The Real Deal Miami

St. Petersburg home of Tampa Bay Times sells for $40M

The sellers bought the eight-story office building in downtown St. Petersburg in 2016 for $19M and spent another $9M on renovations
December 22, 2018 01:30PM

490 First Avenue South in downtown St. Petersburg

An office building in downtown St. Petersburg where the Tampa Bay Times daily newspaper is based sold for $40 million.

Lincoln Property Co. bought the eight-story building from Convergent Capital Partners and Denholtz Associates, which had acquired the property in 2016 for $19 million and spent another $9 million to renovate it.

The office building at 490 First Avenue South in St. Petersburg has a 65 percent occupancy rate. In addition to the Tampa Bay Times, the tenants include Bank of the Ozarks and Taylor Media.

Times Publishing Co., the owner of the Tampa Bay Times, sold the 240,000-square-foot building to Convergent and Denholtz in a sale-leaseback transaction, and the newspaper occupies 110,000 square feet under a 15-year lease.

Dale Peterson, Zachary Eicholtz, Courtney Snell and Kelley Matheson of brokerage CBRE represented Convergent and Denholtz in the $40 million sale of the building. []Mike Seemuth