44-year-old St. Pete office building sells for nearly $9 million

A five-story office building in St. Petersburg has been sold.

The building, at 1700 66th St. N. in a busy commercial district near Tyrone Square Mall and U.S. Highway 19, is known as Tyrone Tower.

The buyer is a local investor named Posterity Real Estate Holdings, according to Pinellas County records. It paid $8.75 million for the five-story, 78,205-square-foot building.

The previous owner was Kennedy Investments in Tampa. It bought the property in 2018 for $2.85 million.

The building, according to a statement, is 88.6% leased to 27 tenants — mostly in the medical and professional service fields — and includes full build-out office suites, controlled access, 24-hour security, outdoor seating and 260 surface parking spaces.

County property records show it was built in 1981.

The statement says the new owner plans to reposition Tyrone Tower “to Class A standards capitalizing on the building’s strong fundamentals: high occupancy, stable tenant base, flexible office configurations, ample parking and walkable amenities.”

Details of just what its plans, or how much it plans to spend, were not immediately available.

The transaction was brokered by Jason Teabout and Julie Mastry of the Mastry/Teabout Group with Smith & Associates Real Estate.