St. Petersburg Office Gets Facelift

Joint venture partners Denholtz Associates and Convergent Capital embarked on an expansive improvement program of the property, after acquiring it in 2016.

490 First Ave. in St. Petersburg
490 First Ave. in St. Petersburg

Denholtz Associates announced a multi-phase renovation project at 490 First Ave., a Class A, 238,699-square-foot office building in St. Petersburg, Fla. The company, together with joint venture partner Convergent Capital, embarked on a complete modernization of the property after acquiring it in 2016.

The eight-story asset was originally constructed in 1924. It is now comprised of three integrated buildings with additions being completed in 1968 and 1988. Denholtz Associates is investing in the complete upgrade of the building’s lobby, café, elevator lobbies, restrooms, entry plaza and exterior façade. Additionally, the firm is updating lighting, wall fixtures and flooring throughout the building to provide bright and welcoming communal spaces to tenants, employees and guests.

In anticipation of the renovations, the Times Publishing Co. signed a 15-year lease renewal for 113,311 square feet at the building earlier this year. Cushman & Wakefield’s Mercedes Angell, senior director, and Wendy Giffin, director, are leading the leasing efforts at 490 First Ave. The property is located on a 1.25-acre site in Downtown St. Petersburg and is within walking distance of several retail, dining and entertainment options.

“Since purchasing 490 First Ave. last year, we have sought to create a modern and welcoming office space designed to attract and retain top talent and tenants,” said Steven Denholtz, CEO of Denholtz Associates, in a prepared statement. “Our lease renewal with the Times Publishing Co. signifies the successful execution of this plan and showcases how renovations of this type fit into our risk-adjusted, multi-tenant strategy,” he added.

Image courtesy of Denholtz Associates