Times building to receive upgrades

In the wake of its $19 million deal to acquire the Tampa Bay Times' flagship St. Petersburg building in April, Denholtz Associates of New Jersey and Tampa-based Convergence Capital are eyeing a series of renovations aimed at making the property more appealing to outside tenants.

Cushman & Wakefield, whom the duo has hired to lease and manage the 490 First Ave. S. property — actually a trio of buildings completed between 1924 and 1988 — is expecting to oversee a series of improvements that could be completed by the end of this year.

Among the upgrades being considered for the 250,000-square-foot building are new elevators, heating, ventilation and air conditioning equipment, a new lobby, conference center and cafe. Denholtz and Convergence also may install a fitness center in the eight-story building, Cushman directors say.