ST. PETERSBURG, Fla.--(BUSINESS WIRE)--A joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities and Tower Realty Partners has acquired the 242,115 square-foot City Center office building complex at a price of $16.5 million or $68 per square foot. Tower Realty Partners will manage and lease the building.
City Center is a Class A office property consisting of two buildings connected by an enclosed, glass atrium lobby. The atrium features a glass skylight ceiling suspended 35 feet above a marble floor with abundant sunlight and a dramatic lobby entrance. The two towers provide unmatched views of Tampa Bay and the downtown St. Petersburg skyline. With the largest floor plates in downtown St. Petersburg, City Center provides exceptional office layout efficiency. City Center was awarded the 2006 and 2007 BOMA Toby Award for Building of the Year.
The venture will be investing over $6 million dollars into the property, including $1.7 million in capital improvements. These upgrades will include the complete modernization of all of the building’s elevators and garage elevators, new elevator cabs with high-end finishes, lobby upgrades and common area improvements.
Second City Capital Partners (“SCCP”) is a private equity company headquartered in Vancouver and is led by world renowned investor Sam Belzberg. SCCP is a multi-fund private equity group, targeting mid-market companies and distressed real estate assets across Canada and the U.S. SCCP offers investors a range of alternative investment solutions and strategies through a multifaceted venture platform. SCCP seeks controlled buyout structures including minority equity interest positions with trusted partners.
Dale Peterson and Paul Carr of CB Richard Ellis represented the Seller.
Tower Realty Partners is an Orlando-based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower was formed in 1987 by Cliff Stein and Reid Berman. Since its inception, Tower has acquired over $1 billion of office properties. Currently, Tower’s assets consist of over 3.5 million square feet office property throughout Florida. Tower owns and manages approximately 1 million square feet in the greater Tampa area, which includes the Palm Lake office building in North Tampa and Fountain Square II in Tampa's Westshore market.
In the last 25 years, Feldman Equities has developed or acquired over 11 million square feet of office and retail property with an aggregate value in excess of $2.5 billion. Larry Feldman gained a national reputation as a property turnaround specialist when he was Chairman & CEO of the publicly traded Tower Realty Trust, Inc (NYSE: TOW). Feldman Equities recently acquired the Fountain Square II office building in Tampa, in a joint venture with TriGate Capital and Tower Realty Partners. Feldman Equities is recognized for its hands-on approach to turning around distressed assets.