Commercial Real Estate, Capital, Insurance, Leasing & Management

Major defense contractor merges with rival, expands into area

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Franklin Street arranged the lease of 60,000 square feet of office space in downtown St. Petersburg.

Excerpted from Business Observer story.

ST. PETERSBURG — L3 Technologies, a supplier of detection and security technology to the federal government and armed forces, has leased the fifth and sixth floors of the Tampa Bay Times building, located at 490 1st Ave. S., in downtown St. Petersburg. The building is also the home of Taylor Media Corp., which publishes the Penny Hoarder. 

Franklin Street arranged the lease of the 60,000-square-foot space, according to a press release. L3, which has about 31,000 employees worldwide and five offices in Florida, will relocate 200 workers to St. Petersburg as a result of the move. Headquartered in Melbourne, L3 recently merged with Harris Corp. to form L3 Harris Technologies, one of the world’s biggest defense contractors.

“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.,” Franklin Street Managing Director Chris Butler states in the release. “Our office leasing team was very proud to help them find a prime location in the heart of downtown St. Petersburg.”

L3 is expected to close its office in Sarasota, the release states, when the St. Petersburg office opens in mid-2019.

Cushman & Wakefield represented the landlord, Lincoln Property Co., which recently purchased the building from Tampa-based Convergent Capital and Denholtz Associates.

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