Morgan Stanley has signed a long-term lease at 150 2nd Avenue North. The Class A office building formerly known as Wells Fargo Plaza will be renamed Morgan Stanley Tower after its newest tenant. The financial services giant will occupy multiple floors in the building.
The ownership of 150 2nd Avenue North offered Morgan Stanley building naming rights, stunning water views of Tampa Bay and a premium downtown location across from the new Shops at St Pete (formerly BayWalk). The building is one of downtown St. Petersburg’s best-located, premier Class A office buildings.
Related: What is the Difference Between Class A, B, and C Properties?
“We’re thrilled to have received this long term lease commitment. Within the financial services sector, Morgan Stanley is one the most respected names in the world. The renaming of the building as Morgan Stanley Tower provides us with terrific branding for the building and our tenants,” stated co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building. “Our business plan is to combine the great branding of the Morgan Stanley name with a multi-million dollar renovation that will occur during 2014. Upon completion, the new Morgan Stanley Tower will be one of the premier buildings in St. Petersburg.”
Feldman has executed over 30,000 square feet of new leases since purchasing 150 2nd Avenue North last August. In addition to Morgan Stanley, Feldman has recently executed new leases with
- NASCO Sales leased 4,200 square feet. NASCO Sales is a supplier of electronic components and is a global leader in counterfeit avoidance technology.
- On Q Financial leased approximately 1,300 square feet. The deal was brokered by Katie Trott and Jimmy Johnson of CNL Commercial Real Estate. On Q Financial is a major mortgage lender. During 2012, On Q funded approx. $2 billion in mortgages. As of January 1, 2013, On Q Financial, Inc. employs 400 with 35 offices in Arizona, California, Colorado, Georgia, North Carolina, Texas, and Washington.
- City Securities leased approximately 2,000 square feet. The deal was brokered by Ryan Reynolds of Cassidy Turley. City Securities is a 100 year old investment firm based in Indiana. City Securities is a full-service personal investment adviser and wealth manager for individuals and families and experts in corporate and public finance across Indiana and throughout the Midwest.
The 17-story, 187,000 square foot office building was purchased in August of last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners. “We purchased the building soon after Wells Fargo Bank vacated 22,000 square feet,” said Feldman. “This acquisition gave us the opportunity to do what we do best – renovating and upgrading office buildings in order to maximize their value. We are well on our way to repeating the success we’ve had at City Center.” In just four months ownership has increased occupancy at 150 2nd Avenue North from 65% to over 80%. The group also owns the nearby, 242,000 square foot City Center office building where it has increased occupancy from 44% to nearly 94%.
Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings. Most recently the joint venture has partnered on City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District.
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 4 million square feet office property throughout Florida.
About Second City Capital Partners
Second City Capital Partners (“SCCP”) is a private equity company headquartered in Vancouver. SCCP is a multi-fund private equity group, targeting mid-market companies and distressed real estate assets across Canada and the U.S. 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.