Case Studies

Currently, Feldman Equities is embarked upon an aggressive program to acquire distressed office assets located in the greater Tampa Bay market. Typical candidates for acquisition are office buildings with a minimum size of 100,000 square feet. “In our local market, we have our finger on the pulse of the industry. We love to bring undervalued assets to life. We do this through a program of extensive renovation — both cosmetic and structural, if needed — followed by an aggressive marketing approach to leasing.”

Feldman Equities brought its focus to the Tampa Bay market in January of 2011. Since that time, the company purchased nearly one million square feet of office space in four prominent office properties. Recent successes in Tampa Bay include bringing Wells Fargo Center in downtown Tampa from 75% to 94% leased, Fountain Square II in Tampa’s Westshore Business District from 69% to over 99% leased and City Center in downtown St. Petersburg from 44% to over 94% occupancy. These goals were accomplished within a little over two years following the acquisition of each the assets. The joint venture’s most recent acquisition Morgan Stanley Tower in downtown St. Petersburg has gone from 65% to over nearly 90% leased in less than a year.

Fountain Square II

TAMPA

Maitland-based Tower Realty Partners Inc joined New York-based Feldman Equities Inc. to create a joint venture with Dallas-based TriGate Capital LLC to buy the 134,065-square-foot Fountain Square II office building in Tampa. The office building was sold for $24.75 million in June of 2014 following lease up to 98% occupancy prior to the sale. In less than two years Feldman signed 50,000 square feet of new leases and nearly 50,000 square feet of lease renewals. The most notable leases included 35,000 square feet to ConnectWise, Inc. and the Humana Insurance renewal and expansion of 40,000 square feet.

City Center

ST PETERSBURG

Also in January of 2011, a joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities and Tower Realty Partners acquired the 242,000 square-foot City Center office building complex in downtown St. Petersburg at a price of $16.5 million or $68 per square foot. When acquired, the property had an effective occupancy of 44%. Following renovations and an aggressive leasing program it is now over 94% occupied. The group purchased City Center with the intention of making significant renovations & improvements. Although City Center was already a Class A building, there were certain elements that needed upgrading in order to make it the number one building in downtown St. Petersburg. City Center has an excellent location and stunning waterfront views,” said Feldman. “We set out to enhance the building’s modern architecture with a series of aesthetic upgrades as well as safety and energy management improvements.” Notable deals included

  • Kobie Marketing – 26,000 square feet
  • Royal Bank of Canada Securities (RBC) – 16,350 square feet
  • Women’s Tennis Association headquarters (WTA) – 15,360 square feet
  • United State Government (GSA) – 13,900 square feet
  • PowerChord – 10,354 square feet
  • Wells Fargo Advisors – 8,000 square feet
City Center St Pete

Wells Fargo Center

TAMPA

Two years later in January of 2013 Feldman Equities, Inc. and Tower Realty Partners acquired the 22-story, 390,000 square foot Wells Fargo Center in downtown Tampa. The joint venture purchased the Class A office building for $44.8 million ($116 per square foot). It took the new ownership only 13 months to bring occupancy to 93% occupancy for the first time in two decades. The signature office tower reached this benchmark with over 96,000 square feet of leases and extensive renovations. The new ownership gave the building a multi-million dollar renovation involving the modernizing of the building systems and infrastructure including new elevator and air conditioning systems and a new roof. The building leasing amenities were extensively upgraded to include a new restaurant, a high-end fitness center and a major upgrade to the parking building’s parking garage. The corridor renovations included new lighting, carpeting, and bathroom upgrades. “Prospects and tenants responded favorably to our newest amenities including a state-of the-art fitness center, conference room with a 90″ TV and a modern café and internet lounge,” according to Feldman. Notable deals included

  • Valet Waste – 17,194 square feet
  • Glenn Rasmussen – 14,400 square foot renewal
  • Regus – 13,000 square feet
  • Jackson Lewis LLP – 6,277 square feet

Morgan Stanley Tower

ST PETERSBURG

In 2013, a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners, acquired the 17-story, 187,000 square foot office building located at 150 Second Avenue North, formerly known as Wells Fargo Plaza in downtown St. Petersburg. The joint venture purchased the Class A office building for $20 million ($107 per square foot). The building was 65% occupied at the time of the acquisition. The building was renamed Morgan Stanley Tower less than a year after the financial services giant leased multiple floors in the building. “Leasing momentum at the building exceeded even our own expectations,” said Feldman. “We’ve leased nearly 70,000 square feet since we bought the building in August of last year. Companies are responding to the building’s outstanding location, aggressive rental rates and water views.” Notable deals included

  • Morgan Stanley – multiple floors
  • Enstar US – 13,621 square feet
  • RE/MAX Metro – 9,218 square feet

First Central Tower

ST PETERSBURG

First Central Tower is located at 360 Central Ave in downtown St. Petersburg. The property is Feldman’s third high-rise acquisition in downtown St. Petersburg. The joint venture purchased the Class-A office building for $29.15 million ($116 per square foot). At the time, the building was 50% vacant. Following a nearly $10 million renovation and an aggressive leasing program, the building is now 94% leased. Downtown St. Pete is 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.  First Central Tower is anchored by BB&T Bank, whose name appears on top of the tower. Some of the renovations include a Gensler-designed lobby, modernized elevators, a new security desk, a high-end fitness center, and an improved parking garage. Notable deals included

  • Regus – 15,296 square feet
  • SunTrust – 5,160 square feet

Park Tower

TAMPA

In 2016, a joint venture of Feldman Equities, Tower Realty Partners, and City Office REIT (NYSE: CIO) acquired Park Tower at 400 N. Tampa St in downtown Tampa. The group purchased Tampa’s first office tower  for $79.75 million ($160 per square foot). The 36-story, 475,000 square foot Park Tower was built in 1973. The joint venture plans to invest millions to modernize the exterior of the building and millions more to rejuvenate the common areas and tenant spaces. The building is approximately 85% leased. “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 Mike DiBlasi, Executive VP of Marketing & Leasing. Park Tower offers spectacular views of Hillsborough Bay, the Hillsborough River, and the Downtown Tampa skyline.

Park Tower Tampa