The heart of downtown St. Petersburg is set for a significant transformation as Feldman Equities Realty, the leasing agent for City Center, announces the commencement of a multi-million-dollar renovation project. This major upgrade aligns with the ongoing trend of companies seeking high-quality, modern office spaces to attract employees back to the workplace.
A comprehensive overhaul
Located at 100 2nd Ave S, the 242,115-square-foot City Center, owned by a joint venture of City Office REIT, Inc. (NYSE: CIO), Feldman Equities, and Tower Realty Partners, is undergoing a comprehensive renovation. This Class A office building will see a completely redesigned lobby featuring a range of new amenities:
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- Expanded Fitness Center: Outfitted with state-of-the-art equipment, showers, and lockers.
- Conference Center: A new 50-seat facility for meetings and events.
- Coffee/Espresso Bar: Enhancing the lobby’s appeal and convenience.
- Atrium Lobby Update: Lounge seating, renovated elevator lobbies, and updated bathrooms.
- Exterior Enhancements: Modernized entryways and enhanced landscaping.
The project, expected to be completed by February 2025, promises to elevate the office experience significantly, providing a vibrant and productive environment for tenants.
Premier location with stunning views
One of City Center’s standout features is its prime location in downtown St. Petersburg, directly across from Al Lang Stadium. The building offers sweeping views of the waterfront, making it a coveted workplace destination.
James Farrar, CEO of City Office REIT, emphasizes the importance of the building’s location and amenities, stating, “The downtown St. Petersburg office market is one of the nation’s strongest. Tenants and employees are gravitating to buildings with modern amenities and vibrant communities. Together with unparalleled views of Tampa Bay, City Center will be downtown’s premier place of work.”
Attracting employees back to the office
The renovation reflects a broader trend of employers upgrading their office spaces to lure employees back. Larry Feldman, President and CEO of Feldman Equities, notes, “Employers desperately want their employees back in the office, so they are trading up from the Class B space knowing that if they give a beautiful space to their employees, it will lure them back to the office.”
ENTOS Design, the firm behind the renovation’s design, aims to create an enticing environment for tenants. Suzanne Brasuell, CEO/Principal of ENTOS Design, expresses her excitement, stating, “ENTOS Design is excited to have designed modern and luxurious amenities, as well as a newly renovated lobby, at City Center that will entice tenants to be in the workplace. The newly designed amenities set City Center apart to be a one-of-a-kind A Class office destination.”
About the stakeholders
City Office REIT, Inc. is a real estate company specializing in high-quality office properties in Sun Belt markets, with a portfolio of 5.7 million square feet of office space.
Feldman Equities, LLC has developed or acquired over eleven million square feet of office and retail properties valued at more than $3 billion. Known for revitalizing distressed office assets, Feldman Equities and its partners manage 2 million square feet of office space in the Tampa Bay area.
Tower Realty Partners, founded in 1987, is a commercial real estate investment and management company involved in over 20 million square feet of real estate transactions, totaling more than $1.6 billion.
A new era for City Center
The renovation of City Center marks a new era for downtown St. Petersburg’s office market, offering modern, luxurious amenities that meet the demands of today’s workforce. As companies continue to seek high-quality office spaces, City Center is poised to become the premier workplace destination in the region.
Stay tuned for more updates on this transformative project as it moves closer to its completion in February 2025.
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