Feldman Equities, Tower Realty buys Wells Fargo Center

BUYER: FRDGS I LLC (Special Situations Investing Group II LLC), Washington, D.C.

SELLER: Tampa Equities REIT I

PROPERTY: 100 S. Ashley Drive, Tampa

PRICE: $44.8 million

PREVIOUS PRICE: $42.73 million, January 2001

LAW FIRM ON DEED: USAA Real Estate Co., San Antonio

PLANS, DESCRIPTION:
A joint venture of Feldman Equities Inc. and Tower Realty Partners purchased the 22-story, 387,477-square-foot Wells Fargo Center for $44.8 million.

The price equated to $116 per square foot.

The building, which is currently 77% leased, is anchored by Wells Fargo & Co., Phelps Dunbar and UBS. Wells Fargo Center also includes a nine-story, 505-space parking garage.

Built in 1985, the office building has been institutionally owned and operated since it opened and has gone through several renovations modernizing the building systems, telecommunications and infrastructure and renovating the common areas.

The joint-venture buyer is planning extensive upgrades to the building's amenities, including a high-end fitness center and renovating the garage, bathrooms and common corridors.

“Although Wells Fargo Center is one of the top buildings in downtown Tampa, we intend to make it even more attractive to prospective tenants by upgrading the leasing amenity package,” Larry Feldman, president of Feldman Equities, says in a news release. “In addition, we intend to use our low-cost basis in order to aggressively pursue tenants and rapidly lease up the building.”

Eastdil Secured represented the seller. HFF represented the buyer and helped the joint venture secure $17.3 million in equity from an international investment management firm.

Feldman Equities and Tower Realty Partners own and have improved the occupancy of Fountain Square II and City Center in downtown St. Petersburg.