Enstar (US) Inc, the US operating subsidiary of the Enstar Group Ltd, (Nasdaq:ESGR) whose core focus is acquiring and managing insurance companies, has leased 13,621 square feet at Morgan Stanley Tower in downtown St. Petersburg. The deal was brokered by Hal Piper of Cassidy Turley. According to Piper, Enstar is relocating and upgrading their offices with this move downtown. “Leasing momentum at the building has exceeded even our own expectations,” said co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building. “The Enstar lease brings total leasing to nearly 56,000 square feet since we bought the building in August of last year. Companies are responding to the building’s outstanding location, aggressive rental rates and water views.”
The 17-story, 187,000 square foot office building was purchased last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners. “We purchased the building soon after Wells Fargo Bank vacated 22,000 square feet,” said Feldman. Just last month the building was officially renamed Morgan Stanley Tower after the building’s largest new tenant. The Morgan Stanley name now graces the downtown skyline as new signage was erected. 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). The group also owns the nearby, 242,000 square foot City Center office building.
Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings. Most recently the joint venture has partnered on City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District all with an eye towards maximizing value through renovations and upgrades.