TAMPA BAY, FL – The Times Publishing Company, which produces the largest newspaper in the southeast United States – the Tampa Bay Times – has sold its downtown St. Petersburg headquarters to 490 First Avenue Owner LLC, a joint venture of Convergent Capital Partners and Denholtz Associates.
The sale price was $19 million. With a 15-year lease, the Times will remain a tenant and occupy nearly half the building, which will still bear the newspaper’s name.
“With this sale, we are able to continue contributing to the vitality of downtown St. Petersburg. We are very pleased that the Times will remain a tenant and maintain its significant presence in the area,” said Times CFO Jana Jones.
The Times’ Tampa office on Ashley Street is located in a building owned by Denholtz Associates that also bears the newspaper’s name.
“Denholtz Associates and our partner, Convergent Capital Partners, are excited to have played a part in this milestone for the Tampa Bay Times,” said Steven Denholtz, CEO of Denholtz Associates. “Our relationship with the Times and with the Tampa Bay community spans two decades and is part of what made this deal possible. We look forward to the modernization of the Times headquarters building and to continuing to build a strong relationship with the entire community.”
“Convergent is excited to make another significant investment in downtown St. Pete. The construction and redevelopment activity is continuing to strengthen the city’s position as a place to live, work, and play,” said Santosh Govindaraju, CEO of Convergent Capital Partners. “The Tampa Bay Times and the high quality team at this award-winning newspaper are a very important part of our Tampa Bay community, and we look forward to being a part of their growth in the years ahead.”
About the Tampa Bay Times
The Tampa Bay Times is widely considered one of the Top Ten newspapers in America and has won 12 Pulitzer Prizes. It is Florida’s largest newspaper, with an average circulation of 367,936 Sunday and 297,626 daily (AAM Annual Audit 2014). The Times is produced by the Times Publishing Company, which also publishes TampaBay.com - Tampa Bay’s largest local news Web site with about 2.7 million unique visitors each month (comScore six-month average for 7/15-9/15). Additionally, the company publishes the free daily tbt*, an edition of the Tampa Bay Times, and the Pulitzer Prize-winning website, PolitiFact.com; and produces special events, specialty publications, and targeted advertising programs.
About Denholtz Associates
Denholtz Associates is a privately held, fully integrated real estate development, investment and management company with more than 60 years of commercial real estate experience. Denholtz Associates actively targets multi-tenant office and industrial properties in select markets to diversify risk and provide maximum returns for its capital partners. Its entrepreneurial spirit and decades of experience have enabled it to grow a diverse, multi-state portfolio reflecting a variety of property types and locations consisting of millions of square feet of quality real estate. The company achieves superior risk-adjusted returns by leveraging its diverse capabilities along with its specialized and established position within the industry and target markets. Headquartered in Matawan, NJ, Denholtz Associates has over 60 employees and maintains offices in Chicago and throughout Florida and New Jersey. For more information, please visit www.denholtzassociates.com.
About Convergent Capital Partners LLC
Convergent Capital Partners LLC is a privately owned real estate private equity firm headquartered in Tampa, Florida. Convergent focuses on complex investments in commercial real estate that allow for opportunities to add and unlock value through capital investment and strategic execution. Since October 2008, Convergent has acquired over $530 million of retail, office, hotel, residential, and mixed-use real estate assets and commercial mortgage debt. The firm makes direct equity, joint venture equity, and debt investments for recapitalization of debt, value-add transactions, and real estate development. For further information, please visit www.convergentcap.com.
CONTACT: Jounice Nealy-Brown