New Owners Fill over 50% of Vacancy in Less than a Year
October 28, 2013 TAMPA, FLORIDA – Feldman Equities, LLC. and Tower Realty Partners have secured 58,422 square feet of leases (over half of the vacant office space) at Wells Fargo Center in downtown Tampa since purchasing the Class A office building in January. Larry Feldman, CEO of Feldman Equities who is a co-owner of the building, spearheads leasing efforts. He attributes their leasing success to aggressive rental rates and the recent renovations to the building. “We make it easy to do deals at our properties. We are very responsive with no cumbersome approval processes,” stated Feldman. Recent leases include five new leases, an expansion and a renewal totaling 46,269 square feet.
Valet Waste Relocating Corporate Headquarters to Wells Fargo Center
Valet Waste, the nation’s leading provider of doorstep trash and recycling collection services, leased 17,194 square feet at Wells Fargo Center. Co-brokers Mercedes Angel of Cushman & Wakefield and Abbey Dohring of The Dohring Group represented the company in the transaction.
Glenn Rasmussen, a business law firm founded in Tampa, has signed a 14,400 square foot renewal.
Harris & Hunt, P.A. has leased 4,893 square feet. The divorce and family law firm was represented by co-brokers John Fish and Scott Garlick of Cushman & Wakefield.
AVI-SPL, the world’s leading video communications partner, has leased 4,882 square feet.
The firm was represented by co-broker Jimmy Garvey of Cassidy Turley.
nSource Services, Inc. leased 1,681 square feet.
Metropolis Law leased 957 square feet.
Represented by co-broker Mike Mauger of Doyle Mcgrath
BDG Architects has signed a 2,262 square foot expansion.
Wells Fargo Center has recently undergone a multi-million dollar renovation involving the modernizing of the building systems and telecommunications infrastructure. Renovations to the multi-tenant corridors are nearly complete. The corridor renovations include new lighting, new carpeting, and bathroom upgrades. Also nearing completion are extensive upgrades to the building’s leasing amenities including a new restaurant, a high-end fitness center and a major upgrade to the parking building’s parking garage. Tenants will begin using the new facilities before year-end 2013.
Located near the Tampa Convention Center in downtown Tampa, the 22-story, 388,000 square foot Wells Fargo Center is one of Tampa’s premier Class A office buildings with unimpeded views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline. Anchored by Wells Fargo & Company, Phelps Dunbar and UBS, Wells Fargo Center is currently 87% leased with one of downtown Tampa’s most desirable full floor vacancies.
Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully acquired and renovated millions of square feet of underperforming office buildings. The joint venture plans on implementing an aggressive renovation and leasing program at Wells Fargo Center, building on their recent success in bringing Fountain Square II from 70% to over 97% leased and City Center in downtown St. Petersburg from 44% to over 94% occupancy. These goals were accomplished within a little over two years following the acquisition of the assets.
About Feldman Equities, LLC.
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.