March 17, 2014 TAMPA, FLORIDA – It took the new ownership only 13 months to bring occupancy at Wells Fargo Center in downtown Tampa to over 90%. The signature office tower reached 93% occupancy with over 96,000 square feet of leases since Feldman Equities and Tower Realty Partners purchased the Class A office building in January of 2013. 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. “Prospects and tenants have responded favorably to our newest amenities including a state-of the-art fitness center, conference room with a 90” TV and a modern café and internet lounge,” according to Feldman.
Recent leases include six new leases totaling over 22,000 square feet.
· Regus leased approximately 13,000 square feet. The deal was co- broker by Michael Fisher of CBRE.
· Hamilton, Miller & Birthisel, LLP, Florida trial attorneys, expanded by approximately 3,700 square feet.
· LGI Homes, a publicly traded national homebuilder, leased approximately 2,000 square feet.
The deal was co-brokered by Josh Dohring of the Dohring Group.
· The American Lung Association leased 1,600 square feet. The deal was co-brokered by Howard Lee.
· Attorney Bryan Rotella leased approximately 1,000 square feet. The deal was co-brokered by Matt Watson of Cardinal Point.
· Bordes LLC leased approximately 1,000 square feet.
Wells Fargo Center has recently undergone a multi-million dollar renovation involving the modernizing of the building systems and infrastructure including an enitirely new air conditioning system and new roof. The building leasing amenities have been extensively upgraded including a new restaurant, a high-end fitness center and a major upgrade to the parking building’s parking garage. Ownership is installing an all new elevator system which will be completed in 2014. The corridor renovations will include new lighting, new carpeting, and bathroom upgrades.
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. It is anchored by Wells Fargo & Company, Phelps Dunbar and UBS.
Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully acquired and renovated millions of square feet of underperforming office buildings. In addition to bringing Wells Fargo Center to 93% leased, the joint venture has brought Fountain Square II in Tampa’s Westshore Business District 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.