Mercedes Angell and Lauren Coup Represented Landlord Lincoln Property Company, which Recently Acquired the Office Building
TAMPA, FL, January 14, 2019 — Cushman & Wakefield has arranged a 59,982-square-foot lease with L3 Technologies at 490 First Ave. S., one of downtown St. Petersburg’s premiere office buildings. Based in New York, the major defense contractor is a leading provider of communications and electronic systems for military, homeland security and commercial aviation customers.
With the move, L3 will consolidate its offices in Sarasota and St. Petersburg’s Gateway Submarket, bringing more than 200 employees to the Downtown St. Petersburg market. The new office will serve as the national headquarters for L3’s Commercial Aviation Solutions division.
The Cushman & Wakefield team of Senior Director Mercedes Angell and Director Lauren Coup represented the building’s new owner, Lincoln Property Group, in the lease negotiations. The team previously handled leasing for 490 First Ave. S. on behalf of its former owners, Convergent Capital and Denholtz Associates. The joint-venture sold the asset in late 2018, after making significant upgrades to its lobby and main entrance.
“This is a substantial win for the 490 First building, L3 Technologies and the Downtown St. Petersburg market,” said Angell. “The approximate 200 L3 employees working from this new HQ space will benefit greatly from the abundance of local restaurants and retail within a two-block walk from this property.”
Situated on 1.25 acres in the heart of downtown St. Petersburg, 490 First Ave. S. is an eight-floor, 240,000-square-foot, Class-A office property. At the corner of Fourth Street South and First Avenue South, the building provides immediate access to two of St. Petersburg’s primary thoroughfares, as well as exceptional walkability to a multitude of retail, dining and entertainment options.
Other notable tenants in the building include the Tampa Bay Times, The Penny Hoarder and Bank OZK.
L3 will occupy the entire fifth and sixth floors, as well as a portion of the first floor, and plans to open the new office in summer 2019. The company recently entered a contract to merge with Harris Corporation to become L3 Harris Technologies, Inc. Upon completion of the merger, the combined company will be the sixth largest defense company in the United States and a top 10 defense company globally.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida