Franklin Street, a full-service commercial real estate company, arranged the lease of 60,000 square feet of Class A office space at the Tampa Bay Times’ headquarters building in downtown St. Petersburg to global firm L3 Technologies, which supplies security and detection systems for aviation, transportation, government and critical infrastructure. The company recently announced it was merging with Harris Corp. to create one of the world’s biggest defense contractors. The new firm, to be called L3 Harris Technologies, will be based in Melbourne, Fla.
The lease will allow L3 Technologies to consolidate its current locations in Sarasota and St. Petersburg and move to their new office in mid-2019.
Chris Butler, managing director for Franklin Street’s Office and Industrial division, and Kyle Chaikin, senior associate, represented the tenant in the transaction, along with Cresa Partners. Cushman & Wakefield represented the landlord, Lincoln Property Co., which recently purchased the building from Tampa-based Convergent Capital and Denholtz Associates.
“This move will allow L3 Technologies to consolidate its West Florida operations and create a dynamic new work space as the company enters this exciting new phase of growth through its merger with Harris Corp.,” said Butler. “Our office leasing team was very proud to help them find a prime location in the heart of downtown St. Petersburg.”
L3 Technologies signed a long-term lease for the fifth and sixth floors and part of the first at the Tampa Bay Times building, which is located at 490 1st Avenue S. The firm, which has five offices in Florida, plans to relocate over 200 employees to the new space and modernize its operations in St. Petersburg.
About L3 Technologies: L3 Technologies is an agile innovator and leading provider of global ISR, communications and networked systems, and electronic systems for military, homeland security and commercial aviation customers. With headquarters in New York City and approximately 31,000 employees worldwide, L3 develops advanced defense technologies and commercial solutions in pilot training, aviation security, night vision and EO/IR, weapons, maritime systems and space. The company reported 2017 sales of $9.6 billion. To learn more about L3, please visit the company’s website at www.L3T.com.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.