ARK Invest is new office tower’s ‘flagship’ tenant

ARK Invest will anchor Halcyon, downtown St. Petersburg’s first “trophy-class” office tower since the 1980s. The multiphased project’s developer believes the innovation-focused investment firm will attract similar companies.

Casey Ellison, CEO of Ellison Development, said ARK and its renowned founder, Cathie Wood, are an ideal fit for Halcyon. The office tower is part of The Central, an under-construction mixed-use development in the city’s booming EDGE District. 

ARK’s investments in and advocacy for disruptive technologies have garnered global recognition. Wood relocated the firm, which will occupy Halcyon’s entire top floor, from New York City to St. Petersburg in November 2021. 

“I think they’ll draw a lot of businesses that want to be in that ecosystem and around that level of excellence,” Ellison told the Catalyst. “We wanted a flagship tenant, for sure.” 

Construction on the 140,000-square-foot office tower should conclude in the fall of 2026.

ARK will design 13,000 square feet on Halcyon’s 11th floor to accommodate its hybrid work model and continued growth. Ellison said he has leased about half of the building’s 140,000 square feet. 

“The fundamentals of the data tell us we need this space, but the macro environment was ‘office is dead,’” he explained. “The demand that we’ve seen has been off the charts.” 

Ellison called ARK an “incredible corporate citizen” in St. Petersburg and credited Wood’s commitment to the city. She remains the firm’s CEO and invested $2 million into the ARK Innovation Center, a 45,000-square-foot startup incubator that opened in December 2023. 

Ellison Development did not release the financial terms of the lease at Halcyon. According to Wednesday’s announcement, stakeholders will share details regarding the future use of ARK’s current headquarters in the coming months. 

“I think you’ll see, over the next 20 years, that ARK moving to St. Petersburg was a pivotal moment in the city’s history,” Ellison said.

In a prepared statement, Wood said the new headquarters would place her firm “at the epicenter of a city we love.” The development at 1301 Central Ave. will “surround our employees with world-class amenities, a space designed to meet our needs and the energy of downtown.”

“The EDGE District is dynamic, vibrant and accessible,” Wood added. “It’s where our team will thrive while creating a more connected and engaging experience for our clients and partners.” 

Ellison said that about half of the currently signed tenants are local businesses and half are from outside the area. He also pledged that “there are more announcements to come.” 

While there is a “ton of interest” in relocating to St. Petersburg, Ellison said the city has historically lacked office space to accommodate those companies. He believes stakeholders will see more businesses moving to the area as planned projects come to fruition. 

The Central also features a 540-space public parking garage, which opened in June, and a 15-story Marriott Autograph Collection Hotel. ARK attracts global clients. 

Ellison noted that visitors can “go from the hotel to the office building without ever going outside,” via a pedestrian bridge. “Do I think a global tech investment firm in the building is going to drive rooms? Yeah,” he said. 

Casey Ellison, CEO of Ellison Development, and city leaders celebrated The Central’s parking garage opening in June. Photo by Mark Parker.

The developer has also received “incredible interest” for The Central’s 14,000 square feet of retail space despite a lack of marketing. “I think we’ve got almost two million square feet of tenants that have reached out,” Ellison said.

A seven-story residential building will offer 42 apartments for households earning up to 120% of the area median income. Ellison is hopeful that people who work at Halcyon and the hotel have an opportunity to live on-site.

Ideal neighborhoods typically offer a live-work-play environment. Ellison said the EDGE does not have “a ton of the work” aspect, and The Central will help propel the district.

“I think it’s a demand driver for the local businesses,” he continued. “Those local businesses also attract the corporate citizens because their employees want to be around Green Bench (Brewing), they want to be around Hawkers (Asian Street Food) and Ferg’s (Sports Bar & Grill) – it’s a great environment to work in.”