Directed Capital Leases Full Floor at Morgan Stanley Tower

Directed Capital, a private equity firm specializing in acquiring and originating special situation commercial mortgage debt and investing in commercial real estate, will move its headquarters into 13,460 square feet at Morgan Stanley Tower in downtown St. Petersburg.  The firm will double the size of its current headquarters office located just blocks from Morgan Stanley Tower when it relocates later this summer.

Directed Capital CEO, Christopher Moench said, “While the company’s business strategy has always anticipated expansion of staff as our assets under management grow, our recent acquisition of a large FDIC loan portfolio accelerated the need for more office space to accommodate the growth and added employees.  Our new office space in the Class A Morgan Stanley Tower not only meets our growth needs, but will aid in our recruitment and retention of staff.  We will remain active in support of our community and look forward to many years of continued success in our new headquarters.”

Directed Capital expands in downtown St. Pete’s Morgan Stanley Tower – Tampa Bay Business Journal

The full floor that Edwards Group vacated in a downtown St. Petersburg office tower earlier this year has been leased to a growing private equity group. Directed Capital, which specializes in commercial real estate debt and equity, has taken the full 16th floor or 13,460 square feet in the Morgan Stanley Tower, the building’s owner, Feldman Equities, said Wednesday.

Available space at Morgan Stanley Tower has been rare since the building underwent a multi-million renovation. “Just weeks after The Edwards Group announced they would be vacating the 16th floor, we signed a full floor lease commitment with Directed Capital keeping the building at 100% occupancy” said Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing. “Those waterfront views sell themselves.” Morgan Stanley Tower is in the heart of downtown St. Petersburg across from the Sundial Shops and just two blocks from the waterfront. Feldman Equities’ DiBlasi and Ceci Tricoli negotiated the deal on behalf of the building ownership group.

 

 

The 17-story, 190,000 square foot office building was 65% occupied just three years ago when a joint venture consisting of affiliates of Feldman Equities and Tower Realty Partners acquired the building. Feldman Equities spearheads leasing responsibilities with Tower Realty Partners handling property management. This is the third downtown St. Petersburg office building the joint venture has renovated and brought to 100% occupancy.  “The St Petersburg office market is robust. Our three St Pete office buildings are now over 99% occupied,” said DiBlasi. The nearby, 242,000 square foot City Center office building reached the 100% milestone last year and the 250,000 square foot First Central Tower is now fully occupied following its recent renovation completion.

About Directed Capital

Directed Capital is a private equity firm specialized in the business of acquiring and originating special situation commercial mortgage debt and making selective real estate investments on assets in the $1 million to $10 million range.  Operating in the alternative investment space, Directed Capital is known for consistently providing its investors with superior risk-adjusted returns that are traditionally uncorrelated with the market by deploying capital into well-diversified commercial asset classes and geographies.  Founded in 2001 with 36 professionals at its offices in St. Petersburg, FL and San Diego, CA, Directed Capital has sponsored eight funds acquiring more than $1.2 billion in commercial real estate loans and other assets.  Directed Capital Advisors, LLC is a SEC Registered Investment Advisor (RIA).  For more information, visit www.DirectedCapital.com

       

Morgan Stanley Tower Welcomes Khonsari Law Group

Khonsari Law Group, PLLC will open a new office in downtown St. Petersburg at Morgan Stanley Tower. Special thanks to Mike Heretick of Vector Commercial Real Estate Services, LLC for brokering the deal along with the Feldman Equities leasing team of Ceci Tricoli and Mike DiBlasi.

The Khonsari Law Group provides powerful advocacy for those in need of representation. The firm’s top priority is ensuring  clients’ rights and interests are protected under the law. Founded in 2011, the firm prides itself on their ability to provide an experience that is both personalized and as relaxed as possible for every client. Their attorneys are easily accessible and prepared to put forth substantial time and effort into every client’s case. The firm represents individuals as well as medical practices, medical facilities, advanced surgical centers and various businesses in the Tampa Bay area and nationwide.

Michael Talmadge brings new deal to St Pete’s Morgan Stanley Tower

With limited availability at Morgan Stanley Tower it’s not often we get to announce a new lease. Special thanks to Echelon’s Michael Talmadge for bringing the Steven Raymund deal to the building! We’re especially pleased to count one of Tampa Bay’s most notable business leaders as our newest tenant.

Steven Raymund

A Great Place to Conduct Business

“Our firm has worked closely with Feldman Equities and Tower Realty Partners since they purchased and took over the management of the Morgan Stanley Tower in 2013. As longtime tenants, we feel deeply valued and appreciated by the owners and the property management team. As the St. Petersburg Regional Office Manager, I have worked closely with Portfolio Manager Kyle Nevergold of Tower Realty and I would say that Kyle is one of the best managers I have ever worked with in my experience of working with property management teams for more than two decades. He is responsive, he listens, and he gets the job done. Kyle is also respected and takes pride in what he does. The daily work he does helps Feldman Equities and Tower Realty truly shine.

We think Feldman Equities has done an amazing job on the recent renovations to Morgan Stanley Tower, from the beautiful bright new lobby, revamped elevator cars and efficient mail room to the new gym and upgraded garage. We’re a law firm that welcomes clients to our office on a daily basis, so we appreciate and value the work Feldman Equities has done to ensure Morgan Stanley Tower is a great place to conduct business. Feldman Equities and Tower Realty always provide a high level of service and quick efforts to meet our ongoing need.”

logo_adams_and_reese

 

Tellie Settimi

Regional Office Manager

Adams and Reese LLP

St. Petersburg and Tampa Regional Office Manager

Morgan Stanley Tower Renovations

We invested nearly $6.5 million dollars in renovations at Morgan Stanley Tower including a stunning new lobby featuring new stone floors and walls, and a 30 foot high wall of light designed by internationally renowned architect Gensler.  The wall of light created an inviting and architecturally exciting element as visitors enter the building.  A matching wall of light was also placed on the exterior of the building that is highly visible to the street.

The building is now 100% occupied.  The renovation induced several new companies to move into the downtown core including Morgan Stanley, Enstar and Capital Resorts.  None of these tenants were previously located in downtown St. Pete.

Today’s companies are focused on the needs of the millennial workforce which values high-end amenities, including one of the best fitness centers in downtown St. Petersburg. Fully occupied office buildings contribute to the vitality of the downtown core with tenants making a significant economic impact in the community.

The renovations repositioned Morgan Stanley Tower as one of downtown St. Petersburg’s most prestigious office buildings with amenities and finishes matching its stellar location.

Additional renovations included a high-end fitness center, a major upgrade to the building’s parking garage, an all-new state-of-the art elevator system for both the building and the garage as well as extensive renovations to the tenant floors with new tile floors, new lighting, new carpeting, and bathroom upgrades.

 

View our before & after slide show.

 

 

Check Out the New Lobby

The new Morgan Stanley Tower lobby designed by international architect Gensler is stunning!  We love the modern, new lobby design at our downtown St. Petersburg office building. 

No Plans to Sell

BY: KEVIN MCQUAID | COMMERCIAL REAL ESTATE EDITOR BUSINESS OBSERVER

Feldman holding on to tower

Speculation has swirled for months that Feldman Equities LLC, the St. Petersburg-based commercial real estate investment and development firm that plans to build the region’s tallest skyscraper, would shed its Morgan Stanley Tower.

Feldman and partners Tower Realty Partners and Second City Capital Partners added to the buzz when they undertook a multimillion renovation to upgrade the 190,000-square-foot building’s lobby, add a concierge desk, enhance elevator systems and restrooms and improve parking garage lighting.

When Feldman and Tower Realty bought the 30-year-old building in 2013 for just more than $20 million, Morgan Stanley Tower was just 65% committed.

Class A office buildings have been in particular demand among investors in Tampa and St. Petersburg in the past two years. This summer, for instance, Highwoods Properties paid $124 million to acquire the 35-story SunTrust Financial Centre downtown.

But Feldman president and CEO Larry Feldman says that while the ownership group considered selling the tower, no deal is in the works.

“We had considered a sale, but we recently refinanced the property,” Feldman wrote in a recent email. “We have no plans to sell.”

Feldman and Tower Realty’s next project is slated to be a 52-story skyscraper in downtown Tampa. Riverwalk Tower is being designed to contain ground-floor retail, parking, offices and luxury residences. It is slated for completion in 2018.

Tampa tower gets BOMA award
Even as world leaders negotiate in Paris to mitigate climate change, a Tampa office tower is receiving kudos for its “green” efforts.

The Building Owners and Managers Association of Tampa Bay has awarded Tampa City Center its “Earth Award” in its “Outstanding Building of the Year” program for 2015.

The 39-story tower, built in 1981, owned by Alliance Partners HSP and managed by Cushman & Wakefield, is LEED EB Gold certified and was recognized for air quality; green cleaning; recycling; and resource conservation.

Downtown St. Petersburg’s Morgan Stanley Tower Reaches 100% Occupancy

mstA 1,700 square foot lease with Paradise Marketing has brought Morgan Stanley Tower in downtown St. Petersburg to 100% occupancy.  The 17-story, 190,000 square foot office building was 65% occupied just two years ago when a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partner acquired the building. Since the purchase and a multimillion dollar renovation the group has executed nearly 70,000 square feet of leases at the building. Notable deals have included Morgan Stanley, Enstar, Capital Resorts and RE/MAX Metro. The Paradise Marketing deal was brokered by Melanie Jackson of Colliers International. Larry Feldman, CEO of Feldman Equities spearheads leasing and redevelopment efforts while Tower Realty Partners handles management responsibilities.

“We’ve had incredible success in the Downtown St. Petersburg market,” commented co-owner Larry Feldman, CEO of Feldman Equities whose company’s focus has been on purchasing underperforming assets and increasing value through renovation and building upgrades while using their lower cost basis to implement an aggressively priced leasing program. “Of course one of the most important amenities has been built into the deal – the incredible downtown St. Petersburg location, continued Feldman. “St. Pete has one of the largest urban waterfronts, a truly walkable downtown with 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium, soccer stadium and nearly a dozen marinas.”

This is the second downtown St. Petersburg office building the joint venture has renovated and brought to 100% occupancy.  The nearby, 242,000 square foot City Center office building reached that milestone earlier this year. In a little more than two years following a major renovation, the ownership increased occupancy at City Center from 44% to 100% leased.

A third acquisition, First Central Tower is currently under renovation with over three full floor deals executed since its acquisition just a year ago – including Twinlabs’ relocation from New York. Redevelopment plans for First Central Tower include an extensive Gensler designed lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.  In addition, ownership is nearing completion of an amenity package which will include a new concierge desk, a state-of-the-art luxury fitness center and conference center. In keeping with current office space trends towards hip, high-tech spaces, space has also been allocated to a tenant lounge area with a 24/7 “chill zone” with the look and feel of a first class airport lounge. The lounge area will include soft seating, large flat screen TVs, iPad chairs and free WIFI. In addition, renovations will include a completely new modern elevator system, new elevator cabs and an upgrade to the air conditioning system. The parking garage will be upgraded with upgraded lighting, paint and graphics.

Read more in the Tampa Bay Business Journal