The Real Deal Miami

Newspaper building in St. Petersburg sells for $19M

The Tampa Bay Times will remain at the eight-story property as a tenant

May 07, 2016 01:15PM

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490 First Avenue South, St. Petersburg

490 First Avenue South, St. Petersburg

The owner of the Tampa Bay Times daily newspaper sold its headquarters in St. Petersburg for $19 million.

The Tampa Bay Times will continue to occupy almost half the building in downtown St. Petersburg as a tenant under a 15-year lease.

The Times Publishing Company sold the newspaper’s headquarters to 490 First Avenue Owner LLC, a joint venture of Covergent Capital Partners and Denholtz Associates. The property address is 490 First Avenue South.

The Times reported in January that Times Publishing listed the headquarters building for sale. The eight-story property has 250,000 square feet of space and consists of three buildings opened in 1988, 1968 and 1924 that subsequently were joined together.

Convergent is a real estate private equity firm headquartered in Tampa that has acquired more than $530 million of real estate assets and commercial mortgage debt. Denholtz is an integrated real estate developer, investor and manager. [] — Mike Seemuth