Saturday, April 13, 2019

Feldman Equities LLC Announces Completion of Park Tower Renovation and Significant Occupancy Achievement in Tampa, FL


Park Tower Office Building, Downtown Tampa, FL

TAMPA, FL ——Feldman Equities LLC (“Feldman Equities” or the “Company”)  announced the completion of the extensive multi-million dollar renovation at Park Tower property in downtown Tampa. 

Larry Feldman
 The value-add program executed since the acquisition of the property has generated significant increases in building occupancy and cash flow. 

 Including signed leases not yet in occupancy, the building is 94% leased, its highest occupancy in over a decade.

The renovation of Park Tower was instrumental in bringing over 22 new firms to the building, 15 of which are new to downtown Tampa.

“The use of glass and light combined with a stellar amenities package succeeded in repositioning this prominent historic structure as one of the most notable and exciting buildings on Tampa’s skyline,” stated Larry Feldman, Chief Executive Officer of Feldman Equities. 

“Park Tower’s owners investing millions in renovating the city’s original high-rise is just further proof of Tampa’s renaissance,” said Mayor Bob Buckhorn.

Tampa, FL Mayor Bob Buckhorn
 “Investments like these do not happen every day but what we’re seeing across the city is that not only can we redefine our skyline with new structures but also we can reimagine it with the existing ones.

"I look forward to admiring this renovation for years to come.”

In November 2016, a joint venture partnership consisting of City Office REIT, Inc., Feldman Equities and Tower Realty Partners acquired Park Tower for $79.8 million. 

Since that time, 170,000 square feet of new and renewal leases have been signed, bringing occupancy up from a low of 80% to 94% today. 

 “The renovation and tenant suite upgrades have completely transformed the building and prospective tenants are responding with high interest,” said Larry Feldman.
                                                                   
The most dramatic change at Park Tower is the modernization of the 471,000 square foot office building’s façade. 

 In addition to painting the exterior a lighter color, a new and dramatic entrance features a ‘Light Box’ leading into a stunningly renovated lobby, complete with a new Buddy Brew Coffee café. 

“We love everything about this location and partnership,” said co-owner and CEO of Buddy Brew Coffee, Dave Ward.  The new café’s attractive layout and design features a cosmopolitan aesthetic and high-end furnishings to match Park Tower’s modernization.

Dave and wife Susan Ward, co-owners, Buddy Brew Coffee
Tampa, FL

The renovation, designed by internationally-renowned architect Gensler, takes full advantage of Park Tower’s location across from the Tampa Riverwalk.

The removal of the concrete knee wall, the installation of glass storefronts with bright lighting and new exterior lighting have made the building much more inviting at the streetscape level. 

 On the interior, high-quality additions and improvements to common spaces and amenities have been made, including:

·         All new fitness center and yoga room with spin bikes
·         The all new Buddy Brew Coffee café
·         6th floor “Chill Zone” tenant lounge
·         Shared tenant conference room
·         New lobby concierge desk
·         Renovated parking garage with new LED lighting


Contact:

Mack Feldman
813-221-6699


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