ORLANDO—The Tampa Bay Times Building in Saint Petersburg, FL has traded hands. Denholtz Associates snapped up the asset in a joint venture partnership with Convergent Capital Partners for $19 million.
The eight-floor class A office property spans 240,000 square feet. It sits at 490 1st Avenue South. The Tampa Bay Times will continue to headquarter at the office building after singing a 150-year lease to occupy 110,000 square feet.
“The Saint Petersburg office market is extremely vibrant with limited availability,” Steven Denholtz, CEO of Denholtz, tells GlobeSt.com. “It has become what is called an 18-hour city. This means that Saint Pete is attractive to Millennials who can live, work and play in the same town. The downtown area and waterfront in this market has been magnificently developed where people can walk to work, then walk to bars and restaurants. Saint Pete has one of the highest walkability ratings in the country.”
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