Bank of America Plaza lands engineering firm

Carollo Engineers Inc., a water engineering firm with dozens of regional office nationwide, has committed to relocate its Brandon operation to the 42-story Bank of America Plaza tower in downtown Tampa.

The practice is expected to more than double its existing space, to more than 11,000 square feet, when it moves offices early next year.

“It’s a significant expansion,” says Barry Hanerfeld, a senior vice president with commercial real estate brokerage firm CBRE Inc., who negotiated the Carollo lease on behalf of building owner Banyan Street Capital.

“They looked at quite a number of buildings downtown and in other locations, and I think they were drawn both to the quality of the building and to the reputation of the landlord. We’re thrilled to have them.”

Carollo’s seven-year lease with options to renew takes Bank of America Plaza’s occupancy to 92%, Hanerfeld says.

Bank of America Plaza, which Miami-based Banyan Street and Oaktree Capital Management bought for $193.5 million in late 2015, is one of three downtown office towers Banyan Street and partners control.

In addition to the 791,000-square-foot tower, Banyan Street also owns Tampa City Center and Rivergate Tower.

Carollo will join Mosaic Co., law firms Shumaker, Loop & Kendrick and Trenam Law and CBRE as major tenants in the Bank of America Plaza skyscraper.

“This signals that downtown Tampa continues to do well in spite of the challenges it and other cities are facing because of COVID-19,” Hanerfeld says.