HFF Secures $17M for Tampa Office Tower

TAMPA, FL—HFF arranged $17.3 million in joint venture equity for Wells Fargo Center. That amount was the portion of equity needed to purchase the 22-story, 387,477-square-foot class A office tower in Tampa, FL.

HFF worked on behalf of the borrowers, Feldman Equities and Tower Realty Partners to secure equity from an international investment management firm. HFF associate director Bryan Clark and managing director Paul Stasaitis handled the assignment.

“Located across from the Tampa Convention Center in downtown Tampa, Wells Fargo Center is one of the city's premier class A office buildings with unimpeded views of Hillsborough Bay, the Hillsborough River, and the downtown skyline,” Clark tells GlobeSt.com. “New ownership is planning extensive upgrades to the building's leasing amenities including a high-end fitness center, a renovation of the garage, and extensive renovations to the bathrooms and common corridors, which are sure to be well received by the marketplace.”

Wells Fargo Center is located at 100 South Ashley Drive close to the Tampa Convention Center and the Crosstown Expressway in Downtown Tampa. The property is 77% leased to tenants including Wells Fargo & Company, which is the largest anchor tenant and is under a long-term lease, Phelps Dunbar and UBS. Wells Fargo Center also includes a nine-story, 505-stall parking garage.

In the last 25 years, Feldman Equities has developed or acquired over 11 million square feet of office and retail property with an aggregate value in excess of $2.5 billion. Larry Feldman gained a national reputation as a property turnaround specialist when he was the chairman and CEO of the publicly-traded Tower Realty Trust. Feldman Equities is well known for its hands-on approach to turning around distressed assets.