TAMPA, Fla., June 6, 2017 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") today announced that it has commenced an extensive multi-million renovation on downtown Tampa, Florida's Park Tower, with completion anticipated in the first quarter of 2018.
In November 2016, a joint venture partnership consisting of City Office, Feldman Equities LLC and Tower Realty Partners acquired Park Tower for $79.75 million. These groups have partnered together and previously renovated other notable office buildings in the downtown St. Petersburg, Florida market.
The most dramatic change at Park Tower will be the modernization of the 475,000 square foot office building's façade. In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a 'Light Box' on one of the most prominent corners of Tampa. The building's amenities will be also upgraded with a striking new lobby. "The renovation of Park Tower will use glass and light to reposition this prominent historic structure as one of the most notable and exciting buildings on Tampa's skyline," stated James Farrar, Chief Executive Officer of City Office.
Internationally-renowned architect Gensler is the designer for both the exterior façade and the building amenities. The updated design extends a brand to Park Tower that will create a Class-A experience that persists from the sidewalk to the tenant door. "The opportunity to renovate our city's original high rise is a real honor, and we're excited to reposition Park Tower as one of the premium assets in the downtown core," stated Bert Oliva, Principal and Managing Director of Gensler's Tampa office.
"We are taking full advantage of Park Tower's location across from the Tampa Riverwalk," said Larry Feldman, Chief Executive of Feldman Equities LLC. "The removal of high perimeter knee walls and installation of stunning glass storefronts with bright lighting will immediately announce the entrance and make it inviting to the streetscape."
In addition to exterior renovations, plans include the addition of new tenant amenities, including:
- High-end lobby café with seating
- 6th floor "Chill Zone" tenant lounge
- All new fitness center and yoga room with spin bikes
- Shared tenant conference room
- New lobby concierge desk
- Renovated parking garage with new LED lighting
Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing, expects the renovations and spectacular views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline to assist with the quick lease-up of the building's remaining office space. "We have had tremendous success at leasing up our past projects after completing our renovation plans, and we expect that Park Tower will be similarly successful. Park Tower currently has full floor availabilities, including a full floor of just-built, move-in ready spec suites. This is a great opportunity for tenants of all sizes to move into the heart of downtown," said DiBlasi.
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading markets in the Southern and Western United States. City Office currently owns or has a controlling interest in 4.4 million square feet of office properties. Additional information about City Office is available on the Company's website at www.cityofficereit.com. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
About Feldman Equities, LLC
Over the past 30 years, Feldman Equities has developed or acquired over eleven million square feet of office and retail properties with an aggregate value in excess of $3 billion. Feldman is a "re-inventor" of the office building and specializes in turning around distressed office assets. Feldman Equities and its partners own and manage 1.6 million square feet of office space in downtown Tampa and downtown St. Petersburg. www.feldmanequities.com
About Tower Realty Partners
Tower Realty Partners is a privately held, commercial real estate investment & management company based in Orlando, Florida. Founded in 1987 by principals Cliff Stein & Reid Berman, Tower Realty partners has been involved in the acquisition, leasing, and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions. www.towerrealtypartners.com
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. These factors include, but are not limited to, the Company's ability to source, acquire and close on properties on the terms it expects, or at all; the Company's expectations and forecasts of its cash flows and future leasing activity at its current and future properties, and the Company's ability to accurately model the income yield, capitalization rate, and other financial metrics used to evaluate its properties. These and other material risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and any other documents filed by the Company from time to time, which are available from the Company and from the SEC, and you should read and understand these risks when evaluating any forward-looking statement. The Company does not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.
City Office REIT, Inc.
Anthony Maretic, CFO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/downtown-tampas-park-tower-to-get-multi-million-dollar-renovation-300469036.html
SOURCE City Office REIT, Inc.