Renovations are about more than adding paint and shiny amenities. They’re about remaining viable.

“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.

Park Tower Renovation Complete With Significant Occupancy Achievement

Feldman Equities LLC announced the completion of the extensive multi-million dollar renovation at Park Tower in downtown Tampa.  The value-add program executed since the acquisition of the property has generated significant increases in building occupancy and cash flow.  Including signed leases not yet in occupancy, the building is 94% leased, its highest occupancy in over a decade.

The renovation of Park Tower was instrumental in bringing over 22 new firms to the building, 15 of which are new to downtown Tampa. “The use of glass and light combined with a stellar amenities package succeeded in repositioning this prominent historic structure as one of the most notable and exciting buildings on Tampa’s skyline,” stated Larry Feldman, Chief Executive Officer of Feldman Equities.

“Park Tower’s owners investing millions in renovating the city’s original high-rise is just further proof of Tampa’s renaissance,” said Mayor Bob Buckhorn. “Investments like these do not happen every day but what we’re seeing across the city is that not only can we redefine our skyline with new structures but also we can reimagine it with the existing ones.  I look forward to admiring this renovation for years to come.”

In November 2016, a joint venture partnership consisting of City Office REIT, Inc., Feldman Equities and Tower Realty Partners acquired Park Tower for $79.8 million. Since that time, 170,000 square feet of new and renewal leases have been signed, bringing occupancy up from a low of 80% to 94% today.  “The renovation and tenant suite upgrades have completely transformed the building and prospective tenants are responding with high interest,” said Larry Feldman.

The most dramatic change at Park Tower is the modernization of the 471,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance features a ‘Light Box’ leading into a stunningly renovated lobby, complete with a new Buddy Brew Coffee café. “We love everything about this location and partnership,” said co-owner and CEO of Buddy Brew Coffee, Dave Ward.  The new café’s attractive layout and design feature a cosmopolitan aesthetic and high-end furnishings to match Park Tower’s modernization.

The renovation, designed by internationally-renowned architect Gensler, takes full advantage of Park Tower’s location across from the Tampa Riverwalk. The removal of the concrete knee wall, the installation of glass storefronts with bright lighting and new exterior lighting have made the building much more inviting at the streetscape level.  On the interior, high-quality additions and improvements to common spaces and amenities have been made, including:

  • All new fitness center and yoga room with spin bikes
  • The all new Buddy Brew Coffee café
  • 6th floor “Chill Zone” tenant lounge
  • Shared tenant conference room
  • New lobby concierge desk
  • Renovated parking garage with new LED lighting

www.parktowertampa.com

About City Office REIT, Inc.

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading 18-hour cities in the Southern and Western United States. City Office currently owns or has a controlling interest in 5.7 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 

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 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 1.9 million square feet of office space in the Tampa Bay area.

About Tower Realty Partners 

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.

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.

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 which includes painting the exterior a lighter color and a new and dramatic entrance.

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.