Transforming Aging Structures into Modern Workplaces with Amenities Today’s Tenants Covet.

Money Well Spent


While many investors inject fresh capital into assets in the wake of buying them to boost occupancy, raise rents or modernize equipment, Feldman and partners have turned the science of improving buildings almost into an art. For the trio, the capital campaigns are extensions of the acquisitions themselves, and often transform aging structures into modern workplaces with amenities today’s tenants covet.

Feldman Equities LLC, Tower Realty Partners and City Office REIT Inc. and affiliates have been part of deals that have invested some $200 million to acquire a handful of St. Petersburg and Tampa office buildings over the past five years. So what’s another $35 million or $40 million, give or take, to fix them up — especially if that further investment translates into higher rents and occupancy levels?

The improvements also have directly translated into higher occupancy rates, increased rent rolls and a slate of desirable, credit tenants.

“The work we do following buying a building is critically important,” says Feldman Equities’ CEO Larry Feldman, whose company is among the largest office landlords in the Tampa and St. Petersburg area with a portfolio of more than 1.5 million square feet in five buildings.

“Buying the building is step one, but following up and knowing what tenants want in the way of improvements or amenities is just as significant, especially when it comes to leasing vacant space up.”

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