Feldman 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.
Valet Waste, LLC, the nation’s leading provider of doorstep trash and recycling collection services, relocated their corporate headquarters to Wells Fargo Center in downtown Tampa late last year. Valet Waste wanted to provide employees with a place where they could enjoy working. “With our leases nearing expiration at previous location, we wanted to increase our efficiency and collaboration by consolidating all of our 40+ corporate employees onto one floor,” stated Bill Clarke, the company’s Chief Financial Officer. We’d say the succeeded!
It took the new ownership only 13 months to bring occupancy at Wells Fargo Center in downtown Tampa to over 90%. The signature office tower reached 93% occupancy with over 96,000 square feet of leases since Feldman Equities and Tower Realty Partners purchased the Class A office building in January of 2013. 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. “Prospects and tenants have responded favorably to our newest amenities including a state-of the-art fitness center, conference room with a 90” TV and a modern café and internet lounge,” according to Feldman.
Recent leases include six new leases totaling over 22,000 square feet.
- Regus leased approximately 13,000 square feet. The deal was co- broker 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.
Wells Fargo Center has recently undergone a multi-million dollar renovation involving the modernizing of the building systems and infrastructure including an enitirely 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. Ownership is installing an all new elevator system which will be completed in 2014. The corridor renovations will include new lighting, new carpeting, and bathroom upgrades.
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. It is anchored by Wells Fargo & Company, Phelps Dunbar and UBS.
Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully acquired and renovated millions of square feet of underperforming office buildings. In addition to bringing Wells Fargo Center to 93% leased, the joint venture has brought 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. These goals were accomplished within a little over two years following the acquisition of the assets.