Dycom Industries has signed a 40,000-square-foot lease to move its headquarters to the 300 Banyan office project in Downtown West Palm Beach.
The top two stories of the 12-story building will be occupied by Dycom, a company that contracts with telecom companies, according to developers Wheelock Street Capital and Brand Atlantic Real Estate Partners. The asking rent is $110 per square foot.
Situated at 300 Banyan Boulevard, the project will have six stories with about 120,000 square feet of leasable office space and three levels of parking.
Dycom Industries will relocate its headquarters from Palm Beach Gardens. Its new lease brings 300 Banyan to 50 percent pre-leased.
Wheelock Street Capital and Brand Atlantic Real Estate Partners obtained a $87 million construction loan from Acore Capital in 2022. The project is expected to be completed in April.
Derek Baker of Colliers represented the tenant, while Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord.
The 300 Banyan office building is part of the larger Banyan & Olive mixed-use development, which also features a historic building at 111 North Olive Avenue. Over two years ago, the joint venture completed a gut renovation of the three-story building, designed by famed architect John Volk, which now functions as a mixed-use property.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-03-17 17:37:302024-03-17 17:37:30Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach
More than a quarter of executives of businesses in Palm Beach County expect to expand their commercial real estate footprints this year, according to a survey released Thursday.
Now for the 700,000-square-foot question: Will that demand, combined with a continued inflow of out-of-state companies and workers, be enough to fill all the new office space going up in Downtown West Palm Beach?
The Business Development Board of Palm Beach County, a public-private economic development organization, and financial services firm Kaufman Rossin polled 544 CEOs, business owners and executives.
Fully 65 percent of respondents said they’ll keep their current commercial real estate footprints in 2024, while 29 percent said they will lease or buy additional space. Just 6 percent expect to pull back on their real estate occupancy.
The trends around employee counts look even more optimistic. Some 55 percent of respondents said they plan to expand their payrolls in 2024, while 40 percent say they’ll maintain their current staffing counts. Just 5 percent anticipated reductions in headcounts.
South Florida’s job growth has helped keep the region’s office market from following the rest of the nation into distress territory. Office vacancy in Palm Beach County was 11.6 percent at the end of 2023, and rents are rising, according to Cushman & Wakefield. (By contrast, Manhattan’s overall office vacancy rate was 22.8 percent at year’s end, the brokerage reported.)
Palm Beach County’s overall asking rents rose to $46.21 per square foot, up 5.9 percent from a year earlier, Cushman & Wakefield reported. Class A rents rose 4.2 percent to $52.43. Class B product recorded a 5 percent annual increase, closing out the year at an average asking rent of $41.12 per foot.
Downtown rents jumped 11.5 percent in 2023, to $64.90 per square foot. Class A space in the submarket recorded a 14 percent increase during the same period, up to $77.27.
Amid the burgeoning demand, Related Companies has embarked on an office building spree. The completions of 300 Banyan and One Flagler will bring 215,000 square feet of new office space to Downtown West Palm Beach, and an additional 585,000 square feet are under construction in the submarket, Cushman & Wakefield said.
However, despite the job growth, Palm Beach County employers also don’t expect a mass return to offices. According to the survey, 68.2 percent of respondents work fully on site now, and 67.4 percent expect that situation to hold in two years. Meanwhile, 13.5 percent of Palm Beach County employers say they’re now fully remote, and 14.2 percent expect to be working entirely outside their offices in two years.
Since the pandemic, the in-migration of jobs and employers to South Florida has offset the trend toward working from home.
“There has been a transformation over the past five years with the buildup of industry and influx of business and population,” Rick Slater, Kaufman Rossin’s managing principal for Palm Beach and Broward counties, said in a statement.
Growth comes with some downsides, too, including traffic congestion and soaring housing costs, both cited as challenges by respondents to the survey.
Stream Realty Partners represented Gunster, a full-service corporate law firm, in the renewal of its corporate office lease at Las Olas Centre, located in the heart of Downtown Fort Lauderdale.
The 11-year lease renewal encompasses approximately 22,000 square feet of office space, further solidifying Gunster’s commitment to the Fort Lauderdale market and its legacy building. Las Olas Centre, located at 450 E. Las Olas Boulevard, offers unparalleled access to abundant amenities and represents a cornerstone of the Downtown Fort Lauderdale submarket.
“We are delighted to extend our lease at Las Olas Centre, a location that has served as a vital hub for our operations in Broward County,” said Jonathan Osborne, Gunster’s Fort Lauderdale Office Managing Shareholder. “Stream’s expertise and commitment to excellence have been instrumental in facilitating this transaction, and we look forward to continuing our successful partnership.”
Stream Executive Managing Director Greg Katz and Senior Vice President Carlyle Coffin facilitated the transaction on behalf of the tenant. Tim Talbot and Andy Ackerman of Comreal represented the building owner, DWS.
“This significant lease renewal underscores both Stream’s and Gunster’s steadfast dedication to the Fort Lauderdale market,” said Coffin. “Las Olas Centre has served as Gunster’s home for almost two decades, and we are proud to continue supporting their presence in this premier location.”
Katz added, “This renewal also highlights our commitment to serving law firms nationwide. With a track record of representing hundreds of law firms across the United States, our South Florida team remains dedicated to delivering exceptional service and value to our clients.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-03-06 19:18:452024-03-06 19:18:45Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale
Existing office leases are being renewed at high rates and new leases are mostly going to Class A or Class A+ space, according to a new report from CBRE that analyzes the top 100 lease signings in 2023.
CBRE’s report showed that 58% of those leases – by number and by square footage – were renewals of expiring leases for the same space.
As for the flight to quality, 84% of new leases sought those accommodations.
The average lease size is down 12% from a year ago and government buildings had the most presence on the list with 19, topping last year’s highest category, finance & insurance, which accounted for 13 of the top leases. Technology had 11 and legal had 10.
Mike Watts, CBRE President of Americas Investor Leasing, said in prepared remarks that companies “are striving for the most efficient use of their space as they adapt to hybrid work, and they’re often choosing to do so in the best-quality space.”
He said another dominant trend was “containing costs amid an uncertain economic outlook.”
The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”
The Northeast and Pacific regions accounted for most of the top 100 leases by total square footage, according to CBRE. Manhattan, Silicon Valley, and New Jersey had a combined share of 41%.
The six largest shares of the top 100 by square footage were claimed by coastal markets, including Manhattan.
https://sfoba.com/wp-content/uploads/2013/01/lease.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-02-12 20:14:502024-02-12 20:14:50REPORT: Renewals Dominate List Of Top 100 Office Leases
Boca Raton’s office leasing activity led the way in South Florida in 2022 and 2023, surpassing some more populous cities in the tricounty area, according to a recent analysis. It’s yet another indicator of the city’s growth — as well as the demand for office space across the region in a remote-working era.
Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data compiled by the city’s Office of Economic Development and originating from Colliers 2023 Quarterly Office Reports.
“We have led the county in 2022 and 2023 for significant leasing activity,” said Jessica Del Vecchio, Boca Raton’s economic development manager. “What that means is we’ve leased more square footage from the commercial office side of the business than any other city in Palm Beach County.”
Del Vecchio believes the surge of leasing activity began as the world began to emerge out of COVID-19 constraints. The pandemic triggered heightened interest in South Florida in general, she said, which has especially flourished in Boca Raton.
Boca Raton has a “built-in workforce,” Del Vecchio said, a product of the universities dotting the area, namely Florida Atlantic University, Lynn University and Palm Beach State College.
“We have a lot of smart, well-educated, talented people here, and I think that’s what the draw is that sets us a part in South Florida as a whole,” she said. “It’s so important to be by where the workforce is when you’re bringing a company into an area.”
The COVID-19 pandemic also proved the feasibility and success of a hybrid working model, making opportunities like physically working in Florida for a New York-based company possible.
“We don’t have to work on Wall Street,” she said. “We can keep a presence on Wall Street, but we can relocate to an area that we want to be in, that’s low taxes.”
The leasing activity momentum continues into 2024 with the announcement of six lease agreements at the Boca Raton Innovation Campus, or BRiC.
On Jan. 18, the CP Group, the developers behind the revitalization efforts to BRiC, announced in a statement four new tenants and two lease renewals with one expansion.
Those six tenants are: Engineering Express, a structural engineering firm; Hollywood.com, an entertainment company; LandAirSea (LAS), a GPS tracking system manufacturer; MODE Architects, a full-service architecture and design firm; EdgeMed, a revenue cycle management platform for medical organizations, and Orchid Bay Financial Holdings, an investment firm, which is also renewing its lease.
This is one part of a $100 million project to transform the former IBM facility into an illustrious campus full of contemporary amenities along with residential units, a hotel, restaurants, retail and more.
“We are continuing to see an influx of cutting-edge companies flocking to South Florida in search of flexible, yet turnkey, workspaces to meet the needs of their employees,” said Michael Perrette, general manager for BRiC, in the statement.
BRiC is yet another component of Boca Raton’s growth, which is only projected to progress as other projects such as the Center for Arts and Innovation continue to advance, and people keep taking advantage of recent additions to the city, such as the Brightline service.
“We are poised on making ourselves attractive to new investment and we engage our community stakeholders in conversations,” Mayor Singer said. “I think employers want to see a city like ours poised on what’s ahead for the next century.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-02-07 12:05:152024-02-07 12:05:15Boca Attracting Some Of The Highest Office Leasing Activity
Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt and Vice President Brian Batchelder represented the Seller, Federal Tower, Inc., in the sale of Federal Tower, located at 1600 South Federal Highway in Pompano Beach.
Buyer Vera Fund, LLC paid $12,750,000 for the 68,711-square-foot office building, equating to nearly $186 per square foot. The buyer was represented by Nick Polyushkin, CEO and Founder of Vera Realty.
The transaction closed January 24.
Built in 1976, the iconic blue glass building is a highly prominent, 11-story Class B office building situated on 2.3 acres, with a strong history of high occupancy with long term tenants. It is located on the southern border of Pompano Beach and northern border of Fort Lauderdale within close proximity to two major hospitals – Imperial Point Hospital and Holy Cross Medical Center – and to upscale residential neighborhoods of Bay Colony and Imperial Point.
The Buyer plans to renovate the building and attract additional medical and small office tenants. There is also potential for long term redevelopment of the entire site.
“Well-located office buildings with a larger percentage of medical-related tenants continue to be a favorite asset class,” explained Hyatt. “For obvious reasons, medical real estate has not been impacted by the post Covid- work-from-home trend that has negatively affected other office assets.”
This is the third property that Hyatt and Batchelder have sold on behalf of this client.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-01-30 09:14:512024-01-30 09:14:51Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000
Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach
/in Done Deals, News/by SFOBA STAFFDycom Industries has signed a 40,000-square-foot lease to move its headquarters to the 300 Banyan office project in Downtown West Palm Beach.
The top two stories of the 12-story building will be occupied by Dycom, a company that contracts with telecom companies, according to developers Wheelock Street Capital and Brand Atlantic Real Estate Partners. The asking rent is $110 per square foot.
Situated at 300 Banyan Boulevard, the project will have six stories with about 120,000 square feet of leasable office space and three levels of parking.
Dycom Industries will relocate its headquarters from Palm Beach Gardens. Its new lease brings 300 Banyan to 50 percent pre-leased.
Wheelock Street Capital and Brand Atlantic Real Estate Partners obtained a $87 million construction loan from Acore Capital in 2022. The project is expected to be completed in April.
Derek Baker of Colliers represented the tenant, while Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord.
The 300 Banyan office building is part of the larger Banyan & Olive mixed-use development, which also features a historic building at 111 North Olive Avenue. Over two years ago, the joint venture completed a gut renovation of the three-story building, designed by famed architect John Volk, which now functions as a mixed-use property.
Source: Commercial Observer
Palm Beach County Businesses Holding On CRE Footprints: Survey
/in News, Trends/by SFOBA STAFFMore than a quarter of executives of businesses in Palm Beach County expect to expand their commercial real estate footprints this year, according to a survey released Thursday.
Now for the 700,000-square-foot question: Will that demand, combined with a continued inflow of out-of-state companies and workers, be enough to fill all the new office space going up in Downtown West Palm Beach?
The Business Development Board of Palm Beach County, a public-private economic development organization, and financial services firm Kaufman Rossin polled 544 CEOs, business owners and executives.
Fully 65 percent of respondents said they’ll keep their current commercial real estate footprints in 2024, while 29 percent said they will lease or buy additional space. Just 6 percent expect to pull back on their real estate occupancy.
The trends around employee counts look even more optimistic. Some 55 percent of respondents said they plan to expand their payrolls in 2024, while 40 percent say they’ll maintain their current staffing counts. Just 5 percent anticipated reductions in headcounts.
South Florida’s job growth has helped keep the region’s office market from following the rest of the nation into distress territory. Office vacancy in Palm Beach County was 11.6 percent at the end of 2023, and rents are rising, according to Cushman & Wakefield. (By contrast, Manhattan’s overall office vacancy rate was 22.8 percent at year’s end, the brokerage reported.)
Palm Beach County’s overall asking rents rose to $46.21 per square foot, up 5.9 percent from a year earlier, Cushman & Wakefield reported. Class A rents rose 4.2 percent to $52.43. Class B product recorded a 5 percent annual increase, closing out the year at an average asking rent of $41.12 per foot.
Downtown rents jumped 11.5 percent in 2023, to $64.90 per square foot. Class A space in the submarket recorded a 14 percent increase during the same period, up to $77.27.
Amid the burgeoning demand, Related Companies has embarked on an office building spree. The completions of 300 Banyan and One Flagler will bring 215,000 square feet of new office space to Downtown West Palm Beach, and an additional 585,000 square feet are under construction in the submarket, Cushman & Wakefield said.
However, despite the job growth, Palm Beach County employers also don’t expect a mass return to offices. According to the survey, 68.2 percent of respondents work fully on site now, and 67.4 percent expect that situation to hold in two years. Meanwhile, 13.5 percent of Palm Beach County employers say they’re now fully remote, and 14.2 percent expect to be working entirely outside their offices in two years.
Since the pandemic, the in-migration of jobs and employers to South Florida has offset the trend toward working from home.
“There has been a transformation over the past five years with the buildup of industry and influx of business and population,” Rick Slater, Kaufman Rossin’s managing principal for Palm Beach and Broward counties, said in a statement.
Growth comes with some downsides, too, including traffic congestion and soaring housing costs, both cited as challenges by respondents to the survey.
Source: Commercial Observer
Stream Realty Partners Facilitates Premier Lease Renewal For Long-Time Client In Downtown Fort Lauderdale
/in Done Deals, News/by SFOBA STAFFStream Realty Partners represented Gunster, a full-service corporate law firm, in the renewal of its corporate office lease at Las Olas Centre, located in the heart of Downtown Fort Lauderdale.
The 11-year lease renewal encompasses approximately 22,000 square feet of office space, further solidifying Gunster’s commitment to the Fort Lauderdale market and its legacy building. Las Olas Centre, located at 450 E. Las Olas Boulevard, offers unparalleled access to abundant amenities and represents a cornerstone of the Downtown Fort Lauderdale submarket.
Stream Executive Managing Director Greg Katz and Senior Vice President Carlyle Coffin facilitated the transaction on behalf of the tenant. Tim Talbot and Andy Ackerman of Comreal represented the building owner, DWS.
REPORT: Renewals Dominate List Of Top 100 Office Leases
/in News, Trends/by SFOBA STAFFExisting office leases are being renewed at high rates and new leases are mostly going to Class A or Class A+ space, according to a new report from CBRE that analyzes the top 100 lease signings in 2023.
CBRE’s report showed that 58% of those leases – by number and by square footage – were renewals of expiring leases for the same space.
As for the flight to quality, 84% of new leases sought those accommodations.
The average lease size is down 12% from a year ago and government buildings had the most presence on the list with 19, topping last year’s highest category, finance & insurance, which accounted for 13 of the top leases. Technology had 11 and legal had 10.
He said another dominant trend was “containing costs amid an uncertain economic outlook.”
The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”
The Northeast and Pacific regions accounted for most of the top 100 leases by total square footage, according to CBRE. Manhattan, Silicon Valley, and New Jersey had a combined share of 41%.
The six largest shares of the top 100 by square footage were claimed by coastal markets, including Manhattan.
Source: GlobeSt.
Boca Attracting Some Of The Highest Office Leasing Activity
/in Done Deals, News, Trends/by SFOBA STAFFBoca Raton’s office leasing activity led the way in South Florida in 2022 and 2023, surpassing some more populous cities in the tricounty area, according to a recent analysis. It’s yet another indicator of the city’s growth — as well as the demand for office space across the region in a remote-working era.
Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data compiled by the city’s Office of Economic Development and originating from Colliers 2023 Quarterly Office Reports.
Del Vecchio believes the surge of leasing activity began as the world began to emerge out of COVID-19 constraints. The pandemic triggered heightened interest in South Florida in general, she said, which has especially flourished in Boca Raton.
Boca Raton has a “built-in workforce,” Del Vecchio said, a product of the universities dotting the area, namely Florida Atlantic University, Lynn University and Palm Beach State College.
The COVID-19 pandemic also proved the feasibility and success of a hybrid working model, making opportunities like physically working in Florida for a New York-based company possible.
The leasing activity momentum continues into 2024 with the announcement of six lease agreements at the Boca Raton Innovation Campus, or BRiC.
On Jan. 18, the CP Group, the developers behind the revitalization efforts to BRiC, announced in a statement four new tenants and two lease renewals with one expansion.
Those six tenants are: Engineering Express, a structural engineering firm; Hollywood.com, an entertainment company; LandAirSea (LAS), a GPS tracking system manufacturer; MODE Architects, a full-service architecture and design firm; EdgeMed, a revenue cycle management platform for medical organizations, and Orchid Bay Financial Holdings, an investment firm, which is also renewing its lease.
This is one part of a $100 million project to transform the former IBM facility into an illustrious campus full of contemporary amenities along with residential units, a hotel, restaurants, retail and more.
BRiC is yet another component of Boca Raton’s growth, which is only projected to progress as other projects such as the Center for Arts and Innovation continue to advance, and people keep taking advantage of recent additions to the city, such as the Brightline service.
Source: SunSentinel
Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000
/in Done Deals, News/by SFOBA STAFFBerger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt and Vice President Brian Batchelder represented the Seller, Federal Tower, Inc., in the sale of Federal Tower, located at 1600 South Federal Highway in Pompano Beach.
Buyer Vera Fund, LLC paid $12,750,000 for the 68,711-square-foot office building, equating to nearly $186 per square foot. The buyer was represented by Nick Polyushkin, CEO and Founder of Vera Realty.
The transaction closed January 24.
Built in 1976, the iconic blue glass building is a highly prominent, 11-story Class B office building situated on 2.3 acres, with a strong history of high occupancy with long term tenants. It is located on the southern border of Pompano Beach and northern border of Fort Lauderdale within close proximity to two major hospitals – Imperial Point Hospital and Holy Cross Medical Center – and to upscale residential neighborhoods of Bay Colony and Imperial Point.
The Buyer plans to renovate the building and attract additional medical and small office tenants. There is also potential for long term redevelopment of the entire site.
This is the third property that Hyatt and Batchelder have sold on behalf of this client.