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.

Buddy Brew Coffee Now Open at Park Tower in Downtown Tampa

Perk up with Buddy Brew Coffee Downtown Tampa! Buddy Brew Coffee at Park Tower is officially open! We can’t be more excited. Stop on by for your Buddy Brew favorites from 7a-6p, Mon – Fri and check out their gorgeous new shop off the Park Tower lobby!

Buddy Brew Coffee getting ready to open at the newly renovated #ParkTower in Tampa’s Downtown

After numerous requests and a little finesse, Buddy Brew Coffee founders Dave and Susan Ward are gearing up to open their latest craft coffee shop in downtown Tampa. The husband-and-wife duo’s sixth location (and sleekest one yet) officially starts keeping the neighborhood caffeinated Monday, Feb. 11.
 
The best part just might be the full-length glass doors that serve as the lobby and street entrances. They make the shop easy to find, which was difficult prior to Park Tower’s multimillion-dollar revamp.
 
“Years ago, people wouldn’t have known about this building if it weren’t for Lucky Dill in the back corner,” Dave said. “Now the space is much more inviting.”
 
The owner of the building, Larry Feldman, wanted to incorporate the community, as Dave puts it, and he knew Buddy Brew could fit the bill.

Buddy Brew Coffee gearing up to open next shop in downtown Tampa

Jenna Rimensnyder After numerous requests and a little finesse, Buddy Brew Coffee founders Dave and Susan Ward are gearing up to open their latest craft coffee shop in downtown Tampa. The husband-and-wife duo’s sixth location (and sleekest one yet) officially starts keeping the neighborhood caffeinated Monday, Feb. 11.

Park Tower Renovations Underway – Building experiences STRONG Leasing MOMENTUM

2017 was a good year for Tampa’s Park Tower. A new ownership group consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners commenced a multi-million dollar renovation at Park Tower to be completed this summer. Since acquiring Park Tower, eleven new tenants have leased space at the building. Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing expects 2018 to be even better. “The renovation announcement really jump-started our leasing efforts in 2017,” said DiBlasi. The largest of those deals was a 10,500 square foot lease with CAPTRUST Advisors, LLC to relocate their headquarters to the building. In 2017, DiBlasi and Leasing Representative Ceci Tricoli leased over 44,000 square feet of new space before renovations began, and have signed proposals in-hand for an additional 15,000 square feet.

The ownership group successfully converted an empty 14,685 square foot full floor to move-in ready spec suites ranging in size from 1,500 square feet to 3,500 square feet. The suites have been quickly absorbed by the market.  “We hope to convert another floor to move-in ready suites this year — unless of course, a full floor user sweeps in first.” said DiBlasi. “Once the renovations are completed this summer, including the addition of a swanky new Buddy Brew Coffee café in the lobby, Park Tower will be more than 90% leased for the first time in over a decade.”

DiBlasi expects the renovations and spectacular views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline to advance the quick lease-up of the building’s remaining office space. “We have had tremendous success leasing up our past projects after completing our renovations – current occupancy is over 97%. Park Tower should be similarly successful. This is a great opportunity for tenants of all sizes to move into the heart of downtown,” said DiBlasi.

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners acquired Park Tower. New leases signed include the headquarters relocation of CAPTRUST Advisors, LLC, Buddy Brew Coffee and Continuity Logic, LLC. The building is anchored by BB&T, United States Department of Justice – US Attorney’s Office, Level 3 Communications, and Lykes Insurance.

The most significant change underway at Park Tower is the modernization and brightening of the 475,000 square foot office building’s façade by painting the exterior white and upgrading the main entrance. The building’s amenities are also being upgraded with a modern, new lobby and the addition of Buddy Brew Coffee café.  The office tower’s design was created by internationally-renowned architect Gensler.

 

 

 

 

 

 

In the works are new tenant amenities, including: 

  • High-end, Buddy Brew Coffee, 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

Park Tower is located in the heart of downtown Tampa directly across from The Tampa Riverwalk & Hillsborough River; Curtis Hixon and Gaslight Parks; and the Glazer Children’s Museum and the Tampa Museum of Art.  It is within walking distance of the Tampa Convention Center, University of Tampa, and the David A. Straz Jr. Center for the Performing Arts. The tower is LEED EB Gold Certified and EPA Energy Star certified.  The tower’s current amenities include FedEx Office, U.S. Post Office, BB&T Bank, Grow Financial Credit Union, Pearl Salon, Nature’s Table Café, and a fitness center and conference room (currently undergoing renovation).

Buddy Brew Coffee To Open A New Retail Location In Downtown Tampa’s Park Tower

Tampa’s beloved specialty coffee roaster, Buddy Brew Coffee with the passion to Brew Good and Do Good, announced today that they will open a new coffee shop location in downtown Tampa’s Park Tower. 

 “We are excited to be opening a location in the heart of downtown Tampa and thrilled to be part of the beautiful renovation plan for Park Tower.  We are delighted about City Office REIT and Feldman Equities’ plan to make the building come alive by creating a beautiful space for building community and connection in our urban center. These plans perfectly align with our Buddy Brew mission – to share joy and inspire hope that transforms our community.  The new Park Tower will do exactly that. As a home-grown Tampa brand, we are overjoyed by this opportunity to share this mission with our downtown Tampa community.  We love everything about this location and partnership,” said co-owner and CEO of Buddy Brew Coffee, Dave Ward.

“Buddy Brew is an integral part of Park Tower’s multi-million dollar renovation as we focus on providing tenants with a top notch amenity package,” commented co-owner Larry Feldman, CEO of Feldman Equities. This new Buddy Brew Coffee cafe will boast a unique layout and design created by Tampa’s own premier architectural firm, Alfonso Architects. The design will feature a cosmopolitan aesthetic and high-end furnishings to match Park Tower’s modernization.  Buddy Brew plans to offer their full menu of coffee drinks, eclectic culinary dishes and select pastries as well as craft beer and wine.

Buddy Brew Coffee’s newest expansion will allow the company to bring their quality specialty coffee and Brew Good Do Good service to downtown Tampa.  With the addition of the company’s sixth location, Buddy Brew Coffee is making strides to build brand awareness throughout the Tampa Bay area and beyond.

About Buddy Brew Coffee

Buddy Brew Coffee, specialty coffee craft roaster, was founded by Dave and Susan Ward in 2010 with their first roaster and coffee bar in the heart of Tampa, Florida. Since then, they have rapidly expanded with four additional locations: a Coffee Bar at Oxford Exchange, Buddy Brew in Sarasota, Buddy Brew Hyde Park Village and Buddy Brew Coffee in Terminal F of the Tampa International Airport.

About Park Tower

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners acquired Park Tower, a 36-story, 475,000 square foot office building located in downtown Tampa.  They have since embarked on an extensive multi-million dollar renovation.

The most dramatic change at Park Tower will be the modernization of the 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, including a striking new lobby featuring Buddy Brew Coffee. 

The office tower’s updated design by internationally-renowned architect Gensler will create a Class-A experience that persists from the sidewalk to the tenant door. 

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

  • Buddy Brew Coffee
  • 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

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 1.6 million square feet of office space in downtown Tampa and downtown St. Petersburg. www.feldmanequities.com

 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. www.towerrealtypartners.com