Feldman Equities LLC/Tower Realty Partners Reacquire Equity Position

WFC TampaFeldman Equities LLC and Tower Realty Partners have reacquired an equity position in Wells Fargo Center.  The groups’ ownership interest is a joint venture partnership with an institutional investor that purchased the building late last year.

Feldman Equities and Tower Realty originally acquired the building at the end of 2012 in joint venture partnership with another institutional investor.  “We are excited about the future of Downtown Tampa and look forward to being a part of that future,” stated Larry Feldman, CEO of Feldman Equities.

As part of the agreement Tower Realty Partners will retain management responsibilities with Feldman Equities providing leasing oversight.  Cushman & Wakefield has been retained to represent the ownership group in leasing the building.  Jeff Lanning and Brian Breeding of Cushman & Wakefield will spearhead leasing efforts. The building currently has 33,000 square feet available for lease.

“Wells Fargo Center has one of the best locations downtown,” said Lanning. “Tenants love the newest amenities which include a state-of the-art fitness center, conference room with a 90” TV, a modern café and internet lounge all with views of the Hillsborough river.”

Wells Fargo Center recently underwent a multi-million dollar renovation involving the modernizing of the building systems and infrastructure including an entirely new air conditioning system and new roof. The building leasing amenities have been extensively upgraded including a new restaurant, a high-end fitness center and a major upgrade to the parking building’s parking garage. Tenant corridors are being renovated to include new lighting, carpeting, and bathroom upgrades.

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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New Owners of Wells Fargo Center Fill Over 50% of Vacancy in 8 Months

leasing-announcements - Oct 2013

Feldman Equities, LLC. and Tower Realty Partners have secured 58,422 square feet of leases (over half of the vacant office space) at Wells Fargo Center in downtown Tampa since purchasing the Class A office building in January.  Larry Feldman, CEO of Feldman Equities who is a co-owner of the building, spearheads leasing efforts.  He attributes their leasing success to aggressive rental rates and the recent renovations to the building.  “We make it easy to do deals at our properties.  We are very responsive with no cumbersome approval processes,” stated Feldman. Recent leases include five new leases, an expansion and a renewal totaling 46,269 square feet.

Valet Waste Relocating Corporate Headquarters to Wells Fargo Center

Valet Waste, the nation’s leading provider of doorstep trash and recycling collection services, leased 17,194 square feet at Wells Fargo Center.  Co-brokers Mercedes Angel of Cushman & Wakefield and Abbey Dohring of The Dohring Group represented the company in the transaction.

Glenn Rasmussen, a business law firm founded in Tampa, has signed a 14,400 square foot renewal.

Harris & Hunt, P.A. has leased 4,893 square feet. The divorce and family law firm was represented by co-brokers John Fish and Scott Garlick of Cushman & Wakefield.

AVI-SPL, the world’s leading video communications partner, has leased 4,882 square feet.

The firm was represented by co-broker Jimmy Garvey of Cassidy Turley.

nSource Services, Inc. leased 1,681 square feet.

Metropolis Law leased 957 square feet.

Represented by co-broker Mike Mauger of Doyle Mcgrath

BDG Architects has signed a 2,262 square foot expansion.

Wells Fargo Center has recently undergone a multi-million dollar renovation involving the modernizing of the building systems and telecommunications infrastructure.  Renovations to the multi-tenant corridors are nearly complete. The corridor renovations include new lighting, new carpeting, and bathroom upgrades.  Also nearing completion are extensive upgrades to the building’s leasing amenities including a new restaurant, a high-end fitness center and a major upgrade to the parking building’s parking garage.  Tenants will begin using the new facilities before year-end 2013.

Located near the Tampa Convention Center in downtown Tampa, the 22-story, 388,000 square foot Wells Fargo Center 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 87% leased with one of downtown Tampa’s most desirable full floor vacancies.

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully acquired and renovated millions of square feet of underperforming office buildings. The joint venture plans on implementing an aggressive renovation and 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 94% occupancy.  These goals were accomplished within a little over two years following the acquisition of the assets.