From May 2015

Feldman Equities Snags Five New Deals at First Central Tower in Downtown St Petersburg

image001Feldman Equities has hit the ground running with their newest acquisition in downtown St Petersburg. They have signed five firms to new leases totaling nearly 40,000 square feet at the office building.

New York based Twinlab Consolidation Corporation (“TCC”)announced last month that it would relocate its integrated corporate headquarters from New York to downtown St. Petersburg, Florida later this year. The health and wellness company leased two floors totaling 30,600 square feet at First Central Tower.  Sanford Mahr of The Mahr Company acted as the broker for TCC in their expansion to St. Petersburg.

Four other deals have also been signed at the office building which is undergoing a multi-million dollar renovation.

Innovative Medical Risk Management elected to stay downtown relocating two blocks north to First Central Tower.   The 3,000 square foot lease was brokered by Jimmy Ullrich & Andrew Medley of JLL.

Rebein Bangerter Rebein PA with offices in Tampa and Dodge City, Kansas is opening a St. Pete office leasing 2,605 square feet in a deal brokered by Jon LaBudde of Vector Commercial Real Estate Services.

Avid Advisory and Investment Group has elected to relocate within downtown St. Pete leasing 1,736 square feet in a deal brokered by Mike Heretick of Vector Commercial Real Estate Services.

Pipas Law Group also elected to relocate within downtown St Pete leasing 1,479 square feet in a deal brokered by Peter Fischbach of Fischbach Commercial.

“Downtown St. Petersburg is a terrific location for our company which is focused on health and wellness,” said TCC CEO Tom Tolworthy. Like New York, St. Pete is a truly “walkable downtown” with hundreds of acres of dedicated city parks that run along the waterfront.  Within walking distance from First Central Tower, there are 7 museums, over 45 restaurants, a theater for the performing arts, a major league baseball stadium, soccer stadium and nearly a dozen marinas.

TCC expects to bring 80 employees to the area – many through relocation from New York City, Grand Rapids, and Utah and numerous others, which are expected as new hires from the local area.

“We are thrilled these companies have chosen First Center Tower,” stated Larry Feldman, CEO of Feldman Equities, LLC one of the building’s owners.  “We have been bullish on the downtown St. Pete market as evidenced by our purchase of three of its signature office buildings over the past few years.”

A joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Real Estate acquired First Central Tower, a 17-story, 250,000 square foot office building late last year. The group intends to invest nearly $10 million dollars in building renovations and tenant improvements including a state of the art fitness center.

Redevelopment plans for First Central Tower include an extensive lobby renovation, upgraded tenant floor elevator lobbies, tenant corridors and restrooms.  In addition, ownership will be adding an amenity package which will include a new concierge desk, a state-of-the-art luxury fitness center and conference centerIn keeping with current office space trends towards hip, high-tech spaces, one of the lower floors will be converted to a common tenant lounge area. The lounge area will include soft seating, large flat screen TVs, iPad chairs and free WIFI.  Mechanical/system upgrades will include a completely new modern elevator system and new elevator cabs. The parking garage will be upgraded with a new electronic entrance and upgraded lighting.