Dynasty Financial Partners expands in downtown St. Pete
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 22, 2023

Dynasty Financial Partners is expanding in downtown St. Petersburg.

The St. Pete-based wealth management firm has doubled its office space in the 200 Central tower. It was leasing just over 12,000 square feet on the 15th floor of 200 Central, according to real estate data firm CoStar Group Inc., and a spokesperson for Dynasty said the firm has also leased the entire 18th floor, bringing its total to approximately 25,000 square feet.

Dynasty has 116 employees.

“Dynasty continues its rapid expansion and commitment to growing its business and footprint in St. Petersburg,” CEO Shirl Penney told the Tampa Bay Business Journal. “We have had success in leveraging the wonderful local talent and in bringing highly talented professionals from other parts of the country to St. Pete.”

The news follows the launch of a new business line this spring, Dynasty Investment Bank, and broader plans for strategic acquisitions that Penney outlined after calling off plans to take the firm public earlier this year. After relocating to St. Pete from New York in 2019, Penney said he’s seeing other firms interested in the city as well.

However, downtown St. Pete has a limited quantity of modern office space. While several office towers have gone through extensive renovations, the downtown core hasn’t seen the construction of a new multitenant office building in decades.

Dynasty had plans to redevelop a city-owned parcel near Tropicana Field into workforce housing and office space. Former Mayor Rick Kriseman supported the proposal, which would have brought a roughly 25-story tower with retail space, office space and multifamily units to the site. However, that plan was rejected by Mayor Ken Welch.

Penny said Dynasty has already hired over 30 people in St. Petersburg this year. He said they are doing their best to “make best use of the limited Class A building space” available in downtown St. Pete. In December, he said he was “struggling to find room” for new hires due to the fast growth of the company.

“Dynasty is extremely bullish on St. Petersburg and continues to believe that it can become a financial services hub in the coming years,” Penney said. “That said, we continue to have concerns regarding the lack of Class A space in St. Pete. This could eventually cause interested new companies, who were considering St. Pete, to consider other cities.”