in place and room to expand, this asset has strong potential for return, which resulted in significant interest from investors.
Christian Tyler Properties is currently undertaking a major capital expenditure refurbishment at the facility in collaboration with United Health Group.