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TAMPA — After acquiring the 22-story Wells Fargo Center for $44.8 million this week, Feldman Equities Inc. and Tower Realty Partners plan extensive upgrades to the building, including a new, high-end fitness center, according to a statement from the companies.
The buyers plan to renovate the building's common corridors and bathrooms, as well as the garage. The 387,477-square-foot building, located across from the Tampa Convention Center, already had undergone multi-million dollar renovations before the sale. Those upgrades modernized the building systems and telecommunications infrastructure as well as the common areas.
Anchored by Wells Fargo & Co., Phelps Dunbar and UBS, the Wells Fargo Center currently is 77% leased, according to Feldman. The joint venture plans an aggressive leasing program at the high-rise.
“Although Wells Fargo Center is one of the top buildings in downtown Tampa, we intend to make it even more attractive to prospective tenants by upgrading the leasing amenity package. In addition, we intend to use our low cost basis in order to aggressively pursue tenants and rapidly lease-up the building,” says Larry Feldman, president of Feldman Equities, in the release.
Feldman will head the leasing efforts while Tower Realty Partners will handle management responsibilities. Over the past 25 years, Larry Feldman has developed or acquired more than 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion, according to the release. Feldman is widely known as a property turnaround specialist.
The building, located at 100 S. Ashley Drive, received LEED Gold certification in 2010. The property sale was brokered by Eastdil Secured representing the seller and HFF representing the buyer.
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