Catsimatidis leases entire office space at downtown St. Pete project to financial services firm

Billionaire developer John Catsimatidis Sr. fully leased the office space at his downtown St. Petersburg mixed-use project to a financial services firm.

Dynasty Financial Partners signed for the entire 45,000 square feet of space at the 400 Central tower, with plans to open the office next year, according to the developer’s news release.

John Catsimatidis’ New York-based conglomerate, Red Apple Group, is developing the project at 400 Central Avenue, marking the tallest residential tower on Florida’s Gulf Coast. Designed by Arquitectonica, 400 Central will be a 46-story tower consisting of 301 luxury condos, ground-floor retail and restaurants, and the office space.

Catsimatidis, whose net worth Forbes pegs at $4.5 billion, was born in Greece and grew up in New York.

The talk radio show host and one-time unsuccessful New York City mayoral candidate made his fortune in various ventures, including the Gristedes and D’Agostino grocery stores in New York, as well as in real estate, media companies and energy investments. Red Apple owns United Refining Company in Pennsylvania.

Catsimatidis has zeroed in on St. Petersburg. In 2023, he scored a $252 million construction loan for 400 Central from Bank OZK. The project is nearing completion, with residents expected to start moving in by year-end, according to the release.

In March, he expanded his holdings in the city, purchasing a nearly 1-acre downtown site entitled for a 23-story tower.

Dynasty, which provides services to independent financial advisers, was founded in 2010 and moved its headquarters from New York to St. Petersburg in 2019. It’s led by Shirl Penney.

The lease reflects financial firms’ continued demand for offices across Florida. Over the past five years, the Sunshine State became a magnet for out-of-state companies, with many financial service firms opting to expand or move to the state. South Florida, and especially West Palm Beach, has been a big recipient of the influx, aligning with Palm Beach County officials’ yearslong push to turn the area into “Wall Street South.”

Billionaire developer Steve Ross has made downtown West Palm his playground, developing office towers that he is then quickly filling by largely relying on his New York network. Ross, through his Related Ross, has at least eight office properties in downtown West Palm, including those acquired, developed, under construction and planned.

Reality check: Financial office leasing in South Florida tapers over past three years