The tallest office building in Pinellas County has been acquired by a joint venture including the Youngquist Family and Equity Street Capital, Feldman Equities announced on May 28. The 28-story, 308,000-square-foot building known as 200 Central is located at the corner of Central Avenue and 2nd Street in downtown St. Petersburg.
Financial terms of the transaction were not disclosed. Feldman Equities said it plans to invest more than $20 million into upgrades and improvements throughout the property.
Previously owned by Third Lake Capital, which purchased it for $65.75 million in 2017 according to Pinellas County property records, the tower has served as a primary office hub since its debut in 1990. It houses a mix of financial firms, law offices, and professional service companies.
Planned renovations include upgrades to HVAC, mechanical, electrical and life-safety systems, as well as elevator modernization and refreshed common areas. The company also intends to continue improvements to the building envelope and provide more hands-on management through its in-house operations team. “200 Central is the signature office address in downtown St. Pete, but what makes it especially exciting is the energy around it,” Brooke Tulley, Feldman Equities’ director of acquisitions, said in a press release.
Current tenants include Raymond James, Dynasty Financial Partners, ARK Invest, Merrill Lynch, Industrious, Trenam Law and Interactive Communications; ground-floor tenants include Craft Kafe and Bank of Tampa among others.
The acquisition expands Feldman Equities’ presence locally; its portfolio includes City Center at 100 2nd Avenue South and Morgan Stanley Tower at 250 2nd Avenue North. The firm is also co-developing Waldorf Astoria Residences St. Petersburg with Property Markets Group—a planned condominium tower expected to become the city’s tallest building upon completion.
“Our continued investment in downtown St. Petersburg’s office market is a vote of confidence in this city’s future,” Mack Feldman, vice president at Feldman Equities, said in a statement. “200 Central is the address of choice for premier tenants in Tampa Bay, and we intend to build on that reputation.”
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