Cushman & Wakefield has negotiated the sale and financing of 1700 Palm Beach Lakes, a ±113,964-square-foot, Class A office building in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Michael Ciadella, with significant support from Cushman & Wakefield agency leasing specialist Anthony Librizzi, negotiated the sale on behalf of 1700 PBL LLC, an affiliate of Miami-based Breakers Capital.
Hackensack, New Jersey-based Capstone acquired the building for $19.35 million, or about $170 per square foot.
Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance group assisted the purchaser in securing an $18.4 million acquisition loan from Blue Vista Finance on behalf of Capstone.
1700 Palm Beach Lakes is an 11-story office tower developed in 1988 on a ±1.24-acre site at 1700 Palm Beach Lakes Boulevard. The property features structured parking, a covered entrance and premium interior finishes, providing a true Class A experience.
Ownership recently completed a capital investment program valued at nearly $2 million that included a complete elevator modernization, complete lobby and garage restorations and a full-building generator replacement.
1700 Palm Beach Lakes’ location along the Palm Beach Lakes Boulevard corridor offers tremendous connectivity to greater West Palm Beach and the central business district (CBD) via the adjacent Interstate 95 interchange, North Congress Avenue and North Australian Avenue. The property is positioned to capitalize on the corridor’s recent transformation, marked by the development of the Palm Beach Outlets and the Hilton Garden Inn West Palm Beach at the Outlets, which serves as Spring Training home for the Houston Astros.
The property was 89.4% occupied at the time of sale. Notable tenants include the Internal Revenue Service (IRS), Valley National Bank, Uniters North America and Comcast Spotlight. The IRS will vacate more than ±32,000 square feet in 3Q 2019, dropping occupancy to 61.1% and creating a tremendous value-add opportunity for new ownership.
“The IRS’ departure actually creates an exceptional value-add opportunity to update a significant swath of older space in the building, bringing it more in line with the needs of modern, smaller tenants which are prevalent in this submarket,” said O’Donnell. “The building is a best-in-class asset and offers Capstone upside potential given the ideal combination of positive market fundamentals, rapid nearby development and potential for a complete property rebranding in one of South Florida’s most exciting cities.”
Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.
The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.
In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.
NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.
Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.
A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.
“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”
In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.
Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2019-08-04 23:27:092019-08-04 23:27:09NKF Brokers Three Office Deals Totaling More Than 98,000 SF
The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Radice Corporate Center in Broward County.
Radice Corporate Center is a 353,975-square-foot, three-building, Class A office campus in the Cypress Creek office submarket. The office park comprises Radice Corporate Center I at 600 Corporate Drive, Radice Corporate Center II at 800 Corporate Drive and Radice Corporate Center III at 1000 Corporate Drive.
Radice Corporate Center I is a six-story, 102,350-square-foot building featuring 18,000-square-foot floor sizes and renovated common areas and bathrooms. The building was constructed on the ±4.0-acre site in 1984.
Radice Corporate Center II is a seven-story, 122,625-square-foot building developed in 1986 on a ±6.7-acre site. The asset offers 18,000-square-foot floor plates, renovated common areas and bathrooms, new elevators, a new HVAC system and an on-site café.
Radice Corporate Center III is a seven-story, 129,000-square-foot building developed in 1987 on a ±6.3-acre site. The building features 18,400-square-foot floor plates, an atrium lobby with marble accents and floor-to-ceiling windows. Ownership acquired Radice Corporate Center III earlier this year, securing possession of all three buildings.
Each building at Radice Corporate Center offers Category 5 or T–1 networking, generous surface parking ratios (4.0 spaces/1,000 square feet), canopied parking, on-site property management and roaming 24/7 security.
Radice Corporate Center is situated in a park-like setting adjacent to The Westin Fort Lauderdale and a ±5.5-acre nature preserve and a jogging trail. This location in Cypress Creek offers exceptional visibility from Interstate 95, easy access to all major South Florida thoroughfares and is just minutes from Fort Lauderdale/Hollywood International Airport.
The campus is currently 87.0% leased. Notable tenants include Charter Schools, Mass Mutual, Arizona College, Litchfield Cavo, TekPartners, Aerotek Staffing and Marsh & McLennan along with many other exceptional companies.
Ownership plans significant capital improvements at Radice Corporate Center, including updated landscaping, improved parking, café upgrades and enhanced corporate branding and signage.
“With ownership’s acquisition of Radice Corporate Center III, the entire park is now back under the control of a single entity for the first time since it was developed by Robert Radice in the eighties,” said Criddle. “Owning all three buildings not only provides operational efficiencies, but it offers our tenants the opportunity to grow or contract their office needs under the same ownership group.”
“The need for office space in Broward County continues to be spurred by solid economic growth and job creation,” added Freitas. “With limited new office construction outside the Fort Lauderdale CBD, Radice Corporate Center is well-positioned to capitalize on this increase in demand.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2019-07-22 03:17:562019-07-22 03:17:56Cushman & Wakefield To Lease Radice Corporate Center
Colliers International South Florida has brokered a 10,610-square-foot office lease with Nightingale at 7800 Congress Centre.
Nightingale, an RN staffing agency, signed an 89-month lease in excess of $2.1 million. The agency is relocating from 6401 Congress Avenue where it occupied 16,455 square feet of space, which was spread out over 5 separate non-contiguous suites on two floors.
Colliers International South Florida’s Executive Managing Director Bob Schneiderman represented the tenant in the transaction and has served as the exclusive tenant representative for Nightingale for more than 12 years.
“When this space became available, it was an opportunity for Nightingale to relocate into one contiguous suite in a more modern building,” said Schneiderman. “There were less than 10 projects with enough space in Nightingale’s price range and geographic preference in this very tight office market. I understood their requirements and was able to help save them both time and money during the process.”
The transaction closed June 24.
Schneiderman added that with the market tightening, complex deals are taking longer to complete. According to Colliers’ research, the market has experienced a 20-percent decrease in the vacancy rate for Class B office space from the second quarter of 2018 to the second quarter of 2019. Additionally, rental rates for such properties have increased nearly 7 percent over that same time period.
“We are thrilled to be moving to our new home at 7800 Congress Centre,” said Mike List, Chief Operating Officer of Nightingale. “Bob Schneiderman from Colliers, who has been our exclusive broker since 2004, provided superb service and achieved excellent results for us in getting our lease transaction finalized.”
The new space will allow Nightingale, which has about 50 employees, to expand efficiently and create new jobs over time.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2019-07-15 02:10:042019-07-15 02:10:04Colliers International Brokers $2.1M, 10,000 SF Lease In Boca
Crocker Partners and Greenfield Partners sold the Northbridge Centre in downtown West Palm Beach for $98 million, marking one of the largest office sales in the city’s history.
The partnership sold the 294,000-square-foot Class A office tower for $333 per square foot to Chicago-based Vanderbilt Office Properties and New York-based C-III Capital Partners, records show. The property is located at 515 North Flagler Drive.
The building is known to locals as the “Darth Vader building” because of its dark windows.
CBRE’s Chris Lee and Jose Lobon brokered the sale.
Brett Reese of Crocker Partners said that when the partners purchased the building rents averaged about $20 per square foot, but rents now range up to $42 per square foot due to the renovations. Reese said he’s also seen a change in the tenant mix as West Palm Beach has evolved to become more of a destination for investment managers and private equity firms.
“Since we renovated, we brought in over 10 new family offices and private equity [firms] to the building,” Reese said. “Historically it has been a building where lawyers have gravitated to given its proximity to the courthouse. It’s now changed. We are seeing more financial services.”
Stiles announced that Joseph Jarkesy has joined the team as a Vice President in Stiles Realty, a division of the full-service commercial real estate firm, Stiles.
With more than 15 years of commercial real estate experience, Jarkesy will focus on landlord and tenant representation of office and retail space as well as owner representation in the acquisition, holding, and disposition of their real estate assets.
Previously, Jarkesy was with The Fitzgerald Group, where he specialized in landlord representation of office buildings in the Fort Lauderdale area. He brokered more than $40 million in commercial real estate transactions over the last five years.
“Joe is a knowledgeable professional who brings a wealth of commercial real estate experience to our team,” said Paul Marko, president of Stiles Realty. “His legacy of success with retail and office leasing as well as owner representation will be a great asset to the Stiles Realty team.”
Jarkesy has completed all the courses to sit for the CCIM designation test in the fall of 2019 and is a member of the South Florida Office Brokers Association (SFOBA). He earned a Bachelor of Science in Real Estate and Finance and a certificate in Urban and Regional Planning from Florida State University.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2019-06-30 20:58:452019-06-30 20:58:45Stiles Realty Adds Industry Veteran To South Florida Team
Another WPB Office Tower Trades
/in Done Deals, News/by SFOBA STAFFCushman & Wakefield has negotiated the sale and financing of 1700 Palm Beach Lakes, a ±113,964-square-foot, Class A office building in Palm Beach County.
The Cushman & Wakefield Capital Markets team of Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar and Michael Ciadella, with significant support from Cushman & Wakefield agency leasing specialist Anthony Librizzi, negotiated the sale on behalf of 1700 PBL LLC, an affiliate of Miami-based Breakers Capital.
Hackensack, New Jersey-based Capstone acquired the building for $19.35 million, or about $170 per square foot.
Jason Hochman of Cushman & Wakefield’s Equity, Debt & Structured Finance group assisted the purchaser in securing an $18.4 million acquisition loan from Blue Vista Finance on behalf of Capstone.
1700 Palm Beach Lakes is an 11-story office tower developed in 1988 on a ±1.24-acre site at 1700 Palm Beach Lakes Boulevard. The property features structured parking, a covered entrance and premium interior finishes, providing a true Class A experience.
Ownership recently completed a capital investment program valued at nearly $2 million that included a complete elevator modernization, complete lobby and garage restorations and a full-building generator replacement.
1700 Palm Beach Lakes’ location along the Palm Beach Lakes Boulevard corridor offers tremendous connectivity to greater West Palm Beach and the central business district (CBD) via the adjacent Interstate 95 interchange, North Congress Avenue and North Australian Avenue. The property is positioned to capitalize on the corridor’s recent transformation, marked by the development of the Palm Beach Outlets and the Hilton Garden Inn West Palm Beach at the Outlets, which serves as Spring Training home for the Houston Astros.
The property was 89.4% occupied at the time of sale. Notable tenants include the Internal Revenue Service (IRS), Valley National Bank, Uniters North America and Comcast Spotlight. The IRS will vacate more than ±32,000 square feet in 3Q 2019, dropping occupancy to 61.1% and creating a tremendous value-add opportunity for new ownership.
NKF Brokers Three Office Deals Totaling More Than 98,000 SF
/in Done Deals, News/by SFOBA STAFFNewmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.
The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.
In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.
NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.
Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.
A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.
In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.
Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.
Cushman & Wakefield To Lease Radice Corporate Center
/in Done Deals, News/by SFOBA STAFFThe Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Radice Corporate Center in Broward County.
Radice Corporate Center is a 353,975-square-foot, three-building, Class A office campus in the Cypress Creek office submarket. The office park comprises Radice Corporate Center I at 600 Corporate Drive, Radice Corporate Center II at 800 Corporate Drive and Radice Corporate Center III at 1000 Corporate Drive.
Radice Corporate Center I is a six-story, 102,350-square-foot building featuring 18,000-square-foot floor sizes and renovated common areas and bathrooms. The building was constructed on the ±4.0-acre site in 1984.
Radice Corporate Center II is a seven-story, 122,625-square-foot building developed in 1986 on a ±6.7-acre site. The asset offers 18,000-square-foot floor plates, renovated common areas and bathrooms, new elevators, a new HVAC system and an on-site café.
Radice Corporate Center III is a seven-story, 129,000-square-foot building developed in 1987 on a ±6.3-acre site. The building features 18,400-square-foot floor plates, an atrium lobby with marble accents and floor-to-ceiling windows. Ownership acquired Radice Corporate Center III earlier this year, securing possession of all three buildings.
Each building at Radice Corporate Center offers Category 5 or T–1 networking, generous surface parking ratios (4.0 spaces/1,000 square feet), canopied parking, on-site property management and roaming 24/7 security.
Radice Corporate Center is situated in a park-like setting adjacent to The Westin Fort Lauderdale and a ±5.5-acre nature preserve and a jogging trail. This location in Cypress Creek offers exceptional visibility from Interstate 95, easy access to all major South Florida thoroughfares and is just minutes from Fort Lauderdale/Hollywood International Airport.
The campus is currently 87.0% leased. Notable tenants include Charter Schools, Mass Mutual, Arizona College, Litchfield Cavo, TekPartners, Aerotek Staffing and Marsh & McLennan along with many other exceptional companies.
Ownership plans significant capital improvements at Radice Corporate Center, including updated landscaping, improved parking, café upgrades and enhanced corporate branding and signage.
Colliers International Brokers $2.1M, 10,000 SF Lease In Boca
/in Done Deals, News/by SFOBA STAFFColliers International South Florida has brokered a 10,610-square-foot office lease with Nightingale at 7800 Congress Centre.
Nightingale, an RN staffing agency, signed an 89-month lease in excess of $2.1 million. The agency is relocating from 6401 Congress Avenue where it occupied 16,455 square feet of space, which was spread out over 5 separate non-contiguous suites on two floors.
Colliers International South Florida’s Executive Managing Director Bob Schneiderman represented the tenant in the transaction and has served as the exclusive tenant representative for Nightingale for more than 12 years.
The transaction closed June 24.
Schneiderman added that with the market tightening, complex deals are taking longer to complete. According to Colliers’ research, the market has experienced a 20-percent decrease in the vacancy rate for Class B office space from the second quarter of 2018 to the second quarter of 2019. Additionally, rental rates for such properties have increased nearly 7 percent over that same time period.
The new space will allow Nightingale, which has about 50 employees, to expand efficiently and create new jobs over time.
West Palm Office Building Fetches $98 Million
/in Done Deals, News/by SFOBA STAFFCrocker Partners and Greenfield Partners sold the Northbridge Centre in downtown West Palm Beach for $98 million, marking one of the largest office sales in the city’s history.
The partnership sold the 294,000-square-foot Class A office tower for $333 per square foot to Chicago-based Vanderbilt Office Properties and New York-based C-III Capital Partners, records show. The property is located at 515 North Flagler Drive.
Boca Raton-based Crocker Partners bought the office property in a joint venture with Westport, Connecticut-based Greenfield Partners for $68 million in 2016. The joint venture then spent $15 million on renovations, including adding a new conference center, a cafe and a barista bar as well as upgrading the common areas and lobby.
The building is known to locals as the “Darth Vader building” because of its dark windows.
CBRE’s Chris Lee and Jose Lobon brokered the sale.
Brett Reese of Crocker Partners said that when the partners purchased the building rents averaged about $20 per square foot, but rents now range up to $42 per square foot due to the renovations. Reese said he’s also seen a change in the tenant mix as West Palm Beach has evolved to become more of a destination for investment managers and private equity firms.
Source: The Real Deal
Stiles Realty Adds Industry Veteran To South Florida Team
/in News/by SFOBA STAFFStiles announced that Joseph Jarkesy has joined the team as a Vice President in Stiles Realty, a division of the full-service commercial real estate firm, Stiles.
With more than 15 years of commercial real estate experience, Jarkesy will focus on landlord and tenant representation of office and retail space as well as owner representation in the acquisition, holding, and disposition of their real estate assets.
Previously, Jarkesy was with The Fitzgerald Group, where he specialized in landlord representation of office buildings in the Fort Lauderdale area. He brokered more than $40 million in commercial real estate transactions over the last five years.
Jarkesy has completed all the courses to sit for the CCIM designation test in the fall of 2019 and is a member of the South Florida Office Brokers Association (SFOBA). He earned a Bachelor of Science in Real Estate and Finance and a certificate in Urban and Regional Planning from Florida State University.