ST. PETERSBURG — The downtown St. Petersburg headquarters of the Tampa Bay Times has been sold for approximately $40 million to Lincoln Property Co.
Tampa-based Convergent Capital Partners and Denholtz Associates bought the property at 490 First Avenue S from the Times two years ago for $19 million and spent close to $13 million on renovations.
"We are exiting a lot of assets in our portfolio, and just thought this was a good time to sell,'' Convergent partner Nik Sachdev said Tuesday. "We spent a lot of time and money on it. Lincoln is more of a long-term holder and we felt it was the right buyer.''
The deed had not been recorded with the Pinellas County Clerk of the Circuit Court as of Tuesday morning, but Sachdev said the sale price "starts with a 4.'' Pressed further, he said it was "close to $40 million.'' That would make it the second priciest sale of a St. Petersburg office property: Last year, what was then called Priatek Plaza two blocks away sold for $65.75 million.
The nearly 240,000-square-foot property, which also houses the financial web site Penny Hoarder and offices of Bank OZK, includes three buildings — one dating to the 1920s, another to the 1960s and a third erected in 1988 with a soaring atrium.
Sachdev said "another large tenant'' has recently signed a lease agreement that would bring occupancy in the buildings to almost 90 percent. He would not disclose the name but said an announcement is planned soon.
Convergent, which at one point also owned part of the downtown building that houses the James Museum of Western and Wildlife Art, remains bullish on the St. Petersburg market "and will be back,'' Sachdev said.
Lincoln Property is an international real estate company based in Dallas. Its holdings include several apartment communities in the Tampa Bay area and office towers in Orlando, Denver, Charlotte, Atlanta, Nashville and Washington D.C.
Contact Susan Taylor Martin at firstname.lastname@example.org or (727) 893-8642. Follow @susanskate.