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| Park Tower, Downtown Tampa, FL |
TAMPA, FL – A joint
venture consisting of affiliates of NYSE listed City Office REIT (NYSE: CIO),
Feldman Equities LLC, and Tower Realty Partners has acquired Park Tower, a 36-story,
475,000 square foot office building located in downtown Tampa. The joint venture purchased the office
building for $79.75 million.
The joint venture intends
to make a substantial investment in the property to modernize the
building. The building is approximately
86% leased. Its anchor tenants include BB&T, United States Department of
Justice – US Attorney’s Office, Level 3 Communications, and Lykes Insurance.
City Office REIT currently
owns approximately 1.0 million square feet of office properties in the Tampa
Bay market.
“We are strong believers in
the Tampa Bay market with its tremendous job and population growth and are
excited to add Park Tower to our expanding portfolio,” commented Jamie Farrar, CEO of City Office
REIT.
“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.
Mike
DiBlasi, Feldman Equities Executive Vice President for Leasing and
Marketing, will lead leasing efforts.
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| Larry Feldman |
“Located at the corner of Kennedy Blvd. and Tampa St., Park Tower sits on the most important intersection in Tampa. This is a great opportunity for a tenant looking to move into the heart of downtown,” said DiBlasi. Park Tower offers spectacular views of Hillsborough Bay, the Hillsborough River, and the Downtown Tampa skyline.
“Downtown Tampa is
undergoing a remarkable revitalization with numerous residential developments
and the emergence of the Tampa Riverwalk entertainment district,” stated
Feldman. “We are elated to be at the forefront of the downtown’s
revitalization.”
Tower Realty Partners is a
privately held, commercial real estate investment & management company
based in Orlando, Florida. Founded in 1987 by principals Cliff Stein and Reid Berman, Tower Realty partners has
been involved in the acquisition, leasing, and management of over 20 million
square feet of real estate totaling in excess of $1.6 billion in transactions.
For a complete copy of the company’s news release,
please contact:
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