MIAMI—First Central Tower, a 17-story office building in Downtown Saint Petersburg, has traded hands. A joint venture with affiliates of Feldman Equities, Tower Realty Partners, and Second City Real Estate acquired the 250,000-square-foot office building at 360 Central Avenue. Financial terms of the deal were not disclosed.

Larry Feldman, CEO of Feldman, is spearheading leasing and redevelopment efforts. Tower will handle management responsibilities. All told, the JV plans to invest nearly $10 million in renovations and tenant improvements in the building, which is currently 50% occupied.

“As with our other downtown acquisitions, this is yet another opportunity for us to do what we do best—renovating and upgrading office buildings in order to maximize their value,” says Feldman. “Downtown St. Pete has a higher quality of life than almost any other downtown in the state. It is a truly 'walkable downtown' with hundreds of acres of dedicated city parks that run along the waterfront.”