Park Tower Renovation to Feature Dramatic Light Box

The most dramatic change at Downtown Tampa’s Park Tower will be the modernization of the 475,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a ‘Light Box’ on one of the most prominent corners of Tampa.  The renovation of Park Tower will use glass and light to reposition this prominent historic structure as one of the most notable and exciting buildings on Tampa’s skyline.

Check out the video here.

Downtown Tampa’s Park Tower To Get Multi-Million Dollar Renovation

In conjunction with City Office REIT, Inc. (NYSE: CIO) (“City Office” or the “Company”) Feldman Equities and Tower Realty Partners have commenced an extensive multi-million renovation on downtown Tampa, Florida’s Park Tower, with completion anticipated in the first quarter of 2018.

In November 2016, a joint venture partnership consisting of City Office, Feldman Equities LLC and Tower Realty Partners acquired Park Tower for $79.75 million.  These groups have partnered together and previously renovated other notable office buildings in the downtown St. Petersburg, Florida market. 

The most dramatic change at Park Tower will be the modernization of the 475,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a ‘Light Box’ on one of the most prominent corners of Tampa. 

The building’s amenities will be also upgraded with a striking new lobby.   “The renovation of Park Tower will use glass and light to reposition this prominent historic structure as one of the most notable and exciting buildings on Tampa’s skyline,” stated James Farrar, Chief Executive Officer of City Office. 

Internationally-renowned architect Gensler is the designer for both the exterior façade and the building amenities.  The updated design extends a brand to Park Tower that will create a Class-A experience that persists from the sidewalk to the tenant door.  “The opportunity to renovate our city’s original high rise is a real honor, and we’re excited to reposition Park Tower as one of the premium assets in the downtown core,” stated Bert Oliva, Principal and Managing Director of Gensler’s Tampa office.

“We are taking full advantage of Park Tower’s location across from the Tampa Riverwalk,” said Larry Feldman, Chief Executive of Feldman Equities LLC.  “The removal of high perimeter knee walls and installation of stunning glass storefronts with bright lighting will immediately announce the entrance and make it inviting to the streetscape.” 

In addition to exterior renovations, plans include the addition of new tenant amenities, including:

  • High-end lobby café with seating
  • 6th floor “Chill Zone” tenant lounge
  • All new fitness center and yoga room with spin bikes
  • Shared tenant conference room
  • New lobby concierge desk
  • Renovated parking garage with new LED lighting

Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing, expects the renovations and spectacular views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline to assist with the quick lease-up of the building’s remaining office space.  “We have had tremendous success at leasing up our past projects after completing our renovation plans, and we expect that Park Tower will be similarly successful.  Park Tower currently has full floor availabilities, including a full floor of just-built, move-in ready spec suites.  This is a great opportunity for tenants of all sizes to move into the heart of downtown,” said DiBlasi. 

Park Tower Tenants are Expanding & Renewing

There are lots of exciting plans in the works for Park Tower! These two tenants who have chosen to renew and/or expand their leases will be around to reap the benefits. We appreciate their vote of confidence in choosing Park Tower yet again. Feldman Equities extends a special thank you to the cobrokers who negotiated the lease deals on their behalf.

Office Space with a View

Need a full floor or a smaller move-in ready office space in downtown Tampa? Many of Park Tower’s availabilities have amazing water and city views!

 

CITY OFFICE REIT, FELDMAN EQUITIES, AND TOWER REALTY JOINT VENTURE ACQUIRES PARK TOWER IN DOWNTOWN TAMPA

Park TowerA joint venture consisting of affiliates of NYSE listed City Office REIT (NYSE: CIO), Feldman Equities LLC, and Tower Realty Partners has acquired Park Tower, a 36-story, 475,000 square foot office building located in downtown Tampa. The joint venture purchased the office building for $79.75 million.

The joint venture intends to make a substantial investment in the property to modernize the building. The building is approximately 86% leased. Its anchor tenants include BB&T, United States Department of Justice – US Attorney’s Office, Level 3 Communications, and Lykes Insurance.

City Office REIT currently owns approximately 1.0 million square feet of office properties in the Tampa Bay market. “We are strong believers in the Tampa Bay market with its tremendous job and population growth and are excited to add Park Tower to our expanding portfolio,” commented Jamie Farrar, CEO of City Office REIT.

“As with our other downtown acquisitions, this is yet another opportunity for us to do what we do best – renovating and upgrading office buildings in order to maximize their value,” commented co-owner Larry Feldman, CEO of Feldman Equities. Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing, will lead leasing efforts. “Located at the corner of Kennedy Blvd. and Tampa St., Park Tower sits on the most important intersection in Tampa. This is a great opportunity for a tenant looking to move into the heart of downtown,” said DiBlasi. Park Tower offers spectacular views of Hillsborough Bay, the Hillsborough River, and the Downtown Tampa skyline.

“Downtown Tampa is undergoing a remarkable revitalization with numerous residential developments and the emergence of the Tampa Riverwalk entertainment district,” stated Feldman. “We are elated to be at the forefront of the downtown’s revitalization.”

About City Office REIT, Inc. http://www.cityofficereit.com/
City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading markets in the Southern and Western United States. City Office currently owns or has an interest in 4.0 million square feet of office properties. Additional information about City Office is available on the Company’s website at www.cityofficereit.com. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.

About Feldman Equities, LLC www.feldmanequities.com
Over the past 30 years, Feldman Equities has developed or acquired over eleven million square feet of office and retail properties with an aggregate value in excess of $3.0 billion. Feldman is a “re-inventor” of the office building and specializes in turning around distressed office assets. Feldman Equities and its partners own and manage 1.6 million square feet of office space in downtown Tampa and downtown St. Petersburg.

About Tower Realty Partners www.towerrealtypartners.com
Tower Realty Partners is a privately held, commercial real estate investment & management company based in Orlando, Florida. Founded in 1987 by principals Cliff Stein & Reid Berman, Tower Realty partners has been involved in the acquisition, leasing, and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions.