Sarasota City Center Deal Could Have “Transformative Impact”

Feldman Equities and partners plan to spend up to $10 million to enhance their newest acquisition in downtown Sarasota.

by: Kevin McQuaid Commercial Real Estate Editor

Feldman Equities LLC and partner Tower Realty Partners plan to apply many of the lessons they’ve learned as one of the most active office landlords in Tampa and St. Petersburg to their new venture in downtown Sarasota.

In the wake of their roughly $50 million acquisition of the Sarasota City Center office building earlier this month, the pair say they will embark on a roughly $10 million capital improvement plan at the 13-story building.

Improvements will be made to the lobby’s floor by replacing carpet with marble, enhancing common areas throughout, adding to an existing conference center within the 247,947-square-foot building, upgrading the in-house fitness center and the garage.

“Building lobbies need to look good now and 20 years from now,” says Feldman Equities CEO Larry Feldman. “All the great buildings in New York have that timeless element to them, so that’s what we’ll be striving for in Sarasota.

 

Feldman Equties and partners buy Sarasota City Center for roughly $50 million, plan improvements | Business Observer | Business Observer

Feldman Equities LLC and partner Tower Realty Partners plan to apply many of the lessons they’ve learned as one of the most active office landlords in Tampa and St. Petersburg to their new venture in downtown Sarasota.

Sign up to learn more about how to invest in office buildings and to get early access to our next investment opportunity.


Share on facebook
Share on google
Share on twitter
Share on linkedin