Wells Fargo Center Reaches 93% Occupancy- In the Press

Wells Fargo Center Reaches 93% OccupancyWells Fargo Center at 100 S. Ashley Dr. in Tampa, FL has reached 93 percent occupancy, its highest level in more than two decades, following six recent leases signed at the office tower. Feldman Equities and Tower Realty Partners purchased the asset in December 2012 for $44.8 million, according to CoStar data. Aggressive rental rates and recent renovations and a capital improvement program have led to over 96,000 square feet in lease deals over the past 13 months. The multi-million dollar renovations modernized buildings systems and infrastructure including a new air conditioning system and a new roof. Leasing amenities now include a new restaurant, high-end fitness center, upgrades to the parking garage, ongoing corridor renovations and bathroom upgrades, and a new elevator system to be completed in 2014. Recent lease deals include six new leases totaling more than 22,000 square feet. Regus leased approximately 13,000 square feet. The deal was co-brokered 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. “Prospects and tenants have responded favorably to our newest amenities, including a state-of the-art fitness center, conference room with a 90-inch TV, and a modern café and internet lounge,” according to Larry Feldman, CEO of Feldman Equities, who spearheads leasing efforts for the ownership group. The 22-story, 387,477-square-foot, 4-Star office tower was built in 1984 on 1.2 acres in the Tampa CBD submarket of Hillsborough County, near the Tampa Convention Center. Anchored by Wells Fargo & Company, Phelps Dunbar, and UBS, the tower features views of Hillsborough Bay, the Hillsborough River, and the downtown skyline. Feldman Equities and Tower Realty Partners have successfully partnered several times over the past 20 years, acquiring and renovating underperforming office buildings, including the improvement of 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, both within two years of acquisition.

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Press for our Newest Tenant Roig, Tutan, Rosenberg, Martin & Stoller, P.A.

Tampa attracts two new law firmsTwo law firms headquartered on Florida’s East Coast are tapping into Tampa’s legal market. Roig Tutan Rosenberg Martin & Stoller PA and Garbett Stiphany Allen & Roza each are opening offices downtown. Roig Tutan is launching a medical malpractice defense group led by Edward J. Carbone, previously a shareholder at Carlton Fields Jorden Burt, according to a written statement. Carbone represents hospitals, physicians and other health care providers in federal, state and appellate courts. He is partner in charge of the firm’s medical malpractice defense. Jacqueline R. Ambrose, formerly a business litigation associate at Carlton Fields, is also practicing at Roig Tutan’s new office. Others in the office include Miguel R. Roura and Peter S. Nayrouz, both previously associates at Banker Lopez Gassler PA in St. Petersburg who are experienced in insurance defense. Roig Tutan, which has about 75 lawyers, is based in Deerfield Beach and focuses on defending a variety of claims, including insurance, workers’ compensation and bodily injury. Garbett Stiphany is headquartered in Miami and specializes in commercial litigation and banking and finance. The firm’s new Tampa office is led by partner Elizabeth B. Dombovary, who concentrates her practice on complex commercial litigation with an emphasis on financial institutions. Jane Meinhardt’s beats include health care, law firms and lawyers.

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How Wells Fargo Center Leased Half of Vacant Space, GlobeSt.com

Wells Fargo Center Leases Half its Vacant Space in 2013MIAMI-When Feldman Equities acquired and Tower Realty Partners acquired the Wells Fargo Center in Downtown Tampa in January, the class A office building was 77% occupied. Since then, the companies have leased half the vacant space. The Tampa office tower’s owners have inked 58,422 square feet of leases in the last 10 months.

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Congratulations to BDG On Their Merger & Expansion

Exclusive: Two Tampa architecture firms mergeTwo of Tampa’s oldest architecture firms have merged to become one of the city’s largest. BDG Architects and Urban Studio Architects join formally on Friday as BDG Architects. The Urban Studio team of three architects and three interior designers will move to the Wells Fargo building at 100 S. Ashley Drive from an office in the Grand Central at Kennedy building that the firm helped design. “This merger will give our employees the ability to do bigger, better and more exciting work,” said Urban Studio Managing Principal Mickey Jacob, who becomes the executive vice president at BDG. “We will be able to go after bigger projects across the region,” he told the Tampa Bay Business Journal exclusively. The timing was right for the merger because the market has been improving. “The timing is good because both firms were looking to transition,” said BDG President Chris Kirschner. “Both firms were looking to grow.” The new firm will have more than 20 licensed architects and a full staff of about 65. That will make the new firm the second largest in Tampa Bay by licensed architects behind only Harvard Jolly Inc. in St. Petersburg, according to the TBBJ list of architecture firms published June 21. “The relationship has been there a long time,” Kirschner said. “They bring a unique aspect to the larger firm – that design aspect.” BDG occupies the first floor of 100 S. Ashley Drive in downtown Tampa. The merger has the larger firm building out on the second floor of the building by about 2,500 square feet. BDG has its name on some high-profile projects like the Tampa Bay Times Forum and the Palace at Auburn Hills in Michigan, as well as many of the JPMorgan Chase buildings in the Southeastern United States. Urban Studio’s resume includes the new Epicurean Hotel on South Howard Avenue and The Birchwood in downtown St. Petersburg. Jacob is the 2013 president of the American Institute of Architects. Chris Wilkerson is Deputy Editor of the Tampa Bay Business Journal.

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Planned Upgrades In The News

Feldman brings upgrades at Tampa’s Wells Fargo Center – Tampa Bay Business JournalTAMPA – Add downtown’s Wells Fargo Center to a growing list of Tampa Bay properties co-owned and managed by Feldman Equities. In the past two years Feldman’s CEO Larry Feldman also acquired City Center in downtown St. Petersburg and Fountain Square II in Tampa’s Westshore submarket.

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Feldman Equities, Inc. and Tower Realty Partners have acquired the 22-story, 387,477 square foot Wells Fargo Center.  The joint venture purchased the Class A office building for $44.8 million ($116 per square foot). Larry Feldman, President of Feldman Equities will spearhead leasing efforts while Tower Realty Partners will handle management responsibilities.

The deal was brokered by Eastdil Secured representing the seller and HFF representing the buyer.

Located across from the Tampa Convention Center in downtown Tampa, the building is one of Tampa’s premier Class A office buildings with unimpeded views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline.  Anchored by Wells Fargo & Company, Phelps Dunbar and UBS, Wells Fargo Center is currently 77% leased with one of downtown Tampa’s most desirable full floor vacancies. It has been institutionally owned and operated since it opened and has undergone multi-million dollar renovations modernizing building systems and telecommunications infrastructure as well as renovating common areas.  The building received Gold LEED certification in 2010.  New ownership is planning extensive upgrades to the building’s leasing amenities which will include a high-end fitness center, a renovation of the garage, and extensive renovations to the bathrooms and common corridors.

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings. The joint venture plans on implementing an aggressive leasing program at Wells Fargo Center, building on their recent success in bringing Fountain Square II from 70% to over 97% leased and City Center in downtown St. Petersburg from 44% to over 82% occupancy shortly after acquiring the assets.  Larry Feldman stated “Although Wells Fargo Center is one of top buildings in downtown Tampa; we intend to make it even more attractive to prospective tenants by upgrading the leasing amenity package.  In addition, we intend to use our low cost basis in order to aggressively pursue tenants and rapidly lease-up the building.  We are excited about this acquisition because it provides us with yet another opportunity to “play to our strength” as a top redeveloper of office buildings.”

About Feldman Equities, Inc

With offices in New York and St. Petersburg 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.