Why Dynasty Financial will move to St. Pete’s tallest tower

Wealth management firm Dynasty Financial Partners will double the size of its current national headquarters by leasing the entirety of the Residences at 400 Central’s office space. 

The mixed-use tower, St. Petersburg’s tallest, is nearing completion at 400 Central Avenue. Dynasty announced Tuesday that it signed a 15-year lease for 44,434 square feet of Class A office space, underscoring the firm’s commitment to the city. 

The new headquarters will feature a private entrance and lobby, a 15,000-square-foot rooftop terrace and several other custom amenities. Construction is underway, and the company plans to open the office in November 2026. 

“It’s going to be a spectacular facility – there’s no question,” CEO Shirl Penney told the Catalyst. “I think it’s indicative of where we’re headed as a community.” 

Dynasty left New York City for St. Petersburg in 2019. Its lead generation services, capital solutions and investment bank support over 500 financial advisors throughout 55 independent firms that collectively manage more than $110 billion in assets. 

Dynasty currently occupies 24,000 square feet at the 200 Central office tower. Penney noted his 165-person collaborative team is split across two floors.

“All the different departments are constantly partnering and working close together,” he added. “So, being able to be on the same floor is a big deal to us.“

High-profile clients can also utilize the firm’s two corporate condominiums.

The new headquarters will accommodate 300 employees and support long-term growth. Penney plans to hire 50 new people this year and said Dynasty is among the nation’s fastest-growing wealth management and technology firms. 

“I’m only 48 years old, so, God willing, I’ll continue to do this for a while,” he said. “I’m personally committed to St. Pete, and the business is, as well.” 

The headquarters will also feature a custom trading floor, a content studio, a training and meeting center, a team lounge, a private rooftop dining and entertainment area and two corporate condominiums. Penney said high-profile clients can utilize those accommodations when visiting the city. 

“It really becomes, I think, a competitive advantage for our advisors,” Penney continued. “They can come to St. Pete and get to learn about our technology, our platform and the benefits of joining us, and have this fully contained environment for us to host them.”

He believes the facility will also attract more executives and entrepreneurs to the city. Penney said Dynasty has hosted “some of the biggest businesses” since it moved to St. Petersburg. “We’re happy to be cheerleaders and ambassadors for St. Pete and invite more people to town.

Red Apple Group is overseeing 400 Central’s development. The New York-based firm noted Dynasty’s lease ranks among the largest new office space transactions in St. Petersburg’s history. 

The Residences at 400 Central offers 301 luxury condominiums and still has 60,000 square feet of available retail space. John Catsimatidis Sr., founder of Red Apple, expressed his excitement for Dynasty to become the much-anticipated building’s anchor corporate tenant. 

“400 Central is a historic address, having served as the cornerstone for finance and commerce in St. Petersburg for generations,” Catsimatidis said in a prepared statement. “Dynasty’s presence will honor that history and help us to build an even brighter future for downtown St. Petersburg.” 

Penney could not disclose the lease’s financial terms. However, the deal includes signage overlooking Central Avenue and at street level on 1st Ave. S. 

“The commercial piece of the building will be the Dynasty Tower,” Penney said. 

Miami-based Interior Architects will design the offices.

He repeatedly credited former Mayor Rick Kriseman, who was instrumental in recruiting Dynasty to St. Petersburg. After he left office, Kriseman introduced Penney to Catsimatidis. 

Penney said Kriseman helped keep Dynasty in the city by “working with us to find a good, long-term solution for our real estate needs.” The firm once planned to build a mixed-use development at the Tropicana Field site with Ark Invest CEO Cathie Wood and Steve Case, co-founder of AOL. 

Mike Swesey, CEO of the St. Petersburg Area Economic Development Corporation, called Dynasty the “poster child for the type of company we want to see in the Sunshine City – innovative, growth-forward and deeply engaged in our community.” He said the firm’s commitment to the city and “powerful influence” has supported its “emergence as a financial and entrepreneurial hub.” 

Penney said Dynasty was “very fortunate” to secure the space and believes the firm’s presence will help attract “high-profile” retail tenants. He called the Red Apple team “awesome to work with” and “very patient with us.” 

“My philosophy in life is that you can’t build partnerships that are sustainable over time if they’re one-sided,” Penney said. “It’s good for everyone.”