Monthly Archives: November 2014
Corporate Resorts Group Relocates to Morgan Stanley Tower
Capital Resorts Group, a leader in the vacation ownership industry, has announced it has moved its corporate office from Clermont to St. Petersburg, Florida. A significant growth in the company necessitated the move, which took place on November 1, 2014. The new headquarters are located at 150 2nd Avenue North, Suite 450, St. Petersburg, Florida 33703.
“As our brand and resort locations have become known throughout the industry, demand has risen – and quickly,” says David DeShaw, Chief Hospitality Officer of Capital Resorts Group. “Our new corporate office is significantly larger than our previous offices and offers a more efficient layout. It will support our continued growth and expansion, while providing a better work environment for current and future staff. I think it underscores our commitment to our owners, partners, lenders and employees.”
The new 14,000 square foot office will be located in the Morgan Stanley Tower in downtown St. Petersburg. The building is undergoing a multi-million dollar renovation including a brand new lobby designed by Gensler, widely recognized as the world’s leading collaborative design firm. Additional renovations include a high-end fitness center and major upgrade to the building’s parking garage. Ownership is installing an all new state-of-the-art elevator system for both the building and the garage, to be completed in 2015. The tenant floors will be extensively renovated with new tile floors, lighting, carpeting and restroom upgrades. The Morgan Stanley Building has water views of Tampa Bay with a premium downtown location across from the Sundial Plaza, which offers a variety of high-end restaurants and shops.
Multi-Million Dollar Renovation Underway!
Morgan Stanley Tower is undergoing a multi-million dollar renovation including a brand new lobby that has been designed by Gensler, one of America’s most respected architects. The new lobby will feature new stone floors and walls, and a 30 foot high wall of light. Gensler is widely recognized as the world’s leading collaborative design firm, not just the largest.
Additional renovations include a high-end fitness center and a major upgrade to the parking building’s parking garage. Ownership is installing an all new state-of-the art elevator system for both the building and the garage, which will be completed in 2015. The tenant floors will also be extensively renovated with new tile floors, new lighting, new carpeting, and bathroom upgrades.
In August of 2013, a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners, acquired the 17-story, 187,000 square foot office building located at 150 Second Avenue North in downtown St. Petersburg (formerly known as Wells Fargo Plaza). The joint venture purchased the Class A office building for $20 million ($107 per square foot). The building was 65% occupied at the time of the acquisition (earlier that year Wells Fargo Bank vacated 22,000 square feet). “Leasing momentum at the building exceeded even our own expectations,” said Feldman. “We’ve leased nearly 70,000 square feet since we bought the building. Companies are responding to the building’s outstanding location, aggressive rental rates and water views.” In July of 2014 the building was officially renamed Morgan Stanley Tower after after the financial services giant leased multiple floors in the building. The Morgan Stanley name now graces the downtown skyline as new signage was erected. Other notable deals included Enstar US – 13,621 square feet and RE/MAX Metro – 9,218 square feet.
The building is one of downtown St. Petersburg’s best-located, premier Class A office buildings with water views of Tampa Bay and a premium downtown location across from the new Sundial Shops (formerly BayWalk).