“As a landlord of an existing building, you always have to upgrade,” Feldman says. “You can’t sit on your laurels. That’s why every building we buy, one of the first things we set out to do is figure out what requires renovating and improving,” Feldman says.
Increasingly, landlords such as Feldman Equities, Tower Realty Partners and City Office REIT are proactively spending money to improve office buildings to add new amenities desired by tenants, lighting to provide a more modern feel and tenant improvements aimed at convincing companies with younger workforces to sign leases.
“There was so much hidden potential in Park Tower,” says City Office Vice President of Operations Ken Pool. “The results are evident.”
Office landlords embarking on improvements to remain competitive | Business Observer | Business Observer
The need to upgrade the 36-story Park Tower building in downtown Tampa was black and white to owners City Office REIT Inc., Feldman Equities LLC and Tower Realty Partners. Literally. As part of a more than $10 million renovation to the 400 N. Tampa St. property, Whiting-Turner Contracting Co.