St. Petersburg Lands Foot Locker Headquarters: Details Of The Lease

Luna Greco

4 min read

Post on May 16, 2025

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Lease Agreement Details

The details surrounding Foot Locker's St. Petersburg lease are eagerly anticipated within the commercial real estate sector and the city itself. While complete transparency hasn't been unveiled, several key aspects have emerged.

• Square Footage: The lease encompasses a substantial 150,000 square feet of prime office space, providing ample room for Foot Locker's operations and future growth. This significant footprint underscores the company's long-term commitment to St. Petersburg.

• Lease Duration: Foot Locker has committed to a 15-year lease, demonstrating a considerable investment in the city and its future. This long-term commitment provides stability and predictability for both Foot Locker and the St. Petersburg economy.

• Rental Rate: While the exact rental rate remains undisclosed, industry sources estimate it to be in the range of $40-$50 per square foot annually, reflecting the desirability of the location and the robust St. Petersburg commercial real estate market.

• Lease Options: The lease agreement includes options for renewal and potential expansion in the future. This flexibility allows Foot Locker to adapt to its evolving needs and further solidifies its presence in St. Petersburg.

• Location: The new headquarters will be located in the vibrant downtown St. Petersburg district, known for its thriving business community, excellent amenities, and proximity to transportation hubs. This strategic location provides easy access for employees and fosters collaboration within the dynamic urban core.

Economic Impact on St. Petersburg

Foot Locker's relocation is poised to have a considerable and multifaceted economic impact on St. Petersburg.

• Job Creation: The move is expected to create over 500 high-paying jobs for the St. Petersburg community, boosting employment numbers and attracting skilled professionals to the area. These jobs will cover various roles, from corporate management to marketing and operations.

• Investment: Foot Locker's investment in St. Petersburg is estimated to be in the tens of millions of dollars, further stimulating economic growth and attracting additional businesses to the city. This investment will revitalize the local economy and boost surrounding businesses.

• Infrastructure Improvements: The city anticipates infrastructure improvements in the surrounding area to accommodate the influx of employees. This may include enhanced public transportation, improved roadways, and upgraded amenities. The improvements will benefit not only Foot Locker employees but also the broader St. Petersburg community.

• Local Business Growth: The increased foot traffic and employee spending are expected to significantly benefit local restaurants, shops, and other businesses, fostering a vibrant and interconnected commercial ecosystem. This increased activity will drive local economic expansion.

Competition and St. Petersburg's Appeal

Several factors contributed to St. Petersburg's success in securing Foot Locker's headquarters.

• Business Environment: St. Petersburg's competitive tax structure, vibrant business environment, and strong talent pool proved highly attractive to Foot Locker. The city's proactive approach to business development made it a compelling choice.

• Location Advantages: Factors such as access to amenities, a growing transportation infrastructure, and an increasingly high quality of life also played a significant role. These factors contributed to a high ranking in Foot Locker’s site selection criteria.

• Competitive Edge: St. Petersburg successfully outcompeted other major cities, including Atlanta and Charlotte, by offering a more compelling package of incentives and long-term growth potential. The city's collaborative approach with Foot Locker significantly contributed to the decision.

Conclusion

The relocation of Foot Locker's headquarters to St. Petersburg marks a significant win for the city, promising substantial economic benefits and job creation. The details of the lease agreement, though not fully disclosed, point to a long-term commitment by Foot Locker, solidifying St. Petersburg's position as a thriving hub for commerce and business. This strategic move is a testament to the city's attractiveness to major corporations and a key driver of future economic prosperity.

Call to Action: Learn more about the exciting developments in St. Petersburg's commercial real estate market and how the Foot Locker headquarters relocation impacts the city's future. Stay informed about other major lease agreements and business expansions in St. Petersburg!