In one of the largest office leases in recent St. Petersburg history, Dynasty Financial Partners has signed on to occupy the entire office portion of the new 400 Central development in downtown St. Petersburg.
The financial services firm will lease approximately 45,000 square feet of Class-A office space within the 46-story mixed-use tower currently under construction. The custom-designed headquarters will feature a private rooftop terrace, a dedicated office lobby and state-of-the-art technology, all overlooking Central Avenue’s retail and dining corridor. Occupancy is expected in 2026.
“This lease marks our continued commitment to St. Petersburg,” says Dynasty founder and chief executive officer Shirl Penney. “We look forward to calling 400 Central home and reinforcing St. Pete’s reputation as an emerging hub of financial innovation.”
But it’s more than just a real estate deal, it’s a highly customized vision.
Penney shared that the rooftop terrace will include a private dining room, a prep kitchen tied to the building’s restaurants, a fire pit, outdoor games and a bar for after-hours entertaining. The space is designed for both the team and Dynasty’s elite clientele.
“We manage money for some very high-profile athletes, celebrities and entrepreneurs,” Penney said. “Now we can host them in a private setting, from a dedicated lobby and elevator to a quiet dinner by the fire. It’s a full experience, and it’s all inside our control.”
The move also signals Dynasty’s long-term stake in the city. “This was north of an eight-figure buildout,” Penney said. “It’s a 15-year lease. And it speaks loudly to how committed we are to growing here. I’m the founder, not just the CEO, and this is personal for me.”
That personal connection runs deep. Penney and his family lost their home, on St. Pete Beach, during the 2024 hurricane season but are now rebuilding their “forever home”, in the city. “We’ll likely get into the new office before our house is done,” he added. “But both projects reflect how invested we are, professionally and personally, in St. Pete.”
The design of the new space also reflects Dynasty’s values around collaboration and company culture. “Every desk has a filing cabinet with a built-in cushion,” he said. “You pull it out, sit down and start collaborating. It’s small, but it says everything about how we work.”
Dynasty had explored building its own headquarters near Tropicana Field in a previous proposal under former Mayor Rick Kriseman. When those plans changed, it was Kriseman, now with Shumaker Advisors, who introduced Penney to developer John Catsimatidis Sr. of Red Apple Group.
“They’ve been phenomenal partners,” Penney says of Red Apple. “We asked for a lot, our own lobby, a rooftop terrace, the right floor plate to accommodate growth, and they’ve delivered.”
John Catsimatidis Sr. praised the partnership as well: “Dynasty’s presence will honor the history of this address as a cornerstone of commerce in St. Petersburg and help us build an even brighter future for downtown.”
Penney believes the new headquarters will not only elevate his firm’s profile but also contribute to the city’s growing reputation.
“This space is going to attract major Wall Street firms and asset managers to come visit,” he says. “It’ll help showcase St. Pete in the best light and we’re also making it available to community leaders to help recruit other businesses. A rising tide really can lift all boats.”
The 400 Central development will feature 301 luxury condominiums, ground-floor retail and dining and the city’s highest sky observatory. The first residential move-ins are expected later this year, with Dynasty’s office space to follow.
