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| Morgan Stanley Tower, Downtown St. Petersburg, FL |
ST PETERSBURG, FL – A
1,700 square foot lease with Paradise Marketing has brought Morgan Stanley Tower in downtown St.
Petersburg to 100% occupancy.
The
17-story, 190,000 square foot office building was 65% occupied just two years
ago when a joint venture consisting of affiliates of Feldman Equities, Tower
Realty Partners and Second City Capital Partner acquired the building.
Since the purchase and a
multimillion dollar renovation the group has executed nearly 70,000 square feet
of leases at the building. Notable deals have included Morgan Stanley, Enstar,
Capital Resorts and RE/MAX Metro. The Paradise Marketing deal was brokered by Melanie Jackson of Colliers
International.
Larry Feldman, CEO of Feldman Equities
spearheads leasing and redevelopment efforts while Tower Realty Partners
handles management responsibilities.
This is the second
downtown St. Petersburg office building the joint venture has renovated and
brought to 100% occupancy.
The nearby,
242,000 square foot City Center office building reached that milestone earlier
this year. In a little more than two years following a major renovation, the ownership
increased occupancy at City Center from 44% to 100% leased.
A third acquisition, First
Central Tower is currently under renovation with over three full floor deals
executed since its acquisition just a year ago – including Twinlabs’ relocation
from New York. Redevelopment plans for First Central Tower include an extensive
Gensler designed lobby renovation, upgraded tenant floor elevator lobbies,
tenant corridors and restrooms.
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| Melanie Jackson |
In addition, ownership is nearing completion
of an amenity package which will include a new concierge desk, a
state-of-the-art luxury fitness center and conference center.
In keeping with
current office space trends towards hip, high-tech spaces, space has also been
allocated to a tenant lounge area with a 24/7 “chill zone” with the look and
feel of a first class airport lounge.
The lounge area will include soft seating,
large flat screen TVs, iPad chairs and free WIFI. In addition, renovations will
include a completely new modern elevator system, new elevator cabs and an
upgrade to the air conditioning system. The parking garage will be upgraded
with upgraded lighting, paint and graphics.
“We’ve had incredible success in the Downtown
St. Petersburg market,” commented co-owner Larry Feldman, CEO of Feldman
Equities whose company’s focus has been on purchasing underperforming assets
and increasing value through renovation and building upgrades while using their
lower cost basis to implement an aggressively priced leasing program.
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| Larry Feldman |
“Of course one of the most important amenities has been built into the deal - the incredible downtown St. Petersburg location, continued Feldman.
“St. Pete has one of the largest urban
waterfronts, a truly walkable downtown with 7 museums, over 45 restaurants, a
theater for the performing arts, a major league baseball stadium, soccer
stadium and nearly a dozen marinas.”
Over the last 20 years,
Feldman Equities and Tower Realty Partners have successfully joint ventured on
the acquisition of millions of square feet of underperforming office buildings.
Most recently the joint venture has partnered on First Central tower, Morgan
Stanley Tower and City Center in downtown St Petersburg, Wells Fargo Center in
downtown Tampa and Fountain Square II in Tampa’s Westshore Business District.
For a complete copy of the company’s news release,
please contact:
Feldman Equities - Larry
Feldman, 727-822-3395 lfeldman@feldmanequities.com
Asset Marketing, Inc. –
Tammy Youngman 813-968-1388 tyoungman@assetmarketingonline.com
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