Healthcare Company Expands, Inks Deal For 29,000 SF
Avison Young negotiated the lease expansion and extension for a healthcare company which will take 29,219 square feet long-term at North 40, an office complex in the Park at Broken Sound spanning two buildings and 352,043 rentable square feet.
The company is expanding its space by 7,599 square feet within the building at 901 Yamato Road in Boca Raton.
“The tenant is expanding to accommodate the relocation of another department to its corporate location at North 40,” said Avison Young Principal Mark Rubin. “Offering synergistic tenancy and a convenient location, North 40 continues to be home to many corporate and regional headquarters.”
Rubin represented the tenant and Principals Keith O’Donnell and Gary Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, during the lease transaction.
Ownership acquired North 40 for $68.35 million, the largest sale transaction in Palm Beach County during first quarter 2019. Avison Young has been the exclusive leasing agency for the asset since 2014.
“We were awarded the North 40 leasing assignment at 47 percent occupancy and quickly leased up the complex and maintained an above-market occupancy rate which is currently at 90 percent,” said O’Donnell. “The latest transaction represents strong tenant demand in Boca Raton which continues to be one of South Florida’s hottest office markets.”
In addition to direct access to Interstate 95 from Yamato Road, North 40 boasts an efficient floor design, collaborative meeting areas, a conference center, and a fitness center.
