Madison Building in downtown Tampa sells for $15 million

The Madison Building, a 12-story office property in downtown Tampa, sold for $15 million, according to Hillsborough County records filed April 7.

The property, at 412 E. Madison St., was sold by Madison Building Inc. to JHS OG LLC. The building has been tied to a local ownership group associated with Grandoff Investments, which operates from the Madison Street address.

The buyer is managed by Blake Casper. Mr. Casper is part of the Tampa-based Casper family, which operates Caspers Company, including Oxford Exchange, The Stovall House, The Current Hotel and Wright’s Gourmet House. Caspers Company didn’t respond to a request for comment.

The sale places a new valuation on an older downtown office asset built in 1966. County records show the building totals about 266,000 square feet, including roughly 114,000 square feet of heated office space, and carried a market value of about $9.9 million for tax purposes.

The $15 million price works out to about $56 per square foot based on the total area, or about $130 per square foot based on the heated area. The building last traded in 2015 for $1.5 million, according to property appraiser records.

What we don’t know

No financing documents were recorded with the deed, and the buyer hasn’t disclosed plans for the property, including whether it will undergo renovations or repositioning.

Occupancy levels, lease terms and any planned capital investment haven’t been made public.