A St. Petersburg-based equity firm is heading a joint venture to purchase its third high-rise tower in the Tampa Bay area.
Feldman Equities announced today it is teaming with the Orlando-based Tower Realty Partners and Second City Real Estate of Vancouver to purchase the 17-story, 250,000-square-foot First Central Tower at 360 Central Ave. in downtown St. Petersburg.
CEO Larry Feldman will lead the leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities.
The purchase price was not disclosed. But in a news release, CEO Larry Feldman said the group plans to invest nearly $10 million in renovations, including a major lobby improvement, facility upgrades and the addition of a luxury fitness center and conference center.
“As with our other downtown acquisitions, this is yet another opportunity for us to do what we do best — renovating and upgrading office buildings in order to maximize their value,” Feldman said in the release. “Downtown St. Pete has a higher quality of life than almost any other downtown in the state. It is a truly ‘walkable downtown’ with hundreds of acres of dedicated city parks that run along the waterfront.
“Downtown St. Pete is in the midst of an impressive revitalization with thousands of new residential units planned or under construction. We are thrilled to be a part of this re-urbanization trend.”
First Central Tower is anchored by BB&T Bank, whose name appears at the top of the tower.
The acquisition is the groups’ third in the Tampa Bay area. Previously, Feldman/Tower purchased the Morgan Stanley Tower, a 190,000 square foot office building and the 242,000 square foot City Center in downtown St. Petersburg, and the 390,000 square foot Wells Fargo Center in downtown Tampa.
The groups sold the Fountain Square II office building in Tampa earlier this year.
Over the last 20 years, Feldman Equities and Tower Realty Partners have together acquired millions of square feet of underperforming office buildings. The venture plans to aggressively expand its portfolio of Class A office properties.