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.

Multi-million-dollar makeover of Park Tower, downtown Tampa’s oldest office tower, unveiled

Park Tower in downtown Tampa has a sleek new aesthetic — and nearly two dozen tenants – since its ownership group kicked off a multimillion-dollar renovation in mid-2017.

Park Tower in downtown Tampa unveils multimillion-dollar makeover (Photos) – Tampa Bay Business Journal

The oldest office tower in downtown Tampa has a sleek new aesthetic – and nearly two dozen new tenants – since its ownership group kicked off a multimillion-dollar renovation in mid-2017. A partnership of City Office REIT, Feldman Equities and Tower Realty Partners acquired Park Tower in downtown Tampa in late 2016 for $79.75 million.

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 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.

Pipeline Workspaces Opens 7th US Location at Park Tower Downtown Tampa

Pipeline Workspaces has opened its newest location at Park Tower, occupying the entire 15th floor of the 475,000-square-foot office tower in downtown Tampa. The coworking company announced the expansion earlier this year, in March. The new office marks Pipeline’s seventh U.S. location. Located at 400 N. Tampa St., the 36-story building recently underwent a comprehensive renovation program led by Gensler. The architectural firm also spearheaded Pipeline’s office design.

Pipeline Workspaces Opens 7th US Location

The coworking space provider takes up an entire floor at Park Tower in downtown Tampa. Gensler is behind the contemporary concept of the new office.

 

Pipeline Tampa Now Open in Downtown Tampa’s Park Tower

Pipeline Workspaces looks good on you, Tampa! Please join us in welcoming Pipeline to the Park Tower Family. Tampa business owners now have access to their high-design co-working spaces including flex space, dedicated desks and private offices.

Pipeline is located on the 15th floor of Park Tower in the heart of Downtown Tampa, next to the Hillsborough River and Curtis Hixon Waterfront Park. The shared workspace is surrounded by restaurants, cafes, museums and a variety of retail establishments.

Click through the slideshow below of this stunning space. To book a tour to learn more visit the Pipeline website.

 

PIPELINE TO BRING ITS UNIQUE BRAND OF SHARED WORKSPACES TO DOWNTOWN TAMPA’S PARK TOWER

The national co-working concept’s first Tampa location will offer open space, dedicated desks and private offices. Spaces will range from $199 to over $5,000 per month.

Pipeline Workspaces announced its seventh US location and first in the Tampa Bay market. The national shared workspace concept will occupy the entire 15th Floor at Park Tower situated in the heart of downtown Tampa.  This announcement comes just six months after the shared workspace company made its entrance into the Central Florida market with Pipeline Orlando.

Pipeline is a shared workspace concept that caters to a diverse community of entrepreneurs, corporate teams and professionals that require a higher level of office space design, sense of community and thought-provoking programming. Flexible membership options designed to accommodate every budget span a variety of packages, from virtual offices to private suites. All members enjoy 24/7 access, free high-speed internet (wired and Wi-Fi), high-design furniture, organic coffee and specialty teas, and receptionist services as well as use of a business center, conference rooms and much more.

Pipeline Tampa will approximately 15,000 square feet at Park Tower Tampa located at 400 North Tampa St. in the heart of the Central Business District.  The premier office building is currently undergoing a multimillion-dollar modernization that will further position the property as one of downtown’s most sought-after office towers.

CBRE brokers Shay Pope and Mike Fisher represented Pipeline Workspaces in the lease negotiations. Feldman Equities’ Mike DiBlasi and Ceci Tricoli represented the Park Tower ownership group.

“The Pipeline deal is significant for downtown Tampa,” said Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing. “Tampa is joining the likes of Miami in attracting one of the country’s preeminent shared workspace companies to its urban core.”  

Leading the design of the Pipeline space will be world renowned architecture firm Gensler.

“Over the past several years, we have been successful in building a deep and knowledgeable team that has enhanced our operations and platform as Pipeline has evolved from a start-up with one location to a national enterprise,” stated Pipeline Co-

Founder Todd Oretsky. “This expansion is signifying the next stage of our brand’s accelerated growth.”

As one of the 25 fastest growing cities in the US, according to Forbes, Tampa is an ideal location for the expansion of Pipeline’s Florida network of shared workspaces. The brand currently has four locations in South Florida –– Brickell, Coral Gables, Doral and Fort Lauderdale –– in addition to its shared workspace in Philadelphia and new space opening soon in Orlando.

“Tampa’s economy, driven by its growing financial services and information technology sectors, is booming. Major investment in the revitalization of its urban core combined with a tight office market provide a receptive environment for the kind of business and social network Pipeline fosters,” said Pipeline Co-Founder Philippe Houdard. “In Tampa, we aim to create a place where a community of individuals at different stages of the business cycle can leverage each other’s talents and resources. We’re also establishing a statewide network for our Florida members that they can tap into for their businesses.”

Pipeline has provided collaborative workspaces for teams from leading international companies such as Google, Uber, Priceline, Postmates, Microsoft and Wendy’s, as well as local professional service firms and independent entrepreneurs. To learn more about Pipeline, visit www.pipelineworkspaces.com.

About Pipeline Workspaces

Pipeline Workspaces is a creatively-designed, shared workspace with a diverse community of entrepreneurs, start-ups, independent professionals and small business teams.  Pipeline is membership based and offers a flexible assortment of private offices, dedicated desks, flexible space, and virtual offices – as well as a café, large event space, lounge, technology-enhanced conference rooms and more. To learn more, visit www.pipelineworkspaces.com and follow the company on Facebook, Twitter and Instagram