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| 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.
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| 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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