A joint venture between Feldman Equities, Tower Realty Partners and Second City Real Estate, has acquired First Central Tower, a 17-story, 250,000 square foot office building located in downtown St. Petersburg. Larry Feldman, CEO of Feldman Equities will handle the leasing and redevelopment efforts while Tower Realty Partners will handle management responsibilities.
The group intends to invest nearly $10m in building renovations and tenant improvements. After taking into account known tenant move-outs, the building is approximately 50% occupied. āAs with our other downtown acquisitions, this is yet another opportunity for us to do what we do best ā renovating and upgrading office buildings in order to maximize their value,ā commented co-owner Larry Feldman, CEO of Feldman Equities.
Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms. In addition, ownership is planning an amenity package, which will include a concierge desk, a luxury fitness center and conference center.
First Central Tower is anchored by BB&T Bank whose name tops the building, Abbey Adams Law, Traub Lieberman Law and United Insurance. Tenants on the buildingās upper floors enjoy beautiful views of Tampa Bay and the St Petersburg skyline.
First Central Tower is the third downtown St. Petersburg acquisition for Feldman/Tower. The group also owns Morgan Stanley Tower, a 190,000 square foot office building and the 242,000 square foot City Center. In addition, Feldman/Tower owns the 390,000 square foot Wells Fargo Center in downtown Tampa.
