A joint venture between Tower Realty Partners, Second City Capital Partners, and the affiliates of Feldman Equities announced they have purchased the 17-story building at 150 Second Ave. N. in St. Petersburg, Florida. The joint partnership bought the 187,000 square foot downtown building for US$107 per square feet for a total deal value of US$20 million. The building is locally known as a former Wells Fargo Plaza office building.
"The acquisition of the 150 Second Avenue building is another opportunity for us to do what we do best - renovating and upgrading office buildings in order to maximize their value," Larry Feldman, the chief executive office of Feldman Equities, said in a statement. Mr. Feldman will be spearheading the lease of the building and redevelopment efforts. Tower Realty Partners, on the other hand, will handle building management responsibilities.
The transaction was not the first prime real estate acquisition for the joint venture partnership in St. Petersburg. In January 2011, the partnership purchased a nearby 242,000 square foot office building for approximately US$68 per square foot.
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