In one of Tampa’s biggest corporate real estate deals in recent history, Tampa Electric Co. and Peoples Gas will move its corporate headquarters from downtown Tampa to a new office tower in Midtown Tampa.
Parent company TECO, which has been based at TECO Plaza at 702 N Franklin St. since 1981, will move when its lease expires in 2025.
In a late Friday afternoon statement, the company cited Midtown’s inland (and less flood-prone) location, modern design and potential for future growth as reasons for the move.
“In the heart of the community that our companies have called home for more than a century, our new location will be situated on higher ground and readily accessible to employees at all times, including during storm response, which is an important part of our service to customers,” TECO CEO and president Archie Collins said in a statement. “This is an investment in resiliency, allowing us to continue to reliably serve our customers as we strive to provide power that’s always on.”
The move, which has been rumored for months, began coming into focus in October, when Midtown developers the Bromley Cos. filed plans with the city of Tampa indicating a single corporate tenant was likely to fill most of its forthcoming 17-story, 400,000-square-foot office tower, Midtown East.
That tenant, which went unnamed in city filings, will occupy more than 230,000 square feet on the second through ninth and 16th through 18th floors of Midtown East. The company will have 900 employees at the new office, which will begin construction in 2023. TECO will be Midtown Tampa’s largest employer.
“Midtown Tampa continues to serve as a catalyst for growth across the city by attracting top-tier talent and bringing the community together to live, work, shop, dine and connect,” Bromley Cos. CEO Nicholas Haines said in a statement. “As the home to Tampa Electric and Peoples Gas’ new headquarters and two nearly fully leased office towers, Midtown has established itself as a dynamic and inspiring place to work with innovative, sustainable building designs and access to best-in-class amenities. We’re excited to welcome them to our growing network of office workers, residents and community members.”
The $1 billion development at the southeast corner of Interstate 275 and N Dale Mabry Highway has already attracted two major corporate headquarters, as Tampa companies Primo Water and Kforce have relocated their primary offices there.
For TECO, the move inland is a homecoming of sorts. Before the company moved downtown, it was based out of an office at N Dale Mabry and Kennedy Boulevard. As was the case then, the company will own, not lease, its Midtown space.
“As workplaces evolve, we continue to value spaces that offer opportunities to interact and connect with each other and the community,” Peoples Gas president Helen Wesley said in a statement. “The openness of the new office design fosters collaboration and is the perfect place for us to continue to grow and share our vision for Florida’s clean energy future.”