After being on the market for over a year, the Tampa Bay Times’ St. Petersburg headquarters building at 490 First Avenue South has sold for $19 million. On Friday, the Times announced Convergent Capital and Denholtz Associates formed a joint venture to buy the 250,000 square foot building.
The eight-story complex spans three buildings the first of which was built in 1924 with additions in 1968 and 1988. The Tampa Bay Times currently occupies around half of the building and will remain in the building under a 15-year lease.
The new owners plan to modernize and renovate the building. Coinciding with Downtown St. Pete’s residential boom, the area has also seen an increased interest in Class A office space as well as a decreasing office vacancy rate.
This sale isn’t Convergent Capital’s first transaction in Downtown St. Pete, last November they sold the two floors of the former headquarters of Universal Health Care at 100 Central Avenue to Tom James. That building is currently the future site of Tom James’ western art museum.
Expect to see more office transactions in the future as Downtown St. Pete’s market continues to rise and more companies consider moving to the area.
For more info on the 490 First Ave building visit the listing site.