Tuesday, November 25, 2014

Feldman Equities and Tower Realty JV Acquire Third Office Building in Downtown St. Petersburg, FL

First Central Tower, Downtown St. Petersburg, FL
ST PETERSBURG, FL – A joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate, has acquired First Central Tower, a 17-story, 250,000 square foot office building located at 360 Central Avenue in downtown St. Petersburg.

 Larry Feldman, CEO of Feldman Equities will spearhead leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities. 

 The group intends to invest nearly $10 million dollars in building renovations and tenant improvements.  After taking into account known tenant move-outs, the building is approximately 50% occupied.

 “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,” commented co-owner Larry Feldman, CEO of Feldman Equities.  

 “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. 

“Within walking distance from First Central Tower, there are 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium and nearly a dozen marinas. 

Larry Feldman
:Downtown St. Pete is in 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.”
Feldman said City Center and Morgan Stanley Tower buildings are currently both over 95% leased.  Excluding First Central Tower, the three major office buildings in downtown have an average occupancy well over 90%.

Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.

In addition, ownership is planning an amenity package which will include a concierge desk, state-of-the-art luxury fitness center and conference center.  

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of under-performing office buildings.  The venture plans to aggressively expand their portfolio of Class A office properties.
 For a complete copy of the company’s news release, please contact:

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

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