Tampa Bay’s largest office building just sold for $45 million

A former shopping mall turned office complex in Hillsborough County changed hands last week, marking one of the region’s biggest office sales in recent years.

NetPark Tampa Bay, a two-story office building spanning nearly 1 million square feet sold to New Jersey real estate investment firm Saxum Real Estate Partners on July 3 for $45 million, according to a deed filed with the Hillsborough County Clerk. The seller is California-based Bluett Capital Realty, Inc.

NetPark is the largest office property sold in the Southeast since 2022, according to CBRE, the real estate firm that arranged the sale. It was 60% leased at the time of the sale.

The property last sold in 2005 for $42.35 million.

It was originally developed in 1976 as the East Lake Mall before being converted to offices in the 1990s.

“NetPark is a tremendous place to work with a campus and amenity set that differentiates itself amongst its competition,” Saxum Vice President of Acquisitions Ian Kukowski said in a statement. “Saxum is excited to enter the Tampa market with scale.”