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Feldman Equities acquires 200 Central office tower
The purchase price was not disclosed.
St. Petersburg-based Feldman Equities, LLC and its partners have acquired the 28-story 200 Central Avenue office tower in St. Petersburg. The deal was announced today.
The approximately 308,000-square-foot building, located in the Waterfront Arts District, is home to tenants such as Raymond James, Dynasty Financial Partners, ARK Invest and Merrill Lynch. Additionally, it features a variety of ground floor restaurants including Naked Farmer and Craft Kafe.
Feldman Equities vice president of asset management Mack Feldman said that the deal has been in the works for about a year. The purchase price was not disclosed. He added that the seller was an affiliate of Tampa-based Third Lake Partners, LLC.
“The asset is the marquee building in the whole county,” Feldman believes. “We have wanted to own it for a very long time and it’s perfect for the type of renovations that we specialize in.”
Feldman Equities focuses on the acquisition, redevelopment and management of office and retail properties throughout Florida. The company and its joint venture partners own or manage more than two million square feet of office space in the state.
These include St. Petersburg properties such as the Castille at Carillon office buildings, the Morgan Stanley Tower and the First Central Tower. Additionally, the organization is co-developing the Waldorf Astoria Residences, on 2nd Avenue S.
“We believe in this downtown and we believe in the city,” he said. “It’s one of the most unique cities in the state, and I think, in the country. It’s got walkability and it’s attractive to our tenants.”
For the 200 Central acquisition, Feldman Equities will lead a joint venture that includes the Youngquist family and Equity Street Capital. This group plans to invest more than $20 million in the asset.
“When we buy buildings with our partners, we invest in them for the long run,” Feldman explained. “That means not just doing some of the cosmetic items, but really investing in building systems.”
Capital improvements will include modernizing the tower’s mechanical, electrical and HVAC equipment. He said that a new roof will be installed and the common area elevators will be replaced. Additionally, the joint venture will “weatherproof” the building for storms. This can help eliminate water penetration.
Feldman added that cosmetic upgrades in the lobby are planned as well. These enhancements will “build on” prior renovations in the lobby, mezzanine and skybridge, according to a prepared statement.
The building, which opened in 1990, was formerly known as Priatek Plaza and One Progress Plaza.
