Convergent Capital Partners and Denholtz Assosiates sold the approximately 240,000 square foot property. According to a CP Executive’s news, Lincoln Property Corporation acquired the asset for $40 million.

The Class A office destination is roughly 20 miles across the bay from Tampa and occupies a single acre in the heart of downtown St. Petersburg. The property consists of three connected structures, one of which is an iconic building developed in 1924.

After taking ownership, Convergent and Denholtz immediately commenced a $9 million renovation program. Today, 490 First Ave. is 65 percent occupied by a bevy of tenants, including Bank of the Ozarks and Taylor Media, which signed a lease for approximately 22,000 square feet in 2017.

Commercial real estate services firm CBRE represented Convergent and Denholtz in the disposition of 490 First Ave. through Dale Peterson, Zachary Eicholtz, Courtney Snell and Kelley Matheson leading the effort.

Source: CP Executive

Fulya Altunyay / [email protected]