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.”