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

New Fitness Center Now Open at Morgan Stanley Tower

Tenants are enjoying the latest amenity at Morgan Stanley Tower.  A brand new, state-of-the art fitness center.

sensorFact Services Inc. Relocates to St. Petersburg

Sensorfact

 

 

 

 

sensorFact Services, Inc., a cloud based data acquisition and storage company for the Internet of Things (IoT), announced today that it has relocated its headquarters from Davie, Florida to the anchor of Florida’s High Tech Corridor, St. Petersburg.   Categorized as “one of the top four high-tech employment centers in the nation1 , St Petersburg and sensorFact Services have all the makings of a great fit with the city’s existing resources and the company’s current projected growth rate.

sensorFact has executed a five-year lease for its new principal place of business within the Morgan Stanley Tower at 150 2nd Avenue North, Suite 770, St. Petersburg, Florida 33701.  The move was completed June 10th 2015.

“Although we took serious note of St Petersburg’s new residing talent, with their 6 percent millennial population increase in the past 5 years3, there are many factors about St. Petersburg and Florida’s high tech corridor that attracted us to make this move,” said Matt Horton, President of sensorFact. “It is true, that after our recent spin-off, we set out to find a home where we could take advantage of a talented base that is increasingly technology oriented, but we also wanted to find a diverse and flourishing economic environment that would be welcoming to a start up company like ours.  St. Petersburg offers big city benefits with a small town feeling, and that means a lot to our team and their families who have all relocated here and are enjoying it.”

sensorFact Services will be joining the ranks of  close to 20,000 companies2 encompassed by the High Tech Corridor.    180 high tech businesses already employ 9,970 members in St. Petersburg1 alone, allowing sensorFact the ability to tap into the local talent, technical resources, and already established friendly business climate found there.  “Other companies are proving this area as a key factor to a successful business formula.  As reported in the Florida Trend, other companies have successfully grown from less than 30 employees to a staff more than 2002 people in three years’ time.  With sensorFact already positioned for similar growth, we are excited to be in a place where our company can really take root and have the local support we need to expand our business,” commented Rena Hafer, Vice President of sensorFact Services.

“Tech companies like sensorFact are drawn to downtown St. Pete for the quality of life it offers, not only their executives, but to their employees and families,” reiterated Larry Feldman, CEO of Feldman Equities LLC.  “We are seeing a lot of interest from tech companies. Downtown St. Petersburg with its abundance of nightlife, restaurants, waterfront and walkable amenities is a significant draw for millennial employee recruitment and retention.  You have a vibrant downtown, minutes from the most beautiful beaches in the world.  The nation’s top industries are taking note.”

The new home of sensorFact is situated near the waterfront and next to the Sundial.  “This puts us within walking distance of several business partners and a substantial community of services that make this town feel so connected,” Horton continued.  “We’re fully moved and open for business, and St. Petersburg has been more than welcoming.”

About sensorFact Services, Inc.: Located in St. Petersburg Florida, and founded in 2015, sensorFact  Services, Inc. is an IoT company that secures the collection and storage of sensor data while empowering its subscribers through a growing set of integration API’s and partnering visualization and decision-management products.  sensorFact’s mission statement is “to solve the problems that create the barriers around storing and sharing sensor data, and to provide these solutions at a reasonable cost while advocating for the data owner.  We will accomplish this mission by means of secure and robust technology.  We will maintain relevance through exceptional customer service and ubiquitous integration opportunities.  Our strength comes from employing the most talented workers, and fostering their personal growth and innovation.”

To learn more about sensorFact Services, Inc., please visit www.sensorFact.com

References:

1.    City of St. Petersburg, stpete.org, “St. Petersburg anchors the Florida High Tech Corridor. One of the top four high-tech employment centers in the nation.,” June 12, 2015, http://www.stpete.org/city_overview/information_technologies.php
2.    See Amy Keller, Florida Trend, “High-Tech Corridor: Florida’s I-4 corridor is a high tech hotbeb”, 9/10/2013,http://www.floridatrend.com/article/16071/floridas-i-4-corridor-is-a-high-tech-hotbed
3.  See, Tampa Bay Business Journal, “St. Petersburg ‘Best for Millennial Workers’”, Jan 29, 2015 ,http://www.bizjournals.com/tampabay/blog/morning-edition/2015/01/st-petersburg-best-for-millennial-workers.html

Re/Max Metro Grand Opening!

©Steven Kovich 2015

©Steven Kovich 2015

Re/Max Metro celebrated the ribbon cutting ceremony and grand opening celebration of their new offices at Morgan Stanley Tower which was attended by St. Petersburg Mayor Rick Kriseman. Be sure to check out their cool offices!  Welcome to Morgan Stanley Tower!!

 

 

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.

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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).

Exciting New Retailers & Restaurants Coming to our Sundial Neighbor

Sundial Photo The highly anticipated arrival of Sundial and its retail tenants has caused a tremendous amount of buzz this year. Today, the soon-to-be downtown shopping epicenter officially announced the establishments that will be operating there.

Locally-owned C1 Bank will place two ATMs at the Sundial location with the second floor ATM being “state-of-the-art” according to the company.

Nearly all business involved are based out of Florida. Welcome to the new St. Pete, here are your new neighbors.

Chicos

For 3 decades, Chicos has been the go-to fashion spot for women seeking artisan designs and prints. Chicos was founded in 1983 as a small boutique selling Mexican folk art and sweaters on Sanibel Island. Since then, Chicos has become a clothing mainstay with over 700 stores nationwide, a monthly catalog and round-the-clock shopping. Discover what the chic outfitters is all about at their official website.

Diamonds Direct

They’ve been open for a little while now, but it never hurts to remind the Burg where their ultimate source for diamonds and champagne is. Diamonds Direct is a trendsetting organization that imports conflict-free diamonds from Belgium, South Africa and Israel directly to St. Pete. The store features top brands such as Gucci, Michael  Kors, Pandora, Burberry and Versace. The stores most unique feature is their design your own piece with the 3D space Pro CAD System and can monitor its creation with a 3D “grower.”

Florida Jean Company

Florida Jean Company opened in the Sunshine State in 2006. The store will carry top denim brands like Lucky Brand, Sun Bum, Rock Revival, Agave Denim, Rider and Rocket Dogs. Everything sold in the store is designed to make your outdoor lifestyle more comfortable. Find your perfect pair at Florida Jean Company.

Jackie Z Style Co.

Jackie Zumba created this boutique with the concepts of luxury, elegance and affordability. Voted best of Sarasota in 2013 and 2014, Jackie Z Style Co. stays ahead of the fashion curve with men’s and women’s brands such as Jared Lang, Stone Rose and Psycho Bunny. If you need something outstanding for a night out, look not further than Jackie Z’s.

L.O.L Kids

L.O.L. Kids will be the premier retailer carrying the finest European brands for kids. This childrenswear boutique will offer the best selection of up to date fashion trends for your children so back to school and holiday shopping don’t have to be such tumultuous processes. They already have locations in NYC and West Hollywood and look to continue their insignia in the Sunshine City. They will carry designers such as Monnalisa, Miss Blemarine, Ki6 and iDO.

juxtapose

juxtapose, a Tampa-based company, is the shared dream of two sisters. The store will feature cerebrally curated home furnishings, kitchen essentials, unique gifts and local handmade jewelry and select women’s contemporary fashion. The store opened in Hyde Park village in 2011 and is defined by owner Kallie Wesley as “Florida’s casual with some sparkle.”

Locale & Farmtable Kitchen

The epicurean style market, featuring a casual sit-down restaurant for any customer so inclined, has stirred the St. Pete culinary pot since its announcement as a tenant. Owned by Michael Mina and Don Pintabona, the market will feature fresh produce, meats and cheese along with an artisan bakery and ice cream shop. Michael Mina owns restaurants all over the world from Miami and San Fran, to Vegas and New York. Don Pintabona is a former executive chef for Robert DeNiro’s Tribeca Restaurant in New York. The market is slated to open sometime in the fall and with two floors of space seeks to enhance the foodie culture already prevalent in the Burg.

lululemon St. Petersburg showroom

lululemon is a yoga-inspired athletic apparel company that creates components for individuals to live long, happy, fun lives. Their products are designed to keep customers active while relieving them of stress. The store works tirelessly with yogis and other athletes to study the versatility of all their products so they can better design new pieces of equipment and clothing to better suit the healthy lifestyle of their demographic. The company is based out of Canada.

Marilyn Monroe Glamour Room

Marilyn Monroe Glamour Room is a one-of-a-kind spa that embraces the glamorous and vivacious spirit that Monroe left behind. The spot will feature all the typical amenities one would expect to find at a spa and salon but with a heavy emphasis on prepping clients for special events. The Glamour Room will carry a signature line of hair and skin care products and cosmetic and beauty products specifically designed for the Marilyn Monroe customer. You can find these boutiques in NYC, Maui, Miami, Monterey and Orlando.

Ruth’s Chris

The iconic steakhouse known as Ruth’s Chris comes to St. Pete. The high end restaurant has its headquarters in Winter Park and now has locations all over the country. Their brand of New York strips has been described as decadent and euphoric and we can’t wait to add another notch to the Burg’s culinary culture.

Sea Salt

Sea Salt functions on the philosophy of fresh ingredients melding together with fresh ideas. Their artisan menu rotates daily with offerings of select wines and premium seafood cuisine. The restaurants aim is to create a unique and exquisite experience for each and every customer that comes through the door. Prepare to enjoy a plate that will behold a flavor specifically designed to your taste.

The Shave Cave

St. Pete’s own Shave Cave will soon call Sundial home. Men can enjoy a classic haircut or hot towel shave by a certified master barber while sipping on a local craft beer, glass of wine or whiskey. The barber shop will also offer aa variety of premium hair and skin care products for the customer who wants to feel the fresh effects of a clean shave and cut on a daily basis. The Cave was founded in 2010 with the goal to provide men with the finest grooming products from all over the globe.

Swim n’ Sport

Swim n’ Sport recently celebrated 60 years of doing business in the Sunshine State. They have 33 locations nationwide and has evolved into the premium store for all your casual and athletic swimwear needs. The store now specializes in swimwear separates, monokinis, tankinis and beach accessories in fun, hip and sexy styles for all women.

Tommy Bahama

Inspired by the relaxed sophistication of coastal living, Tommy Bahama is dedicated to the good life.Their men’s and women’s apparel offers the perfect hybrid of comfort and luxury and the luxury of comfort. They have nearly 100 stores across the country plus locations in Australia, Canada, Hong Kong, Japan, Macau and Singapore. This is the first Tommy Bahama for Pinellas County so prepare to dress the part of Sunshine City residents, St. Pete.

Tracy Negoshian & His

Tracy Negoshian & His offers the ultimate family shopping experience. Tracy Negoshian is a St. Pete-based fashion designer who provides conscious fashion for women that is bold and trendy and made of machine washable materials at a reasonable price. Women aren’t their only focus. The store will also offer leading men’s brands such as Southern Tide and Peter Millar.

White House | Black Market

White House | Black Market sells exclusively designed, private branded clothing for women. the store offers a uniquely feminine and affordable alternative to designer fashion. Whether you’re looking for a professional outfit or something to wear for the weekend White House | Black Market has the top, bottom, footwear and accessories to make an outfit designed complete for you. They began in 1985 as a small boutique in Baltimore, MD called The White House offering exceptional brands in shades of white and ivory. 10 years later they opened the Black Market and officially combined the boutiques in 1997. With over 400 boutiques and 50 outlets scattered across the U.S., White House | Black Market is the perfect boutique for young professionals and seasoned residents.

Source:  www.ilovetheburg.com/article/Announcing-the-Tenants-of-Sundial-/4566

Enstar (US) Inc. Takes Full Floor at Morgan Stanley Tower in Downtown St. Pete

mstenstarEnstar (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.

New Signage Erected atop One of Downtown St. Petersburg’s Premier Office Buildings Building Renamed Morgan Stanley Tower

As part of Morgan Stanley’s move to downtown St. Petersburg the Class A office building formerly known as Wells Fargo Plaza has been renamed Morgan Stanley Tower after its newest tenant.  The financial services giant signed a long-term lease at 150 2nd Avenue North earlier this year to occupy multiple floors in the building. The Morgan Stanley name went up on the building at the end of June.

The ownership of 150 2nd Avenue North offered Morgan Stanley building naming rights, stunning water views of Tampa Bay and a premium downtown location across from the new Sundial St. Pete (formerly BayWalk).  The building is one of downtown St. Petersburg’s best-located, premier Class A office buildings.

“We’re thrilled to have received this long term lease commitment.  Within the financial services sector, Morgan Stanley is one the most respected names in the world.  The renaming of the building as Morgan Stanley Tower provides us with terrific branding for the building and our tenants,” stated co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building.

The 17-story, 187,000 square foot office building was purchased in August of 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.  “This acquisition gave us the opportunity to do what we do best – renovating and upgrading office buildings in order to maximize their value.”