JV Acquires Wells Fargo Center in Tampa for $44.8M
A joint venture between Feldman Equities, Inc. and Tower Realty Partners have acquired the 22-story, 387,477 square foot Wells Fargo Center for for $44.8 million, or $116 per square foot.
The deal was brokered by Eastdil Secured representing the seller and HFF representing the buyer.
Larry Feldman, President of Feldman Equities will spearhead leasing efforts while Tower Realty Partners will handle management responsibilities.
Located across from the Tampa Convention Center in downtown Tampa, the building is a Class A office building with unimpeded views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline.
Anchored by Wells Fargo & Company, Phelps Dunbar and UBS, Wells Fargo Center is currently 77% leased. It has been institutionally owned and operated since it opened and has undergone multi-million dollar renovations modernizing building systems and telecommunications infrastructure as well as renovating common areas.
The building received Gold LEED certification in 2010. New ownership is planning upgrades to the building’s leasing amenities which will include a high-end fitness center, a renovation of the garage, and extensive renovations to the bathrooms and common corridors.
The joint venture plans on implementing an aggressive leasing program at Wells Fargo Center, building on their recent success in bringing Fountain Square II from 70% to over 97% leased and City Center in downtown St. Petersburg from 44% to over 82% occupancy shortly after acquiring the assets.