A 400,000-square-foot office building could be developed in downtown West Palm Beach if New York-based Cohen Brothers Realty obtains approval to lease a municipal site.
On April 20, the city’s Community Redevelopment Agency will consider approving a lease with the developer, led by Charles S. Cohen, for the 2.4-acre property at 801 S. Dixie Highway. It’s often called the “tent site” because the CRA has set up tents there for special events.
The process began May 2019 when the CRA accepted a letter of intent from Cohen Brothers Realty to start negotiations. The terms of the deal are now hammered out.
The proposed contract says the developer would build at least 400,000 square feet of Class A office space, up to 1,800 parking spaces, and retail space. The project must obtain at least silver-level LEED certification for green building practices and have double-sized sidewalks.
Allison Justice, interim director of the CRA, said no preliminary site plans or renderings have been submitted. It would be up to the city commission to approve the development at a later date.
Under the proposed contract, Cohen Brothers Realty would pay $1.03 million in base rent, with payments commencing when the building obtains its certificate of occupancy. The 49-year lease would have two extension options of 25 years each. The rent would be adjusted annually based on the Consumer Price Index. In addition, the rent would be recalculated every 25 years based on a new appraisal.
For the first 10 years of the lease, the developer would have the exclusive right to buy the property from the CRA.
While the cost of the project wasn’t included in the contract, it was written to provide a significant amount of business to local and diverse firms. The development costs must be allocated to small businesses (15%), the local workforce (10%), minority/women-owned business enterprises (5%), and service-disabled veterans businesses (5%).
Charles Cohen couldn’t immediately be reached for comment. He’s working with Pelli Clarke Pelli Architects and attorney Brian M. Seymour.
After a decade of no activity, the office construction market in downtown West Palm Beach is booming. According to the first quarter report from CBRE, there was 683,095 square feet of office space under construction in the city. The bulk of that is in two projects by the Related Cos. and Palm Beach billionaire Jeff Greene. The city had a 14.6% office vacancy rate, with negative absorption of 19,040 square feet in the first quarter.
The timeline submitted with the proposed agreement says approvals would take 18 to 24 months. The developer would have 60 days within obtaining building permit approval to start site work, 90 days after completing site work to start vertical construction, and 36 months to finish construction.
Berger Commercial Realty/CORFAC International has earned the CoStar Power Broker Award for consecutive years in both the overall Top Leasing and Top Sales categories.
CoStar based its analysis on Berger’s overall 2019 transaction volume and measured it against all active brokers in the market.
“We’ve assembled a focused team of South Florida’s very best commercial real estate professionals and the results speak for themselves,” Berger CEO Lloyd Berger remarked. “I’m proud of our people and their determination to deliver results—not only for our clients, but for all parties involved in our sales and leasing transactions. A truly good deal pays dividends for everyone, as well as for the community at large.”
For decades, the CoStar Group, a data/analytics leader in the commercial real estate industry, has bestowed its Power Broker award on commercial real estate professionals and firms in their respective markets that closed the highest transaction volume each year.
On the lease side, Costar calculates deals primarily upon square footage multiplied by the contract rent. On the sales side, winners are calculated based upon sales dollars. Only deals that occurred during the most recent calendar year are considered.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2020-04-13 02:57:282020-04-13 02:57:28Berger Commercial Realty/CORFAC International Repeats CoStar PowerBroker Award Wins In 2019 Sales And Leasing
The Butters Commercial Real Estate Team of JC Conte and Brian T. Ahearn, CCIM has successfully sold the Aspen Office Building in Coral Springs.
The three-story 18,400-square-foot office building sold for $3,000,000 and was approximately 82% leased at the time of closing.
“I am very pleased that Brian and JC found the perfect local buyer who recognized the long term value add opportunity that this unique asset represented. I know this was a win-win for all parties.” said the Seller, Laura Haimes.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2020-04-06 00:19:552020-04-06 00:19:55Butters’ Conte & Ahearn Negotiate Sale Of Coral Springs Office Building
The Cypress Creek Center, among the most desirable buildings in the popular Cypress Creek corporate corridor, was sold for $4.8 million on March 11.
Berger Commercial Realty/CORFAC Senior Vice President Steve Hyatt and Vice President Brian Batchelder represented the seller, Bright Angel, Inc. Previously, Berger Commercial Realty represented the seller in the successful sale of a commercial warehouse property during 2019.
South Florida Innovative Office, LLC, the Cypress Creek Center buyer, intends to take over the building’s leasing and management, as well as renovate the common areas. Built in 1997, the building was remodeled in 2018.
“This is South Florida Innovative Office’s first entry into the Broward office market and they’re looking to acquire more,” Hyatt said. “The Cypress Creek Center has been well-maintained and provides a solid basis for a long-term, stable investment in an established market.”
With 38,707 square feet situated on 1.75 acres with industrial zoning, the three-story Class B building is located at 1000 N.W. 65th St. in Fort Lauderdale centrally between I-95 and Florida’s Turnpike.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2020-03-29 21:27:052020-03-29 21:27:05Berger Commercial Realty Sells Cypress Creek Corporate Corridor Building
Cushman & Wakefield’s John Criddle and Joseph Freitas were named exclusive leasing advisors for ±70,000 square feet of office space in Pebb Capital’s new Sundy Village, a transformative, mixed-use development in Palm Beach County.
Sundy Village is a ±7.0-acre project to be developed in the area surrounding the Sundy House, the oldest house in Delray Beach and current site of a restaurant, boutique inn and botanical garden. The land previously housed the city’s first church, schoolhouse and bank. Portions of the site are listed on the National Register of Historic Places and will be preserved during the development process.
Sundy Village is expected to encompass ±50,000 square feet of dining and retail as well as ±70,000 square feet of Class A office space spread across four buildings. Initial office rental rates are expected to range from $45-$50 NNN.
Located at 20 W. Atlantic Ave., Sundy Village is conveniently situated in downtown Delray Beach and will serve as the premier entrance to the dynamic live-work-play Atlantic Avenue corridor, home to an exceptional array of high-end restaurants, hotels, retail and entertainment options, and within walking distance of the city’s historic and scenic neighborhoods.
“The office space at Sundy Village will accommodate a wide range of tenants in state-of-the-art, energy-efficient buildings offering a unique mix of traditional architecture and modern design with underground parking,” said Criddle. “The asset will be the most unique and exciting fully-amenitized Class A office project in the Atlantic Avenue district.”
Added Freitas, “Sundy Village’s location sets it apart from the rest of its competitors in the market. The project is less than one mile from Interstate 95, offering tenants the city’s best access to the interstate while remaining within walking distance of all that burgeoning downtown Delray Beach has to offer.”
“With leasing positioned to be underway, we’re one step closer to realizing our goal of bringing positive economic impact to this Opportunity Zone asset,” said Todd Rosenberg, co-founder and Managing Principal of Pebb Capital. “Our Class A office product, primely situated at the gateway of downtown Delray Beach, will not only foster connectivity, but provide tenants access to a lifestyle retail experience that is very unique to the area.”
Pebb Capital will break ground on Sundy Village this summer. The entire project will be completed in phases, with the final phase expected to be delivered in 2024. Pebb Capital acquired the distressed property for $40 million in October 2019.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2020-03-23 01:33:042020-03-23 01:33:04Cushman & Wakefield Tapped To Lease New 70,000 SF Office Building In Palm Beach County
Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.
The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.
The acquisition is expected to be completed in the second quarter, according to a press release.
The property last sold for $32.5 million in 2014, records show.
Rents at the property are currently 14.5 percent below market, according to the release.
Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.
JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.
Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2020-03-16 01:44:302020-03-16 01:44:30REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million
West Palm Beach To Consider 400,000-SF Office Tower
/in News/by SFOBA STAFFA 400,000-square-foot office building could be developed in downtown West Palm Beach if New York-based Cohen Brothers Realty obtains approval to lease a municipal site.
On April 20, the city’s Community Redevelopment Agency will consider approving a lease with the developer, led by Charles S. Cohen, for the 2.4-acre property at 801 S. Dixie Highway. It’s often called the “tent site” because the CRA has set up tents there for special events.
The process began May 2019 when the CRA accepted a letter of intent from Cohen Brothers Realty to start negotiations. The terms of the deal are now hammered out.
The proposed contract says the developer would build at least 400,000 square feet of Class A office space, up to 1,800 parking spaces, and retail space. The project must obtain at least silver-level LEED certification for green building practices and have double-sized sidewalks.
Allison Justice, interim director of the CRA, said no preliminary site plans or renderings have been submitted. It would be up to the city commission to approve the development at a later date.
Under the proposed contract, Cohen Brothers Realty would pay $1.03 million in base rent, with payments commencing when the building obtains its certificate of occupancy. The 49-year lease would have two extension options of 25 years each. The rent would be adjusted annually based on the Consumer Price Index. In addition, the rent would be recalculated every 25 years based on a new appraisal.
For the first 10 years of the lease, the developer would have the exclusive right to buy the property from the CRA.
While the cost of the project wasn’t included in the contract, it was written to provide a significant amount of business to local and diverse firms. The development costs must be allocated to small businesses (15%), the local workforce (10%), minority/women-owned business enterprises (5%), and service-disabled veterans businesses (5%).
Charles Cohen couldn’t immediately be reached for comment. He’s working with Pelli Clarke Pelli Architects and attorney Brian M. Seymour.
After a decade of no activity, the office construction market in downtown West Palm Beach is booming. According to the first quarter report from CBRE, there was 683,095 square feet of office space under construction in the city. The bulk of that is in two projects by the Related Cos. and Palm Beach billionaire Jeff Greene. The city had a 14.6% office vacancy rate, with negative absorption of 19,040 square feet in the first quarter.
The timeline submitted with the proposed agreement says approvals would take 18 to 24 months. The developer would have 60 days within obtaining building permit approval to start site work, 90 days after completing site work to start vertical construction, and 36 months to finish construction.
Source: SFBJ
Berger Commercial Realty/CORFAC International Repeats CoStar PowerBroker Award Wins In 2019 Sales And Leasing
/in News/by SFOBA STAFFBerger Commercial Realty/CORFAC International has earned the CoStar Power Broker Award for consecutive years in both the overall Top Leasing and Top Sales categories.
CoStar based its analysis on Berger’s overall 2019 transaction volume and measured it against all active brokers in the market.
For decades, the CoStar Group, a data/analytics leader in the commercial real estate industry, has bestowed its Power Broker award on commercial real estate professionals and firms in their respective markets that closed the highest transaction volume each year.
On the lease side, Costar calculates deals primarily upon square footage multiplied by the contract rent. On the sales side, winners are calculated based upon sales dollars. Only deals that occurred during the most recent calendar year are considered.
Butters’ Conte & Ahearn Negotiate Sale Of Coral Springs Office Building
/in Done Deals, News/by SFOBA STAFFThe Butters Commercial Real Estate Team of JC Conte and Brian T. Ahearn, CCIM has successfully sold the Aspen Office Building in Coral Springs.
The three-story 18,400-square-foot office building sold for $3,000,000 and was approximately 82% leased at the time of closing.
Berger Commercial Realty Sells Cypress Creek Corporate Corridor Building
/in Done Deals, News/by SFOBA STAFFThe Cypress Creek Center, among the most desirable buildings in the popular Cypress Creek corporate corridor, was sold for $4.8 million on March 11.
Berger Commercial Realty/CORFAC Senior Vice President Steve Hyatt and Vice President Brian Batchelder represented the seller, Bright Angel, Inc. Previously, Berger Commercial Realty represented the seller in the successful sale of a commercial warehouse property during 2019.
South Florida Innovative Office, LLC, the Cypress Creek Center buyer, intends to take over the building’s leasing and management, as well as renovate the common areas. Built in 1997, the building was remodeled in 2018.
With 38,707 square feet situated on 1.75 acres with industrial zoning, the three-story Class B building is located at 1000 N.W. 65th St. in Fort Lauderdale centrally between I-95 and Florida’s Turnpike.
Cushman & Wakefield Tapped To Lease New 70,000 SF Office Building In Palm Beach County
/in News/by SFOBA STAFFCushman & Wakefield’s John Criddle and Joseph Freitas were named exclusive leasing advisors for ±70,000 square feet of office space in Pebb Capital’s new Sundy Village, a transformative, mixed-use development in Palm Beach County.
Sundy Village is a ±7.0-acre project to be developed in the area surrounding the Sundy House, the oldest house in Delray Beach and current site of a restaurant, boutique inn and botanical garden. The land previously housed the city’s first church, schoolhouse and bank. Portions of the site are listed on the National Register of Historic Places and will be preserved during the development process.
Sundy Village is expected to encompass ±50,000 square feet of dining and retail as well as ±70,000 square feet of Class A office space spread across four buildings. Initial office rental rates are expected to range from $45-$50 NNN.
Located at 20 W. Atlantic Ave., Sundy Village is conveniently situated in downtown Delray Beach and will serve as the premier entrance to the dynamic live-work-play Atlantic Avenue corridor, home to an exceptional array of high-end restaurants, hotels, retail and entertainment options, and within walking distance of the city’s historic and scenic neighborhoods.
Pebb Capital will break ground on Sundy Village this summer. The entire project will be completed in phases, with the final phase expected to be delivered in 2024. Pebb Capital acquired the distressed property for $40 million in October 2019.
REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million
/in News/by SFOBA STAFFSlate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.
The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.
The acquisition is expected to be completed in the second quarter, according to a press release.
The property last sold for $32.5 million in 2014, records show.
Rents at the property are currently 14.5 percent below market, according to the release.
Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.
JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.
Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.
Source: The Real Deal