Wells Fargo Center Reaches 93% Occupancy for the First Time in Two Decades

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.

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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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.

Valet Waste, LLC to Relocate Corporate Headquarters to Wells Fargo Center

WFC TampaValet Waste, LLC, the nation’s leading provider of doorstep trash and recycling collection services, announced today the upcoming relocation of their corporate headquarters to Wells Fargo Center in downtown Tampa.

The firm, represented by co-brokers Mercedes Angell of Cushman & Wakefield and Abbey Dohring of The Dohring Group, leased 17,194 square feet.

Valet Waste, LLC currently occupies three floors in another downtown Tampa location.  “With our leases nearing expiration at our current 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.

ValetWaste who began their search for a new headquarters location in July plans to occupy their new space in early December.  After visiting eight properties over the past few months, Valet Waste narrowed the list to three locations including Wells Fargo Center.  “The Feldman Equities team headed by Larry Feldman was a pleasure to work with throughout the entire lease process,” according to Clarke.  “They met all of our search objectives with an aggressive and fair proposal.”