Feldman Equities is embarked on an aggressive program to acquire premier office assets in the greater Tampa Bay market. Typical candidates for acquisition are office buildings over 100,000 square feet.
Feldman Equities put down roots in the Tampa Bay market in January of 2011 with its acquisition of City Center in downtown St. Petersburg. Since arriving in the market, the company has acquired over two million square feet of office space across eight prominent office properties.
Castille at Carillon is located in the heart of the St. Petersburg Gateway Submarket. The two Class A office buildings totaling 105,000 square feet will be undergoing a $2 million dollar renovation including updating the lobby and arrival experience and adding amenities like a tenant lounge and fitness center.
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 88% occupied. Located at the corner of Kennedy Blvd. and Tampa St., Park Tower sits on the most important intersection in Tampa.
First Central Tower was originally acquired in joint venture partnership with Tower Realty Partners and Second City Capital in 2014. The 250,000 square foot Class-A office building is located in downtown St. Petersburg. First Central Tower consists of a 17-story office Tower and a four-story garage. At the time of acquisition, First Central Tower was effectively 50% occupied with an in-place NOI of approx. $1,500,000. Feldman embarked upon an aggressive renovation and leasing program, spending approximately $10,000,000 in capex, tenant improvements, and brokerage. The building is now 95% occupied.
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 acquisition in August of last year.” Today the building is 99% occupied.
“We have our finger on the pulse of the industry here in Tampa Bay. We love to bring undervalued assets to life through an extensive renovation program — both cosmetic and structural, as needed — followed by an aggressive marketing approach to leasing,”
Wells Fargo Center was acquired in joint venture partnership with Tower Realty Partners and Goldman Sachs in 2012 for $44,000,000. The 390,000 square foot Class-A office building is located in downtown Tampa. Wells Fargo Center consists of a 22-story office Tower and a nine-story garage. At the time of acquisition, Wells Fargo Center was 71% occupied with an in-place NOI of approx. $3,500,000. Feldman embarked upon an aggressive renovation and leasing program, spending approximately $5,000,000 in capex, tenant improvements, and brokerage. The building is now 89% occupied.
City Center was acquired in joint venture with Tower Realty Partners and investor Sam Belzberg in 2010 for $16,000,000. The 244,000 square foot Class-A office building is located in the heart of downtown St. Petersburg. City Center consists of two office buildings and a six-story garage on a 2.12-acre site. The office buildings are connected by a 4-story enclosed glass atrium. At the time of acquisition, City Center was 44.1% occupied with an in-place NOI of approx. $1,000,000. Feldman embarked upon an aggressive renovation and leasing program, spending approximately $9,000,000 in capex, tenant improvements, and brokerage. The building is now 94% occupied.
