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.

Embedly Powered

via Costar

Leave a Reply

Your email address will not be published. Required fields are marked *