Newspaper building in St. Petersburg sells for $19M

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.

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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. [FloridaPolitics.com] — Mike Seemuth