A joint venture between Denholz Associates and Convergent Capital Partners has paid $19 million for the Tampa Bay Times office building. The 240,000 sqf building in downtown St. Petersburg is currently 60 percent leased and traded for just over $79 per sqf. The newspaper has a 15-year lease for nearly half the building, which will continue to bear its name. The new owners plan to upgrade common areas in the building and to fund renovations as new tenants lease space.
“Our relationship with the Times and with the Tampa Bay community spans two decades and is part of what made this deal possible,” said Steven Denholtz, CEO of Denholtz Associates, in a statement announcing the sale. “We look forward to the modernization of the Times headquarters building and to continuing to build a strong relationship with the entire community.”
