THE FELDMAN President in 2016
Total Page:16
File Type:pdf, Size:1020Kb
Larry Feldman, CEO of Feldman Equities, and his son, Mack COVER STORY Feldman, share a laugh. Inset: Mike DiBlasi joined Feldman Equities as executive vice evolutionTHE FELDMAN president in 2016. As Feldman Equities preps to break ground on a 52-story tower in downtown Tampa, the family business is changing BY ASHLEY GURBAL KRITZER [email protected], 813-342-2476, @TBBJASHLEY hen Mike DiBlasi was leasing office space for Liberty Property Group, he noticed a common refrain from other commercial real estate brokers. “It was, ‘Well, Larry Feldman would never do that. Larry Feldman wouldn’t take that position,’” said DiBlasi, who was Liberty’s senior director of leasing until the company exited the Tampa market in 2016. “I’m like, all right, I gotta meet this Larry Feldman.” Feldman’s tactful approach to negotiations has wooed brokers, tenants and, as it turned out, DiBlasi, who joined Feldman Equities as executive vice pres- ident of leasing and marketing in September. WDiBlasi’s hire was a calculated play in Feldman’s quest to become a dominant office landlord in the Tampa Bay region. Feldman came here from New York in 2009 to snap up post-recession bargains on commercial real estate and has since built a portfolio that makes him the third largest owner of office space in the region, along with his longtime partners, at Tower Realty. And he’s not done yet: The CEO of Feldman Equities is about to embark on the development of the 52-story Riverwalk Tower, which will combine water- front restaurants, luxury residential units and office space in one skyline-trans- forming building in downtown Tampa. Feldman, who launched his company in the mid-1980s with his father, is an anomaly in today’s commercial real estate market, where the majority of top-tier office landlords are large, institutional investors. His presence in this region is a boon for small businesses seeking office space here — Feldman typically fills his buildings with multiple small tenants instead of one or two large companies. “When Larry cuts a deal, he’s sitting across the table and shakes hands with them,” DiBlasi said. “I think there’s a comfort level in that.” NOLA LALEYE while plotting his next move — and it That excitement for the project is A growing portfolio and was the development of Riverwalk Tow- shared by others who aren’t blood rel- TAMPA PROPERTIES shifting priorities er that drew him in. atives of the developer. But that approach is shifting, driven in At 23, Mack Feldman isn’t sure he “If delivered as shown, it will be a jew- St TAMPA POLICE Parks Planning son N Madi DEPARTMENT and Design Pierce E Lykes Gaslight N large part by the development of River- wants a career in commercial real el in the crown of Tampa’s downtown,” M a Square Park rio St n walk Tower. estate. But it’s a nice change of pace from Garlick said. N St Tampa Blvd edy As the planning and design of that politics. Tampa Mayor Bob Buckhorn, whose f Kenn John St E N building have become a priority for Feld- “It’s nice to see a group of people that administration has focused on down- Franklin N Morgan man, he has less time to meet with bro- have control over their own fate,” he town revitalization, said he sees the N St St TAMPA CITY St n A on shley HALL kers and work on smaller deals. That’s TOP OFFICE said. “Oftentimes, in politics, it’s persua- tower as transformative for not only the Jacks N Washingto E S E F t lorid Dr 41 why he hired DiBlasi, promoted an sion — it’s, ‘How do we get people to see it urban core but also for Larry Feldman a 1. Park Tower LANDLORDS Ave St administrative assistant to leasing rep- this way?’ Here, we make our own luck.” himself. gton E Washin resentative and hired a financial analyst. IN TAMPA BAY DiBlasi says there hasn’t been any There’s been a surge of demand for N His son, Mack Feldman, joined the com- awkwardness or family drama in the office space in downtown Tampa, but Marion pany to learn the family business and Top landlords and the office; instead, he sees Larry Feldman rental rates aren’t yet high enough to jus- St commercial square feet they S assist with leasing efforts. enjoying teaching the younger employ- tify new construction. But it’s difficult Morgan own in Tampa g St N n Delegating his father’s responsibilities ees, including Mack Feldman, the ins to say how much new space could com- T E Whiti a Bay by millions mpa St S t among the growing staff has been a bit of a and outs of deal-making. mand, as there hasn’t been a new mul- St N A E Washington s challenge, Mack Feldman said, especially “With familial relationships, the ten- titenant office building go up in down- hley St 2. Riverwalk Tower, site Dr 3.48M ashington when it comes to day-to-day leasing deals. dency is to strip away the social niceties town Tampa in 25 years. W W 1. Highwoods Properties St But he quickly affirms his father’s asser- and manners you might otherwise have With 4,000 residential units planned Macdill E Whiting tion that he isn’t a control freak. in a normal business situation,” Lar- or under construction in downtown Park St E Bell S At 62, the elder Feldman says he doesn’t ry Feldman said. “With Mack and I, we Tampa, Buckhorn said he thinks the F 1.60M l o E Cumberland Ave rida 2. Cousins Properties St S foresee himself retiring anytime soon. work at not doing it.” next wave of development will be in the Fran Whiting S Ave W A Hillsborough s k hley S “I always will keep my hand in it,” The two, he says, have always been office sector. li Tamp n St River Dr Larry Feldman said, “and want to keep “extremely close.” “He has the potential to put up a sig- a St 1.56M a personal touch. People have said to me “We’ve never really had any of that nature building on what is by every mea- n St 3. Tower Realty/ E Brorei that what they love about dealing with Feldman Equities tension stuff,” Larry Feldman said. “We sure one of the most desirable sites in the 3. Wells Fargo Center Expy m aps4news.com/©HERE Selmon me is I’m willing to take their calls and have a lot of love and admiration for Bay area,” Buckhorn said of Larry Feld- deal directly with tenants.” each other. So it was always my hope man. “When that occurs, that will be a It’s a strategy that’s worked: Most of 1.30M and dream that he would join the busi- turning point for him.” 4. Banyan the buildings in his portfolio, which is Street Capital ness, but I was extremely careful not to And while he’s not retiring anytime ST. PETERSBURG PROPERTIES now more than 1.5 million square feet enforce that or even push it.” soon, Larry Feldman said he could see 2nd and includes office towers in downtown himself making a transition eventu- N Mirror Lake St St N Tampa and St. Petersburg, boast occu- 1.12M The biggest deal ally, perhaps once Riverwalk Tower is 2ndAve NE Park Mirror 5th 5. PGIM Real 2nd Ave N 2nd AveN t Lake 1s pancy rates of more than 90 percent. The With Riverwalk Tower, though, Larry complete. St Estate (Prudential) N ST PETERSBURG Dr N office space in Riverwalk Tower will add Feldman hasn’t had to push much on “I’m really content on the idea of ke CITY HALL La rror SunshineLnNE 215,000 square feet in 14 stories. his son. being the genesis, doing new develop- Mi 3 N Williams rd N Sunshine Ln 1st St St 6th “Larry is a very hands-on owner,” 1.03M While DiBlasi is showing renderings ments,” he said, “and it would be great Park St N 4th N St said Scott Garlick, managing principal 6. City Office REIT of the tower to brokers in an effort to if I had a CEO to run the day-to-day. That N 1. Morgan Stanley Tower 1stAve NE of Cushman & Wakefield of Florida Inc. prelease its office space, Feldman Equi- would just free me up even more.” 1st AveN Plz in Tampa. “With an expanding portfolio ties has yet to publicly reveal any designs. 2n 0.93M d N ress St g St and then with a development site as a 7. William L The tower’s potential to acti- N Pro 5th focal point of his portfolio — he doesn’t Anderson (Netpark) vate the Tampa Riverwalk excites Central Ave Central Ave have the time or bandwidth, and [DiBla- Mack Feldman, who describes 92 1st 2nd 5th 6th St si] has great relationships within the its ground level as having “three St St S St 0.86M S S S brokerage community.” 8. IP Capital Partners major restaurants along the length 1st Ave SE 1stAve S of the Riverwalk as well as a bar on ‘We make our own luck’ top of the parking garage.” 2. First Central Tower Beyond delegating his tasks, Feldman 0.78M He sees Tampa inching 9. Osprey E has another new challenge at work: toward the same type of Ave S tS Management 2nd AveS 2nd Ave S 2nd S S Teaching his son the family business.