Downtown St. Pete's tallest office tower, 200 Central, sells to local group
/Soaring over 380 feet, 200 central is the largest office tower in st. pete | CoStar
The tallest office building in Pinellas County has changed hands.
Feldman Equities announced today that a joint venture including the Youngquist Family and Equity Street Capital has acquired the 28-story, 308,000-square-foot building at the corner of Central Avenue and 2nd Street in downtown St. Petersburg.
Financial terms of the transaction were not disclosed.
The Tampa Bay-based commercial real estate firm said it plans to invest more than $20 million into upgrades and improvements throughout the building.
The tower was previously owned by Third Lake Capital, a Tampa-based investment advisory firm, which purchased the property for $65.75 million in 2017, according to Pinellas County property records.
200 central features a skybridge connecting the office tower to the adjacent parking garage | CoStar
Since its debut in 1990, the tower has served as one of downtown St. Pete’s primary office hubs, housing a mix of financial firms, law offices, and professional service companies.
“200 Central is the signature office address in downtown St. Pete, but what makes it especially exciting is the energy around it,” Brooke Tulley, Feldman Equities’ director of acquisitions, said in a press release.
According to the announcement, planned improvements include upgrades to the building’s HVAC, mechanical, electrical, and life-safety systems, along with elevator modernization and refreshed common areas.
The firm also plans to continue improvements to the tower’s building envelope.
The planned renovations follow prior upgrades to portions of the property, including the lobby, mezzanine, and skybridge.
Feldman Equities said the tower will also receive more hands-on property management through the firm’s in-house operations team.
The current lobby at 200 central | CoStar
The building’s tenant roster currently includes companies such as Raymond James, Dynasty Financial Partners, ARK Invest, Merrill Lynch, Industrious, Trenam Law, and Interactive Communications.
Ground-floor tenants include Craft Kafe, Taverna Costale, Naked Farmer, Compass Real Estate, and Bank of Tampa.
The acquisition expands Feldman Equities’ footprint in downtown St. Pete.
The firm’s existing local office portfolio includes the 12-story City Center building 100 2nd Avenue South, the 17-story First Central Tower at 360 Central Avenue, and the 17-story Morgan Stanley Tower at 250 2nd Avenue North.
Beyond office properties, Feldman Equities is also active in the city’s luxury condo market.
In partnership with Property Markets Group (PMG), the company is co-developing the Waldorf Astoria Residences St. Petersburg, a planned 50-story condominium tower that is expected to become the tallest building in St. Petersburg once completed.
The firm and its partners currently own or manage more than two million square feet of office space throughout Florida, according to the company.
“Our continued investment in downtown St. Petersburg’s office market is a vote of confidence in this city’s future,” Mack Feldman, vice president at Feldman Equities, said in a statement. “200 Central is the address of choice for premier tenants in Tampa Bay, and we intend to build on that reputation.”
