By Timea Papp
City Office REIT Inc. has embarked on an extensive multi-million-dollar renovation of Park Tower, a Class A, 475,000-square-foot office building in Downtown Tampa, Fla. Completion of the project is anticipated in the summer of 2018.
The modernization process will include a dramatic change of the 36-story tower’s façade. In addition to painting the exterior a lighter color that will transform the building’s overall look, amenities will be upgraded with a new lobby and the entrance will feature a “light box” on the corner of Tampa and Madison streets. Renovation plans also include the addition of new tenant amenities:
- New lobby concierge desk
- All new fitness center and yoga room with spin bikes
- High-end lobby café with seating
- Shared tenant conference room
- Renovated parking garage with new LED lighting
The LEED-certified tower sits on a 1.01-acre site at 400 N. Tampa St. and was completed in 1973. Park Tower underwent a series of improvements in 2012, when previous owner Sterling American Property invested in extensive renovations of the property, according to Yardi Matrix. City Office REIT partnered with Feldman Equities LLC and Tower Realty Partners in November 2016 and acquired the asset for $79.8 million. Architecture firm Gensler is in charge of upgrades to the exterior façade, as well as the building amenities.
“We are taking full advantage of Park Tower’s location across from the Tampa Riverwalk,” said Larry Feldman, chief executive of Feldman Equities, in prepared remarks. “The removal of high perimeter knee walls and installation of stunning glass storefronts with bright lighting will immediately announce the entrance and make it inviting to the streetscape,” he added.
Mike DiBlasi, Feldman Equities executive vice president of leasing and marketing, expects the upgrades and the views Park Tower offers to help with the quick lease-up of the remaining office space. The property provides 3,500 parking spaces within a two-block radius, a secured and monitored parking garage with 32 visitor parking spaces, several on-site retail services including a FedEx office, fitness center, full-service day spa, Nature’s Table Deli and The Rays retail store.
“We have had tremendous success at leasing up our past projects after completing our renovation plans, and we expect that Park Tower will be similarly successful. Park Tower currently has full floor availability, including a full floor of just-built, move-in ready spec suites. This is a great opportunity for tenants of all sizes to move into the heart of downtown,” said DiBlasi, in a prepared statement.
Image courtesy of Yardi Matrix