4200 West Cypress Sells for $24 Million

The 10 story, 220,000 square foot Westshore office building formerly owned by TIAA-CREF was purchased by Highwoods Properties Inc. for $24.7 million.

It is estimated that the occupancy of the building is above 90% and has an NOI of over $3 million per year. Highwoods will look to improve the property and will be marketing the remaining office space for lease.

Highwoods, a REIT (NYSE: HIW) based out of Raleigh, NC now owns over 2 million square feet of office space in the Westshore submarket of Tampa Bay.