Tech giant shutters office in region, but will remain in area

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 from the commercial real estate firm. L3, which has about 31,000 employees worldwide and five offices in Florida, will locate 200 workers to St. Petersburg as a result of the move to a establish a new headquarters for its Commercial Aviation Solutions business in the building. L3 recently agreed to a merger with Harris Corp. that would form L3 Harris Technologies, one of the world’s biggest defense contractors. (The merger has not closed yet. Once finalized, L3 Harris Technologies will be headquartered in Melbourne, says an L3 spokeswoman in an email separate from Franklin Street.) 

“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.