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.