490 First Avenue in St. Petersburg, Florida — Courtesy: Denholtz Associates
By Joshua Burd
Denholtz Associates has renewed a nearly 17,000-square-foot lease with a bank at its recently acquired office building in downtown St. Petersburg, Florida, the Matawan-based firm said.
The tenant, Bank of the Ozarks, has been a tenant at 490 First Avenue since 2012, according to a news release. Denholtz Associates acquired the 240,000-square-foot, eight story office building earlier this year and has embarked on significant renovations.
The building is within walking distance of shops and restaurants, museums, thousands of residential units and other amenities, the news release said. In addition to Bank of the Ozarks, anchor tenant Times Publishing Co. recently signed a 15-year lease to continue to occupy 110,000 square feet in the property.
Improvements include updating the building’s existing lobby, café and common spaces, while enhancing fixtures and mechanicals throughout the complex.
“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.”