St. Pete has successfully wrangled a new corporation to base itself in downtown. TwinLab Consolidation Corp. has entered into a lease with First Central Tower that begins May 1.
According to its filing with the U.S. Securities and Exchange Commission, TwinLab has signed a 12-year, nearly $4.5 million lease to occupy more than 30,000 square feet spanning two floors in the Central Ave. business tower located in the 300 block.
Twinlab will create 80 jobs in the area; however the company is expected to bring most of those employees with them from its current headquarters in New York.
The company will move in rent-free for the first year. Beginning next May, they will pay $344,000 a year plus building operations costs.
The lease agreement calls for the company to move in first to the fifth floor, with an agreement to expand operations to the sixth floor by the end of October 2016.
In addition to offering a year of free rent, the owners of First Central Tower are footing the bill for $764,000 in construction costs for the move as well as another $150,000 for relocation expenses.
The company sells nutrition supplements and vitamins. They’re most well-known for the line of Metabolife diet and energy products. They also sell Alvita herbal teas, Fuel sports supplements and Trigosamine joint support.
The company launched in 1968 when its founder, David Blechman, used his pharmaceutical experience to develop liquid protein supplements. TwinLab began in his family’s garage and was named after Blechman’s two sets of twins.
The company has a research and development facility in Grand Rapids, MI and a plant in American Fork, UT.
Twinlab’s new home will cater to an employee-friendly environment. Plans to renovate the building include an employee lounge area with flat-screen TVs, iPad chairs, soft seating and free Wi-Fi.
Plans are also in place for a new concierge desk, updated elevator lounge areas and a fitness center.
According to the Tampa Bay Business Journal, Twinlab made the decision to move to St. Pete based on the city’s live-work-play environment. Planned upgrades to the office building were also key components in wooing the company.