ESN Group Acquires 104,897-SF Class-A Office Complex in St. Petersburg from Feldman Equities

ST. PETERSBURG, Fla. — ESN Group, LLC has acquired Castille at Carillon, a two-building, 104,897-square-foot Class-A office complex located at 400 and 450 Carillon Parkway in St. Petersburg, Florida, from seller Feldman Equities. Foundry Commercial's Investment Advisory Group served as exclusive advisor to the seller in the transaction, working in conjunction with partner Tower Realty Partners.

Property Overview: Castille at Carillon

At the time of sale, Castille at Carillon was approximately 93% leased to 21 tenants, with an average tenant suite size of roughly 4,100 square feet. The complex includes a two-level parking structure with more than 400 spaces. Since 2020, ownership invested more than $1.8 million in capital improvements, encompassing renovations to lobbies, restrooms, and common areas, as well as HVAC upgrades and parking garage improvements.

The property is situated within Carillon Park, a mixed-use business environment in Pinellas County's Gateway submarket. The location offers access to St. Petersburg, Tampa, and Clearwater, and sits approximately three miles from St. Pete-Clearwater International Airport. Carillon Park is home to several major Tampa Bay employers and includes residential, retail, dining, and entertainment offerings.

Transaction Details and Brokerage Team

Foundry Commercial's North Florida Investment Advisory Group team represented Feldman Equities in the disposition. The advisory team was led by Dale Peterson, CCIM, Managing Director at Foundry Commercial, and included Joe Chick, Vice President; Christine Mansour, Senior Associate; and Chris DeMartino, Associate. The sale price was not publicly disclosed.

"Castille at Carillon offered an attractive combination of strong occupancy, a diverse tenant base, and a highly accessible location within one of Tampa Bay's premier business environments," Peterson said. "The level of leasing activity at the property, coupled with continued investment throughout Carillon Park, helped reinforce the long-term appeal of this opportunity."

Feldman Equities had previously acquired Castille at Carillon in 2019 for $18.2 million, at a price described at the time as roughly a 50% discount to replacement cost. The 2026 sale of the asset — stabilized at approximately 93% occupancy following a capital improvement program — marks the conclusion of that investment cycle.

Market Context: Tampa Bay Class-A Office

The transaction comes as Tampa Bay's Class-A office market has shown relative resilience compared to broader national office trends. Market data from early 2026 placed Tampa Bay office vacancy in the mid-to-high teens, with downtown St. Petersburg reporting vacancy below 10%. Average asking rents in the Tampa Bay office market were reported near $35.88 per square foot, with cap rates for the asset class running around 8.5% and the market recording positive net absorption of 268,163 square feet in the first quarter of 2026.

Castille at Carillon's profile — high occupancy, recent capital investment, multi-tenant diversification, and an amenity-rich business park setting — aligns with the characteristics buyers have prioritized in office acquisitions during the current cycle. The Gateway submarket's connectivity to multiple major population centers in the Tampa Bay region adds to the property's positioning.

About the Firms Involved

Foundry Commercial's Investment Advisory Group reports more than 200 years of combined experience and over $34 billion in closed transactions.

ESN Group, LLC is the acquiring entity. Feldman Equities served as the seller. Tower Realty Partners co-advised on the transaction alongside Foundry Commercial.

Sources: Foundry Commercial – Foundry Commercial Facilitates Sale of Castille at Carillon