A century-old building just off Bayshore Boulevard that started life as a hotel has a new owner. Hugh Management has acquired the Edgewater Building at 600 S. Magnolia Ave. in Tampa from Bay Villa Developers for $5.4 million, a deal that works out to roughly $266 per square foot for the three-story, 20,000-square-foot office property.
The sale was reported by CoStar, which detailed the price and per-square-foot figure for the transaction. The Edgewater Building's history stretches back a hundred years: it was originally constructed in 1924 as the Hotel Cargyle, according to Bay Villa Developers, before being converted into office space in 1994.
Bay Villa Developers describes the property as sitting just one block from Bayshore Boulevard, calling it a “historic icon” in its listing materials. That combination of century-old architecture and a prime location near one of Tampa's most recognizable waterfront corridors has long made the Edgewater Building stand out among the city's office inventory.
A Market Finding Its Footing
The sale lands at a moment when Tampa's office sector appears to be regaining some stability. The market rebounded in the third quarter of 2026, posting nearly 212,000 square feet of net absorption, per the same account that tracked direct asking rents climbing to a record $33.50 per square foot, up 2.3% year over year, according to Cushman & Wakefield.
That momentum followed earlier signs of recovery. Tampa's office market showed signs of stabilization in the first quarter of 2026, supported by sustained Class A demand and a fourth consecutive quarter of positive net absorption, according to CBRE.
Other Office Deals Around the Bay
The Edgewater transaction joins a string of notable office-building sales across the Tampa Bay region this year. In St. Petersburg, a Naples developer purchased the historic Tramor Cafeteria along with the former Tampa Bay Times office building for $32.5 million in June, according to the Tampa Bay Times. That same hurricane-damaged Times building had been marketed earlier in the year as a land redevelopment opportunity, the paper reported in April.
Elsewhere in Tampa, the office tower at 1 North Dale Mabry sold for $40 million in a short sale in December 2025, according to the Business Observer, underscoring how varied the region's office transactions have been, from distressed sales to historic adaptive-reuse buildings like the Edgewater changing hands at a per-square-foot price.
