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5426 Bay Center Drive

Updated May 7, 2026

Philip Morris USA Leases 56,191 SF Office Space From Highwoods Properties In Tampa
LEASEDOffice

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

About this deal

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.

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Players

Lauren Coup

Highwoods Properties

Broker

2 deals

Broker
Highwoods Properties
Highwoods PropertiesLandlord
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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

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