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Austin Center’s big makeover comes at the perfect time for Tampa’s office market

Excerpted from Tampa Bay Business Journal story.

The decision to keep the Austin Center an office park — and not knock it down and start over — wasn’t an easy one for Andrew Wright.

In early 2019, Wright’s Ally Capital Group paid $28.9 million for the Austin Center, a five-story, 300,000-square-foot office park in the heart of Tampa’s Westshore business district. Built in the 1970s and sitting on just shy of 10.5 acres, the Austin Center has been eyed for years as a massive, mixed-use redevelopment play.

But over the last 11 months, Wright and his partners have arrived at the conclusion that the best strategy is to leave the Austin Center still standing, at least for now. They will rebrand the property Westshore City Center and pour more than $10 million into a major renovation —  one that will modernize the building facades and common areas and create a sense of place on the campus, with pedestrian improvements, on-site restaurants and a large-scale mural. 

The property will eventually be redeveloped, Wright said; it just won’t be for the foreseeable future.

For full story, visit https://www.bizjournals.com/tampabay/news/2019/12/13/austin-centers-big-makeover-comes-at-the-perfect.html

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Tampa real estate veteran Pat Kelly joins Franklin Street

Excerpted from Tampa Bay Business Journal story.

Real estate veteran Pat Kelly has left his post as president of Redstone Commercial to join Franklin Street as regional managing partner for the Tampa Bay area.

In his new role, Kelly will oversee all operations for the Tampa office. He replaces Brad Robinson, who was promoted to Franklin Street’s chief learning and development officer in 2018. In the role, Kelly will be charged with growing all of Franklin Street’s lines of business — investment sales, capital advisory, insurance, property management, project management, and tenant and landlord representation services — as well as recruiting talent and building the Franklin Street brand throughout the Southeast and nationally.

He began his tenure at Franklin Street on Monday.

Kelly has a storied career in Tampa Bay. In 2014, he was inducted into NAIOP Tampa Bay’s Hall of Fame. He’s had a hand in several major developments in the Tampa Bay region, including the infrastructure work of Carillon Park, Highland Oaks, University of South Florida Research Park and Crescent Park. He’s also been involved in several large leases representing both tenants and landlords here: Franklin Templeton, GTE, Aegon, PBS&G, New York Life, URS Greiner and the Perot Group.

For full story, visit https://www.bizjournals.com/tampabay/news/2019/12/02/exclusive-tampa-real-estate-veteran-pat-kelly.html

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L3Harris commercial aviation looks to grow as it settles into new St. Pete HQ

Excerpted from St. Pete Catalyst story.

L3Harris Technologies expects to add 50 staff members at its commercial aviation solutions headquarters in St. Petersburg over the next 12 to 24 months.

The company has added 30 people since it moved into the downtown St. Petersburg office at 490 1st Ave S. a few months ago, and now has about 150 people at the site, said Alan Crawford, president of the business unit.

St. Petersburg is the global headquarters for the commercial aviation solutions business, which has 3,500 employees around the world, Crawford said at a ribbon-cutting for the facility Thursday morning.

The business builds simulation equipment and trains pilots for commercial air transport. It also builds avionics equipment for commercial and defense aircraft; satellite communications, terrain and traffic collision avoidance systems; and security and detection equipment.

The company’s check baggage scanners were on display behind Crawford and Mayor Rick Kriseman during the ribbon-cutting

“We make sure nothing gets on the aircraft that shouldn’t. We also make sure the carry-on baggage and people get onto the aircraft quickly, safely and effectively,” Crawford said. “All of that together is part of our mission to deliver safer and more secure skies.”

“They live it. They breathe it. It’s all about keeping us safe every day,” said Kriseman, who toured the business before the brief ceremony.

L3Harris is a great fit for St. Petersburg’s Grow Smarter strategy, Kriseman said. Advanced manufacturing and data analytics are among the five targeted industries in the strategy.

“Everyone knows about the black boxes. They’re looked at when something bad happens,” Kriseman said. “What’s really cool is, they’re looking at it to prevent something bad from happening. They’re taking all that data and giving it back to the airlines to make us safer every day we get on a plane.”

L3 Technologies consolidated its locations in Sarasota and on Gandy Boulevard in St. Petersburg, when it signed a long-term lease for 60,000 square feet on the 5th and 6th floors and part of the first floor in the Tampa Bay Times building. The lease was signed in January, according to real estate firm Franklin Street, which arranged the lease. That deal ranked No. 1 for tech office space deals in the Tampa-St. Pete area on CBRE’s 2019 Scoring Tech Talent report.

In June, L3 merged with Harris Corp. to create L3Harris Technologies (NYSE: LHX), a global aerospace and defense technology company with  $17 billion in annual revenue, 50,000 employees and customers in 130 countries.

For full story, visit https://stpetecatalyst.com/l3harris-commercial-aviation-looks-to-grow-as-it-settles-into-new-st-pete-hq/

 
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Pasco County approves incentives for Tampa developer’s $27M project that will create up to 400 jobs

Excerpted from Tampa Bay Business Journal story.

“We do a lot of work in that area of Pasco County and are familiar with the [community development districts],” Rizzetta & Co. President Bill Rizzetta told the Tampa Bay Business Journal on Tuesday.

Rizzetta & Co. provides services to residential and commercial communities throughout the state and works with CDDs in the Wesley Chapel area such as Asturia, The Preserve and Wiregrass.

Rizzetta said they are working with brokerage group Franklin Street for the property. “We are really proud of this. Pasco is going to continue to grow along the Suncoast and State Road 54 with more development,” he said. “With so many residential communities there, people need to have office space.”

For full story, visit https://www.bizjournals.com/tampabay/news/2019/10/22/pasco-county-approves-incentives-for-tampa.html?iana=hpmvp_tbay_news_headline

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L3’s move to downtown St. Pete tops tech office space deals

Excerpted from St. Petersburg Catalyst story.

The L3 Technologies move cited as the top tech office space deal in this year’s report took place in the past few months. The company, which supplies security and detection systems for aviation, transportation, government and critical infrastructure, consolidated locations in Sarasota and St. Petersburg and moved to a new office at 490 1st Ave. S., in the Tampa Bay Times Building. L3 signed a long-term lease for the 5th and 6th floors and part of the first floor, according to a news release from Franklin Street, the commercial real estate company that arranged the lease.

The firm, which has since merged with Harris Corp. and now is called L3Harris Technologies (NYSE: LHX), relocated more than 200 employees to the new space and modernized its operations in St. Petersburg.

For full story, visit https://stpetecatalyst.com/l3s-move-to-downtown-st-pete-tops-tech-office-space-deals/

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Great Places & Spaces: Sparkman Wharf Update

Excerpted from Tampa Bay Business and Wealth story.

Strategic Property Partners unveiled new renderings of the ongoing development of Sparkman Wharf in downtown Tampa.

The existing park and dining garden opened in late 2018, which is now home to 10 restaurants, the Fermented Reality Biergarten and Splitsville.

Additional enhancements are currently under way, including replacing the existing security fence along the wharf and improving pedestrian facilities along Channelside Drive.

The ground floor will accommodate approximately 10 new retail stores, while the second floor will have 150,000 square feet of leasable, creative, office space.

SPP will relocate its company headquarters at Sparkman Wharf, including approximately 30,000 square feet of office space for staff and space for an interactive marketing center.

Franklin Street is handling the office leasing at Sparkman Wharf, Colliers is handling retail leasing and the renovation of the building is being led by Walbridge Construction.

For full story, visit https://tbbwmag.com/2019/07/03/great-places-spaces-sparkman-wharf-update/

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Inside Water Street Tampa’s office leasing strategy: ‘We’re future-proofing as best you can’

Excerpted from Tampa Bay Business Journal story.

With the construction of Water Street Tampa’s first office tower in full swing, the office leasing team is working behind the scenes to fill nearly 1 million square feet with a mix of national and local companies.

Strategic Property Partners — the developer of Water Street controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC — has an in-house team focused purely on the office space. The developer has also engaged JLL Inc. to both market the properties for lease and handle the property management.

The office space in the first phase of Water Street includes 180,000 square feet in Sparkman Wharf; 380,000 square feet in the 20-story 1001 Water Street and 500,000 square feet in the 19-story 400 Channelside Drive. JLL is handling the leasing of the two towers (Franklin Street is handling the office space within Sparkman Wharf).

For full story, visit https://www.bizjournals.com/tampabay/news/2019/07/18/inside-water-street-tampas-office-leasing-strategy.html

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Franklin Street Awarded Leasing of former Times building in St. Petersburg

Excerpted from St. Petersburg Catalyst story.

The old Times building, acquired by Texas-based Lincoln Property Company in 2018 is under new management. Franklin Street has been appointed leasing agent of the Class A office space. The three-building, 239,585-square-foot facility consists of three buildings and houses the Tampa Bay Times, L3 Commercial Aviation Solutions, Penny Hoarder publisher Taylor Media and the Bank of the Ozarks.

For full story, visit https://stpetecatalyst.com/zaps/franklin-street-awarded-leasing-of-former-times-building-in-st-petersburg/

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Franklin Street to Lease Metro Tampa Office Building

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.

For full story, visit https://www.cpexecutive.com/post/franklin-street-to-lease-metro-tampa-office-building/

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Franklin Street To Lease Landmark Office Tower in Downtown St. Petersburg

Franklin Street has been appointed exclusive leasing agent for 490 First Avenue South – the landmark, Class A office building located in downtown St. Petersburg, Fla. Dallas, Texas-based Lincoln Property Company acquired the eight-story tower, formerly known as the Times building, in December 2018 with plans to re-establish it as a premier multi-tenant project for high-end office users in the emerging Tampa Bay/St. Petersburg market.  Lincoln Property Company, an international real estate company whose holdings include several apartment communities and office towers throughout the country, awarded Clay Wommack and Matt Alexander of Franklin Street the leasing assignment.

The 239,585-square-foot facility consists of three buildings, built in 1924, 1968 and 1988, which are joined together. The property, which is currently 90% leased, includes a well-diversified mix of nationally recognized tenants including; Tampa Bay Times, L3 Commercial Aviation Solutions,  Penny Hoarder publisher Taylor Media and the Bank of the Ozarks.  The planned renovations for the facility include a conference facility, state-of-the-art fitness center, full elevator modernization, common area Wi-Fi service and an on-site food service provider.

“Matt and I are thrilled to be selected by Lincoln Property Company to represent leasing on this unique asset located in the center of downtown St. Petersburg,” said Wommack, senior director for Office and Industrial in Franklin Street’s Tampa office. “We look forward to repositioning 490 First Avenue South as a top destination for corporate relocations.”

About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, 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. 

 

For full article, visit https://www.blaujournal.com/franklin-street-awarded-leasing-assignment-for-landmark-office-tower-in-downtown-st-petersburg/