Tampa Electric Co. has confirmed it will move its headquarters out of downtown Tampa to Midtown Tampa.
The Tampa Bay Business Journal first reported TECO’s intention to move to Midtown on Wednesday.
The utility said Friday that it and Peoples Gas will own its space in Midtown East, a new 17-story building that will break ground in early 2023. The companies will have a combined head count of 900 when they take occupancy in the tower. TECO and Peoples Gas will own 11 stories of the tower.
New York-based Bromley Cos., the master developer of Midtown, and Highwoods Properties will develop Midtown East. The two also partnered on developing the district’s first office tower, Midtown West.
“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,” Nicholas Haines, CEO of Bromley, said in a statement.
The companies said they explored multiple sites in the Westshore business district and downtown Tampa before landing on Midtown. Midtown, they said, was chosen for its inland location, ample parking, proximity to Interstate 275 and hurricane-resilient construction.
“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,” Archie Collins, president and CEO of TECO, said in a statement.
The lease on TECO Plaza at 702 N. Franklin St. expires in 2025. The office condo structure of the Midtown headquarters, the company said, “will provide a long-term financial benefit to TECO customers” in comparison to leasing office space.”
