Accusoft buys third building, plans April expansion

BUYER: Accusoft Corp. (principals Jack Berlin, Chris Lubeck and Jim Bean), Tampa
SELLER: Cross Asset Management Ltd.
PROPERTY: 829 W. Dr. Martin Luther King Jr. Blvd., Tampa
PRICE: $2.6 million
PREVIOUS PRICE: $250,000, June 1996
LAW FIRM ON DEED: Wallack Law Firm, Sarasota

PLANS, DESCRIPTION: Tampa-based Accusoft purchased a 24,064-square-foot office building near its headquarters for $2.6 million.

The price equated to $108 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The software company plans to renovate the two-story building to use as its third building on its Tampa campus. Accusoft currently operates from its headquarters on the corner of West Dr. Martin Luther King Jr. Boulevard and Riverside Drive, and a West Annex building across the Hillsborough River at 1725 W. Dr. Martin Luther King Jr. Blvd., Tampa. The new building is being called the East Annex.

“We would have preferred to find a campus,” says Anthony Sanchez, vice president of finance and administration for Accusoft. “We thought we could sell these buildings, but we couldn't find anything close enough. We found that if we bought a big campus we would lose a lot of our people, because they didn't want to have a further commute.”

After considering leasing the top floor of the new East Annex building, the firm said it decided it was smarter to buy the entire building.

The company hopes to start operating from the vacant second floor in April. Other companies will continue to lease a large portion of the first floor for the near future.

Accusoft expects to eventually staff more than 40 employees in that building.

All three buildings combined, the company occupies a total of 38,000 square feet.

“Nobody could have anticipated that we would continue to grow so successfully, even in tough economic times,” Accusoft President Jack Berlin says in a press release. “The purchase of the East Annex ensures that Accusoft will be able to continue to grow and innovate and serve our expanding customer base as we have for two decades now, and counting.”