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

Bay National Title’s New Office Space

Wow check out Bay National Title’s new space at Morgan Stanley Tower!

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.

Slide4 Slide3

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).