Commercial Real Estate, Capital, Insurance, Leasing & Management

Franklin Street to Lease Metro Tampa Office Building

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The 239,585-square-foot office mid-rise, located in the heart of St. Petersburg, is home to the Tampa Bay Times. The property underwent complete renovation in 2017.

Excerpted from Commercial Property Executive story.

Lincoln Property Co. has appointed Franklin Street as exclusive leasing agent for 490 First Ave. S., a Class A office mid-rise in downtown St. Petersburg, Fla. The company acquired the tower, formerly known as the Times building, in December 2018. Yardi Matrix data show the asset was purchased for $39.4 million and the sale was subject to a $28 million loan originated by Synovus Bank.

Located in the heart of the city, 490 First Ave. S is positioned between Interstate 375 to the north and Interstate 175 to the south, while St. Pete–Clearwater International Airport is within a 19-minute drive via Interstate 275.

The 239,585-square-foot facility consists of three adjoining five- and eight-story buildings, constructed in 1924, 1968 and 1988 and completely renovated in 2017. The property is currently 90 percent leased with a tenant roster featuring Tampa Bay Times, L3 Commercial Aviation Solutions, Taylor Media and the Bank of the Ozarks. 

Lincoln Property Co. intends to upgrade the building and reposition it as a first-choice location for high-end office users in the Tampa-St. Petersburg market. The planned improvements include a conference facility, fitness center, full elevator modernization, common area Wi-Fi service and an on-site food service provider.

Senior Director Clay Wommack and Senior Associate Matt Alexander of Franklin Street will handle the leasing management at the property. As of January, Franklin Street also leases a Tampa office campus located 20 miles northeast of 490 First Ave. S.

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