“We’re thrilled to welcome these new tenants and we’re gratified that our existing tenants have chosen to remain and to grow at City Center in downtown St. Petersburg,” stated Larry Feldman, CEO of Feldman Equities, Inc. Feldman announced four leasing transactions:
Hoskins also brokered the 16,350 square foot renewal of Royal Bank of Canada Securities (RBC) at the 240,000 square foot Class A office building.
McLain Foods, which will also be moving into the building, leased 4,069 square feet.
Insco Insurance Services has signed a lease extension and expansion to lease 3,552 square feet.
Ameriprise Financial and McLain Foods will join a growing roster of prestigious tenants including the world headquarters of The Women’s Tennis Association (WTA) which has just moved into the building.
These new leases follow on the heels of a multi-million dollar renovation program at the property. In addition to the new fitness center, upgraded elevator lobbies and upgraded parking garage, work has also begun to upgrade the elevator systems and elevator cabs. The elevator work involves a million dollar upgrade of the motors and controls, as well as all new elevator cabs. Recently, ownership installed a new marble-clad concierge desk in the lobby which is providing tenants with services ranging from welcoming visitors to finding baseball tickets for the Tampa Bay Rays game or even acting as a temporary secretary for the day.
“When we acquired the property in December of 2010 the building had an effective occupancy of 44%. We’re now at 76% and surging with the recent leasing and renewal activity that we’ve completed,” according to Feldman. “Activity has totaled over 100,000 square feet in the last 15 months. Our success has been derived from an aggressive pricing program coupled with a spectacular renovation program. As a result of our renovations, the building has by far the best amenity package of any building in downtown St. Petersburg.” On-site building amenities at City Center in downtown St. Petersburg include a state-of-the-art fitness center complete with shower facilities, a full time concierge , an Atrium Café, a large conference center capable of seating 65 people with Wi-Fi and audiovisual equipment, on-site banking and a recently renovated six-story parking garage. These amenities are in addition to all of the waterfront retail and dining options located within walking distance. City Center is owned by a joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities, Inc., and Tower Realty Partners, Inc. More information can be found on the City Center website www.citycenterstpete.com.
About Feldman Equities, Inc
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. Mr. 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). Feldman Equities recently acquired the debt on the Class A Fountain Square II office building in Tampa, Florida.. Feldman Equities is recognized for its hands-on approach to turning around distressed assets.
About Second City Capital Partners
Second City Capital Partners (“SCCP”) is a private equity company headquartered in Vancouver, British Columbia and is led by investor Sam Belzberg. SCCP is a multi-fund private equity group, targeting mid-market companies and distressed real estate assets across Canada and the United States. SCCP offers investors a range of alternative investment solutions and strategies through a multifaceted venture platform. SCCP seeks controlled buyout structures including minority equity interest positions with trusted partners.
About Tower Realty Partners
Tower Realty Partners is an Orlando-based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower’s principals are Cliff Stein and Reid Berman. Since its inception, Tower has acquired over $1 billion of office properties. Currently, Tower’s assets consist of over 3.5 million square feet office property throughout Florida.
