The Mosaic Co.’s relocation of its corporate headquarters to Hillsborough County will be a win for a landlord in the Tampa area.
The phosphate giant’s real estate search is in the preliminary stages, and office space across the county is in the running, Ben Pratt, Mosaic’s vice president of corporate public affairs, told the Tampa Bay Business Journal.
“We are considering downtown Tampa as well as our existing office buildings in FishHawk and Highland Oaks,” Pratt wrote in an email.
Pratt said the size of Mosaic’s Florida headquarters is to be determined, though it’s rumored in commercial real estate circles to be looking for 30,000 square feet. In Minnesota, Mosaic’s corporate headquarters is in a suburban office park, where 150 employees work in 73,987 square feet, Pratt confirmed to the Twin Cities Business Journal, a sister news organization.
The company’s lease on that space expires in 2020. The amenity package in that building includes an on-site restaurant and fitness center, 24-hour access to the property, some covered parking spaces, a concierge and courtyard, and Mosaic could look to recreate that same environment at its Hillsborough headquarters.
Mosaic isn’t yet saying how many people will work in the Tampa headquarters. At 200 square feet per employee — a rough estimate used by commercial real estate brokers — 150 people would require about 30,000 square feet.
In the Tampa Bay region, 30,000 square feet is a sizable office lease. The vast majority of office leases here are between 10,000 and 20,000 square feet. But beyond its physical presence, Mosaic’s move is sending a message that could have a ripple effect throughout the commercial real estate market, said Scott Garlick, managing principal of Cushman & Wakefield of Florida Inc.’s Tampa office.
“It’s a wonderful thing. They view Tampa as a part of their brand now,” Garlick said. “Any time you see something like this, the fact that it’s a corporate headquarters will positively influence other corporate headquarters to take a serious look at us.”
There are two major office developments in the works in downtown Tampa: the 53-story, mixed-use Riverwalk Place tower at Ashley Drive and Brorein Street includes 14 stories of office space; and at full buildout, Water Street Tampa is slated to include more than 2 million square feet of office space.
Water Street, between the Channel district waterfront and central business district, has been pursuing a corporate headquarters for its district since 2014.
Tampa Bay Lightning owner Jeff Vinik, who controls the development firm behind Water Street with Cascade Investment LLC, recently told the TBBJ that the group is talking to “tenants who want hundreds of thousands of square feet of space.”