Joint Venture Acquires City Center Office Building in St. Petersburg, FL

 ST. PETERSBURG, FL, Jan. 4, 2011 – A joint venture consisting of affiliates of Second City Capital Partners, Feldman Equities, Inc., and Tower Realty Partners, Inc. has acquired the 242,115 square-foot City Center office building complex  (top left photo) at a price of $16.5 million or $68 per square foot.

Tower Realty Partners, Inc. will manage and lease the building.

City Center is a Class A office property consisting of two buildings that are connected by an enclosed, glass atrium lobby. The atrium features a glass skylight ceiling suspended 35 feet above a marble floor with abundant sunlight and a dramatic lobby entrance.

The two towers of four and twelve stories provide unmatched views of Tampa Bay and the downtown St. Petersburg skyline. With the largest floor plates in downtown St. Petersburg, City center provides exceptional office layout efficiency.

 City Center was awarded the 2006 and 2007 BOMA Toby Award for Building of the Year, as well as the BOMA Toby Award for Property Manager of the Year 2006.

The new ownership will be investing over $6 million dollars into the property, including at least $1.7 million in capital improvement upgrades.

These upgrades will include the complete modernization of all of the building’s elevators and garage elevators, new elevator cabs with high end finishes, lobby upgrades, and common area improvements. In addition, ownership is planning to upgrade the elevator lobbies of the multi-tenanted corridors.

(Towers Realty founders Reid Berman, left and Clifford Stein, right)

Second City Capital Partners (“SCCP”) is a private equity company headquartered in Vancouver, British Columbia and is led by world renowned investor Sam Belzberg (top right photo).

SCCP is a multi-fund private equity group, targeting mid-market companies and distressed real estate assets across Canada and the United States. SCCP offers investors a range of alternative investment solutions and strategies through a multifaceted venture platform. SCCP seeks controlled buyout structures including minority equity interest positions with trusted partners.

 Please contact Jamie Farrar at 604 806-3353 with any inquiries.

Tower Realty Partners is an Orlando based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower was formed in 1987 by Cliff Stein and Reid Berman (middle left photo).

 Since its inception, Tower has acquired over $1 billion of office properties. Currently, Tower’s assets consist of over 3.5 million square feet office property throughout Florida.

For more information, please go to http://www.towerrealtypartners.com/

Feldman Equities is the modern business entity that encompasses a century of success in commercial real estate development. In the last 25 years, Larry Feldman and his father Ed Feldman, have developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion.

Mr. Feldman gained a national reputation as a property turnaround specialist when he was the Chairman and CEO of the publicly traded Tower Realty Trust, Inc (NYSE: TOW).

Feldman Equities recently acquired the debt on the Class A Fountain Square II office building in Tampa, Florida, in a joint venture with Trigate Capital and Tower Realty Partners. Feldman Equities is recognized for its hands-on approach to turning around distressed assets.

Contact: Larry Feldman (516) 509-6775