Denholtz Associates Inks Lease Renewal with Bank of the Ozarks at its Downtown St. Petersburg Office Building
St. Petersburg, Fla. (December 8, 2016) – Denholtz Associates, a privately held, fully integrated real estate development, investment and management company, announces that Bank of the Ozarks has renewed its lease for 16,689 square feet of office space at 490 First Avenue in downtown St. Petersburg. Denholtz Associates acquired the building earlier this year and have embarked on significant renovations since their acquisition.
Bank of the Ozarks has been a tenant in the 240,000-square-foot, eight story office building since 2012. The building is within walking distance of dozens of premier and independently owned shops and restaurants, world-class museums, the Mahaffey Theater, a Publix grocery store, the St. Petersburg Yacht Club and thousands of residential units. This prime location in the heart of St. Petersburg allows the bank to continue to offer its customers an easily accessible and convenient location for all of their banking needs.
490 First Avenue is in the midst of an ongoing renovation and modernization project that will position the building as the prime office destination in the St. Petersburg market for the foreseeable future. Improvements to the property include updating its existing lobby, café, common spaces and enhancing fixtures and mechanicals throughout the building. In addition to Bank of the Ozarks, anchor tenant Times Publishing Company recently signed a 15-year lease to continue to occupy 110,000-square-feet of space in this building.
“The renovations and modernization of 490 First Avenue will establish it as the premier office property in the growing St. Petersburg market,” said Kristine Hurlbut, Senior Vice President of Leasing at Denholtz Associates. “Our capital improvements and repositioning of this asset will ensure that we can continue to attract and retain high-quality tenants like Bank of the Ozarks and provide Class-A space options for a variety of tenants within this downtown office market. We look forward to our continued relationship with the bank as they continue to serve the St. Petersburg market.”
Questions regarding available leasing opportunities at 490 First Avenue South should be directed to Mercedes Angell and Wendy Griffin of Cushman & Wakefield at 727-599-3799.