Philip Morris USA Leases 56,191 SF Office Space From Highwoods Properties In Tampa
5426 Bay Center Drive
Building Size
56,191 SF
Asset Type
Office
Closing
Feb 4, 2026
AI
The property asset involved in this transaction is an office space located at 5426 Bay Center Drive in Tampa. The total square footage of the asset is 56,191 square feet and was leased as a Full Service Gross lease type. The landlord for this property is Highwoods Properties.
Summary of transation details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 5426 Bay Center Drive
- Market: Tampa
- Landlord: Highwoods Properties
- Tenant: Philip Morris USA
- Landlord's Representative: Lauren Coup & Bradley Heeter - Highwoods Properties
- Tenant's Representative: Caleb Lewis - JLL
The deal was facilitated with Philip Morris establishing a new business solutions center in Tampa. In the lease negotiations, Caleb Lewis represented the tenant, Philip Morris USA, while Lauren Coup and Bradley Heeter represented the landlord, Highwoods Properties. This arrangement reflects the collaborative efforts involved in securing the lease for the office space.
Players
Tampa Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93