St. Pete co-working hub Thrive formally announces it has been acquired

Clearwater-based real estate investment firm TJM Properties is the new operator of the Thrive co-working hub in downtown St. Pete. 

TJM, which owns commercial and multifamily properties throughout Tampa Bay, acquired the roughly 30,000-square-foot space at 136 4th Street North in April. 

Although the acquisition took place in April, the group did not formally announce the acquisition until this week. 

The shared office and co-working business previously operated under the name WorkLodge, but rebranded earlier this year when its founder Dan McLean became independent, separating the business from the Texas-based WorkLodge franchise. 

TJM then took over the business from McLean; the co-working hub continues to operate under the Thrive DTSP name. 

Thrive DTSP in downtown St. Petersburg.

Thrive DTSP has 91 fully-furnished offices and is roughly 85% occupied, Thrive DTSP Operations Director Brooke Beeler said. 

Today, the co-working space acts as the headquarters for high-profile companies such as Codeboxx, which opened its first U.S. office in Thrive, and Australian retail and tech company CitrusAd, which also chose Thrive DTSP as its U.S. base. 

The St. Petersburg Area Chamber of Commerce collaboration of the Thrive Center is also housed at Thrive DTSP. 

CitrusAd’s coworking office space inside Thrive DTSP. Photo: CitrusAd.

“We’ve tried to think of everything a company would need to get up and running without missing a beat,” Beeler said in a prepared statement. 

Thrive DTSP members have access to office furniture, fiber internet, utilities and amenities such as a podcast studio, a yoga/meditation room and conference rooms. 

Thrive DTSP is one of several co-working spaces in St. Pete that have seen an uptick in activity. 

Beeler said she receives constant inquires from startups and freelancers that are interested in becoming members of Thrive DTSP. 

The acquisition was a natural fit for the 40-year old property management firm, Matt Bradley of TJM Properties said in a release.

“Flexible office space solutions are in high demand in a business climate recovering from the pandemic,” Bradley said. “And expanding our portfolio to include Thrive DTSP gives us a front-row seat to the growth happening in St. Pete.” 

He added how the move strengthens TJM’s relationships with organizations like the St. Petersburg Economic Development Corporation and the Chamber of Commerce. 

TJM Properties owns other properties in downtown such as The Stanton Hotel and Valley Forge. TJM previously owned The Whitney Hotel, which it recently sold. 

The firm also owns the Treasure Island Ocean Club and senior-living properties such as The Oaks of Clearwater, a 15-story hi-rise, and The Princess Martha in St. Pete, according to its portfolio.