JLL Arranges $55.7M Valley Bank Financing for Highwoods Properties and Bromley Companies' Midtown East Tampa Office Tower

JLL Capital Markets has arranged $55.7 million in financing through Valley Bank for Midtown East, a newly delivered 18-story office tower in Tampa's Midtown district, the firm announced July 29, 2026.

JLL worked on behalf of the borrower — a 50/50 joint venture between Highwoods Properties and Bromley Companies — to secure the loan. The financing covers 143,354 square feet of office and retail space within the 432,000-square-foot tower.

Property Overview: Midtown East

Delivered in April 2025, Midtown East is the third and final office tower to be completed within the 22-acre Midtown Tampa master-planned development. The building features floor-to-ceiling glass, covered balconies, high-speed destination elevators and a dedicated ground-floor retail component. The property is pursuing LEED, Fitwel and Energy Star green building certifications.

Tampa Electric Company, a subsidiary of TECO Energy, separately owns 11 floors of the building and occupies the space as its corporate headquarters. The Highwoods Properties and Bromley Companies joint venture owns the remaining office and retail floors that serve as collateral for the Valley Bank loan.

The broader Midtown Tampa district encompasses more than 200,000 square feet of walkable retail — including Whole Foods Market, REI, Shake Shack and True Food Kitchen — alongside approximately 700 apartment units, an Aloft/Element dual-branded hotel and three Class A office buildings totaling 650,000 square feet. The development is situated near Tampa International Airport and within the Westshore office submarket.

Rapid Lease-Up in a Supply-Constrained Submarket

The office floors owned by the Highwoods Properties and Bromley Companies joint venture reached 100% leased occupancy in less than one year of delivery, drawing tenants across professional services, technology, staffing, real estate and insurance sectors.

JLL described the performance as a reflection of strong demand for quality office space within Tampa's Westshore submarket, where trophy and Class A properties have continued to capture the majority of leasing activity. The flight-to-quality trend has concentrated tenant demand in newer, amenity-rich buildings, while older commodity product faces weaker absorption — a dynamic playing out across Sun Belt markets more broadly.

The mixed-use character of Midtown Tampa, with its on-site retail, residential and hospitality components, aligns with post-pandemic tenant preferences for walkable, amenity-dense environments. The development also offers on-site programming including weekly wellness classes, seasonal farmers markets and outdoor events.

JLL Debt Advisory Team

The JLL Debt Advisory team representing the borrower was led by Senior Managing Directors Ed Coco, Evan Pariser and Lee Weaver, and Managing Director Matt Casey.

"The combination of best-in-class sponsorship, a trophy asset within the thriving Midtown Tampa development and a strong tenant roster with significant lease term made this an exceptionally attractive financing opportunity," Coco said. "Tampa's office fundamentals remain among the strongest in the nation, particularly for modern, amenity-rich properties like Midtown East."

Market Context: Office Capital Markets in 2026

The Midtown East financing comes as capital markets activity has shown signs of recovery. Global direct transaction volumes reached $216 billion in the first quarter of 2026, up 18% year-over-year.

Within the office sector, lender and investor appetite has remained concentrated on newly delivered, ESG-aligned assets in strong submarkets. Debt markets in 2026 have increasingly reopened for well-leased, green-certified office properties backed by institutional sponsors, particularly in Sun Belt metros where population and employment growth have supported tenant demand.

Midtown East's full lease-up in under a year, combined with TECO's long-term corporate headquarters commitment anchoring the building, provided lenders with strong cash flow visibility and reduced rollover risk.

About the Firms

Highwoods Properties is a publicly traded real estate investment trust focused on Class A office properties in Sun Belt markets. The Bromley Companies is the master developer behind the Midtown Tampa mixed-use district. JLL is a global commercial real estate services firm with annual revenue of $26.1 billion and operations in more than 80 countries. Valley Bank provided the debt financing for the transaction.

Sources: JLL Newsroom, July 29, 2026