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| 150 Second Avenue North, St. Petersburg, FL Will be Renamed Morgan Stanley Tower Formerly Wells Fargo Plaza |
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| Larry Feldman |
ST PETERSBURG, FL– Morgan Stanley has signed a long-term
lease at 150 2nd Avenue North.
The Class A office building formerly known as Wells Fargo Plaza
will be renamed Morgan Stanley Tower after its newest tenant. The financial services giant will occupy
multiple floors in the building.
The ownership of 150
2nd Avenue North offered Morgan Stanley building naming rights, stunning water
views of Tampa Bay and a premium downtown location across from the new Shops
at St Pete (formerly BayWalk).
The building is one of downtown St. Petersburg’s best-located, premier
Class A office buildings.
“We're thrilled to
have received this long term lease commitment.
Within the financial services sector, Morgan Stanley is one the most
respected names in the world,” stated co-owner Larry Feldman, CEO of Feldman
Equities who spearheads leasing for the building.
“The renaming of the building as Morgan Stanley Tower provides
us with terrific branding for the building and our tenants.
“Our business plan is to combine the great branding of the
Morgan Stanley name with a multi-million dollar renovation that will occur
during 2014. Upon completion, the new
Morgan Stanley Tower will be one of the premier buildings in St. Petersburg.”
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| Katie Trott |
Feldman has executed
over 30,000 square feet of new leases since purchasing 150 2nd Avenue North
last August. In addition to Morgan
Stanley, Feldman has recently executed new leases with
· NASCO Sales leased 4,200 square feet.
NASCO Sales is a supplier of electronic components and is a global leader in
counterfeit avoidance technology.
· On Q
Financial leased approximately 1,300 square feet. The deal was brokered by Katie Trott and Jimmy Johnson
of CNL Commercial Real Estate. On Q Financial is a major mortgage lender. During 2012, On Q funded approx. $2 billion
in mortgages. As of January 1, 2013, On
Q Financial, Inc. employs 400 with 35 offices in Arizona, California, Colorado,
Georgia, North Carolina, Texas, and Washington.
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| Jimmy Johnson |
· City
Securities leased approximately 2,000 square feet. The deal was brokered by Ryan
Reynolds of Cassidy Turley. City Securities is a 100 year old investment
firm based in Indiana. City Securities
is a full-service personal investment adviser and wealth manager for
individuals and families and experts in corporate and public finance across
Indiana and throughout the Midwest.
The 17-story, 187,000 square foot office building was
purchased in August of last year by a joint venture consisting of affiliates of
Feldman Equities, Tower Realty Partners and Second City Capital Partners.
“We purchased the
building soon after Wells Fargo Bank vacated 22,000 square feet,” said Feldman.
“This acquisition
gave us the opportunity to do what we do best - renovating and upgrading office
buildings in order to maximize their value.
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| Ryan Reynolds |
“We are well on our
way to repeating the success we’ve had at City Center.” In just four months ownership has increased occupancy
at 150 2nd Avenue North from 65% to over 80%.
The group also owns the nearby, 242,000 square foot City
Center office building where it has increased occupancy from 44% to nearly 94%.
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.
Most recently the
joint venture has partnered on City Center in downtown St Petersburg, Wells
Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore
Business District.
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| City Center, St. Petersburg, FL |
Feldman Equities is
the modern business entity that encompasses a century of success in commercial
real estate development.
In the last 25 years, Larry Feldman has developed or
acquired over 11 million square feet of office and retail properties with an
aggregate value in excess of $2.5 billion.
Feldman Equities is recognized for its hands-on approach to
turning around distressed assets. Feldman gained a national reputation as a
property turnaround specialist when he was the Chairman and CEO of the publicly
traded Tower Realty Trust, Inc. (NYSE: TOW).
For more information visit www.feldmanequities.com
For a complete copy of the company’s news release, please
contact:
Feldman Equities
Larry Feldman
727-822-3395
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