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Commercial Real Estate
Business Observer Friday, Sep. 8, 2017 3 years ago

Priatek name disappears from building

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Less than three months after purchasing St. Petersburg's tallest building, its new owner appears to be changing its name.
by: Kevin McQuaid Commercial Real Estate Editor

Less than three months after purchasing St. Petersburg's tallest building, its new owner appears to be changing its name.

Third Lake Capital, which paid $65.75 million for Priatek Plaza in June, removed the Priatek name from atop the 27-year-old building during the final week of August.

Advertising firm Priatek LLC occupies the 28-story tower's 23rd floor, and had executed a licensing deal for naming rights about two years ago with the 305,370-square-foot building's previous owner, Kucera Properties.

The change comes as Third Lake is preparing to spend millions of dollars to upgrade the building's lobby, finishes and tenant amenities.

Third Lake officials could not be reached for comment on the change.

“It was something we expected,” says James Goldney, Priatek's vice president of marketing. “It was part and parcel of the sale.”

Milind Bharvirkar, Priatek's president, says in a statement that the company name atop the building “was a powerful marketing tool that opened several doors.” He also thanked the former owner, Kucera Properties, for helping to promote the region's burgeoning tech industry.

Goldney says the company has no plans to relocate from the building's 23rd floor.

Known as One Progress Plaza prior to the Priatek deal, the 200 Central Ave. building was developed by a Florida Power & Light affiliate.

The building today is roughly 76% leased to investment firms Raymond James Financial and Merrill Lynch, the Bank of Tampa, iQor, law firm Trenam, Priatek and others.

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