City Center Ownership Group Setting Sights on New Acquisitions
St. Petersburg, FL. – July 15, 2013 – Less than a month after announcing a 26,000 square foot lease with Kobie Marketing, Feldman Equities has executed a 14,000 square foot lease with the GSA (General Services Administration) at City Center St Petersburg. “When we acquired the property in January of 2011 the building had an effective occupancy of 44%. We’re now over 93% and surging with the recent leasing and renewal activity,” commented Larry Feldman, CEO of Feldman Equities and co-owner of City Center. Feldman attributes their turn around success to an aggressive pricing program coupled with an extensive renovation program. Given their recent success, the City Center ownership group is setting their sights on acquiring new buildings in downtown St Petersburg. Their plan is to purchase underperforming assets and investing extensively in new renovations and tenant amenities to attract new tenants.
The GSA will move the technology arm of the Veteran’s Administration from their Bay Pines facility to the City Center office complex in St. Petersburg’s Downtown Central Business District. David Green with Jones Lang LaSalle brokered the deal.
City Center, A multi-tenanted, Class-A office complex, is owned by a joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities, Inc., and Tower Realty Partners, Inc. The project recently underwent a multi-million dollar renovation. “As a result of our renovations, the building has by far the best amenity package of any building in downtown St. Petersburg,” stated Feldman. On-site building amenities include a state-of-the-art fitness center complete with shower facilities, a full time concierge , Nature’s Table Café, a large conference center capable of seating 65 people with Wi-Fi and audiovisual equipment, on-site banking and a recently renovated six-story parking garage. These amenities are in addition to all of the waterfront retail and dining options located within walking distance. More information can be found on the City Center website www.citycenterstpete.com.
About Feldman Equities, Inc.
Feldman Equities is the modern business entity that encompasses a century of success in commercial real estate development. In the last 25 years, Larry Feldman has developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion. Feldman Equities is recognized for its hands-on approach to turning around distressed assets. Feldman gained a national reputation as a property turnaround specialist when he was the Chairman and CEO of the publicly traded Tower Realty Trust, Inc. (NYSE: TOW).
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 nearly 4 million square feet office property throughout the state of Florida.