Tricera Capital secured a prominent new tenant at its 1675 Midtown office building in Boca Raton.
Wells Fargo signed a lease for approximately 25,000 square feet with options to expand at the building.
The Ben Mandell-led Tricera also kicked off an extensive capital improvements program at the 1675 N. Military Trail property, with Kravit Architecture retained to assist with the upgrades. The building’s lobbies, common corridors, restrooms and building systems will be renovated.
The Wells Fargo lease allows Tricera to seamlessly backfill space to be vacated by Comerica Bank, which is moving out of 1675 Midtown when its lease expires in June 2023.
Tricera Executive Vice President | Head of Office Leasing Dustin Ballard began discussions with Wells Fargo in advance of the firm’s November 2021 acquisition of the building. Wells Fargo had an expiring lease at a nearby property, so 1675 Midtown gives it a premier location for its new Boca Raton corporate office.
“We are thrilled to finalize a lease with Wells Fargo – a flagship tenant for a trophy Boca Raton office building,” Ballard said. “Our team continues to receive substantial interest from potential corporate tenants of all sizes, including new-to-market companies and those with an established presence in Palm Beach County.”
The seven-story 1675 Midtown has approximately 70,000 square feet and ample parking in the four-story podium parking garage. Built in 2008, the building features hurricane resistant windows, heavy back-up power, expansive conference rooms and valet parking.
Tricera is extremely active in Palm Beach County.
The firm is part of a joint venture that owns office building One Clearlake in downtown West Palm Beach. Tricera is also nearing completion of The Press, a transformative mixed-use redevelopment of the former Palm Beach Post campus on West Palm Beach’s South Dixie corridor. The Press includes a fully redesigned and renovated office building occupied by the Post and numerous additional tenants.
“We remain bullish on Palm Beach County’s core markets, especially Boca Raton and downtown West Palm Beach,” Mandell said. “These areas have benefitted greatly from the domestic and corporate migration of the last few years. That activity has not slowed down, and we continue to pursue investment opportunities to address the pent-up demand for quality office and retail space in these markets.”
CBRE’s John Criddle, Joe Freitas and Chris Smith oversee leasing of 1675 Midtown on behalf of Tricera.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-08-14 15:10:242022-08-14 15:10:24Financial Services Giant To Occupy 25,000 Square Feet In Boca With Additional Expansion Rights
Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., completed a substantial refinancing and secured numerous exciting leases at its pioneering mixed-use project – The Press – in West Palm Beach.
The new office leases account for a combined total of more than 68,000 rentable square feet.
The refinancing, which closed on July 29, adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue the buildout of the ±136,000-square-foot Workspaces at the Press and the ±120,000-square-foot Shops at the Press.
Recently signed leases at the Workspaces at the Press include: SROA Capital – a self-storage real estate investment firm that leased ±25,900 square feet, Knotel – the global flexible office platform that leased 18,000 square feet, and Blue Sky Financial – a mortgage brokerage firm that finalized a ±5,200-square-foot lease renewal and relocation within the office building
“We are proud of the successful execution to date,” Tricera Managing Partner and CEO Ben Mandell said. “The product offering will fill a void for high-quality retail and office along the South Dixie corridor. The Tricera team also would like to thank Monroe Capital for its continued belief in our ambitious project.”
Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.
The firm found a way to modernize the asset while still maintaining the site’s integrity; paying homage to an important piece of the city’s history.
The Press also includes a newly constructed Starbucks, which opened in June 2021 and has upscale features and a drive thru.
Other members of the project team include:
Miami-based Red Door Construction, led by Gal Bensaadon
St. Petersburg-based Storyn Studio for Architecture, led by Everald Colas
St. Petersburg-based Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-08-07 16:55:402022-08-07 16:55:40Tricera Capital Signs Nearly 50,000 SF Of Office Leases At The Press
Cushman & Wakefield arranged a new five-year, 8,900-square-foot lease at Headway Office Park for Conversion Media Group LLC, a multi-channel, performance based, lead generation and call center services agency.
Cushman & Wakefield’s Donna Korn and Beau Ladwig represented the landlord, YMP Real Estate Management, in the lease negotiations. Matt Avelar of Warehouse Realty represented Conversion Media Group.
“The addition of Conversion Media Group, at Headway Office Park, demonstrates the increased market activity, and specifically the surge of growth in technology-related businesses,” said Korn, Managing Director at Cushman & Wakefield.
Conversion Media Group joins as the newest tenant at Headway Office Park and will occupy space at the office park’s 4410 N State Rd. 7 building. The three-story building lies within Headway Office Park with a total of 131,463 sf. It offers spec suites and up to 38,000 sf in contiguous office space, an on-site gym, the option for exterior building signage, and an ideal location with immediate access to Florida’s Turnpike.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-08-01 19:59:252022-08-01 19:59:25Cushman & Wakefield Arranges New 8,900-SF Office Lease At Headway Office Park
Jaime Sturgis, CEO of Native Realty, just closed his second big off-market Fort Lauderdale investment sales transaction in the past week. On July 20, Sturgis represented both sides of the $10 million sale of a Flagler Village office building.
Charlotte-based real estate investment company Asana Partners purchased the 707 NE Third Ave. property, which includes an 18,251-square-foot office building, adjacent 6,520-square-foot warehouse and surface parking lot. Telecom Building Corp. is the seller.
“With two off-market closings totaling $27.5 million, the past week has been a showcase for Native’s creative dealmaking abilities,” Sturgis said. “The buyer has been actively targeting opportunities in Flagler Village. We were able to identify a well-located office building that strengthens its footprint in the neighborhood.”
In January, Asana made its initial foray into Flagler Village by acquiring The Hive and Flagler Uptown retail and office buildings.
Native recently relocated its corporate headquarters to a new Fort Lauderdale office that is double the size of its previous headquarters. The 4,000-square-foot office is located at 1926 E. Sunrise Blvd. in the city’s Victoria Park neighborhood.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-07-24 19:02:042022-07-24 19:02:04Jaime Sturgis Brokers $10 Million Off-Market Sale Of Flagler Village Office Building To Prominent Investor
Office deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal.
Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession.
“New office requests have been tempered a little bit,” Rubin said.
It’s a national trend that seems to have just arrived in South Florida, where quality office space is in limited supply. Nevertheless, there has been “a little bit of a pause” locally, he said.
“This started right before the summer with interest rates,” Rubin said. “The cost of capital went up. I don’t think there’s a significant slowdown. I think there has been a lot more reflection and readjustment.”
He’s optimistic that there will be a “little more action” after Labor Day.
“We are anticipating a strong fourth quarter in the form of sales and leasing,” Rubin said.
South Florida’s commercial market has benefitted from the migration of wealthy individuals to the region from other states. This trend accelerated during the height of the pandemic due to the regions decent weather, absence of Covid-19 regulations, and lack of a state income tax. In the office sector, rents have increased in all three counties as more out-of-state companies seek to open satellite branches in the region.
Kevin Gonzalez, senior managing director of Miami’s Colliers office, said that the Miami-Dade office market is benefitting most as out-of-state companies expand to Miami.
“The Citadel news will continue to feed the momentum that we have already been seeing,” Gonzalez said, referring to the news that billionaire Ken Griffin will move the headquarters of his Citadel companies from Chicago to the Magic City.
That’s clear in the rents office landlords are asking from tenants.
In Broward County, average asking rents were $37.06 a square foot in the second quarter, a 7.5% increase from the previous year, and a 21.5% hike from 2019. Broward’s vacancy fell by one percentage point in the span of a year to 11.7%, but it was still higher than the pre-pandemic vacancy rate of 9.4%.
Jonathan Kingsley, executive VP of Colliers’ Fort Lauderdale office, said there was robust leasing activity in the second quarter for most of Broward.
However, several call centers in the Southwest Broward and Sawgrass Park area shrank their offices or closed down entirely as they either moved employees overseas or had them work remotely, Kingsley said. In those areas, vacancy rates climbed as high as 18.3%, according to Colliers’ figures.
in Palm Beach County, the second quarter vacancy rate of 9.1% was actually lower than before the pandemic. In the second quarter of 2019, 9.6% of Palm Beach County’s office space stood empty. The average asking rents of $39.24 in the second quarter were 9.1% higher than last year, and 22% higher than rents requested in 2019.
Rubin said that vacancies in Palm Beach County are limited to older buildings. The newer buildings, mainly in downtown West Palm Beach, are targeting companies from New York and California that “are used to paying $75 to almost $100 triple net rates.”
That’s caused other office tenants to explore suburban markets outside of downtown West Palm Beach, where rents are comparatively cheaper. But those rents are generally going up as well, Rubin said.
“We got strong demand. We got limited new supply and that’s obviously pushing rental rates significantly across the board,” Rubin said.
PEBB Enterprises, in partnership with Contrarian Capital Management, has acquired the Meridian Office Center in Boca Raton. The joint venture purchased the 11.14-acre property within The Park at Broken Sound for $29.85 million. The purchase marks PEBB’s third acquisition in the prestigious business park.
The 131,680-square-foot property consists of two single-tenant net leased buildings. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Boulevard, and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Boulevard.
The transaction closed on June 30. Professional Bank handled the financing for the purchase and Christian Lee, Jose Antonio Lobon and Marcos Minaya from CBRE represented the seller in the transaction.
“Our team is constantly looking for opportunities to expand our South Florida portfolio, especially in the thriving Boca Raton office market,” PEBB President and CEO Ian Weiner said. “We have always had great interest in properties located within The Park at Broken Sound and we are excited to be able to grow our footprint in the area.”
The Park at Broken Sound is a 700-acre mixed-use business park conveniently located directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station and has easy access to lifestyle, entertainment and recreation centers nearby.
PEBB Enterprises also owns the 5900 Broken Sound building leased to Infinity Sales Group, and the ADT Building, which is home to the security giant’s corporate headquarters. Both buildings are in The Park at Broken Sound.
Over the last year, PEBB has been extremely active in the Boca Raton office market with acquisitions of the 308,305-square-foot Research Park at Florida Atlantic University and the 61,188-square-foot Eighteen Zero One Building located on North Military Trail.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2022-07-10 17:55:042022-07-10 17:55:04PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner
Financial Services Giant To Occupy 25,000 Square Feet In Boca With Additional Expansion Rights
/in Done Deals, News/by adminTricera Capital secured a prominent new tenant at its 1675 Midtown office building in Boca Raton.
Wells Fargo signed a lease for approximately 25,000 square feet with options to expand at the building.
The Ben Mandell-led Tricera also kicked off an extensive capital improvements program at the 1675 N. Military Trail property, with Kravit Architecture retained to assist with the upgrades. The building’s lobbies, common corridors, restrooms and building systems will be renovated.
The Wells Fargo lease allows Tricera to seamlessly backfill space to be vacated by Comerica Bank, which is moving out of 1675 Midtown when its lease expires in June 2023.
Tricera Executive Vice President | Head of Office Leasing Dustin Ballard began discussions with Wells Fargo in advance of the firm’s November 2021 acquisition of the building. Wells Fargo had an expiring lease at a nearby property, so 1675 Midtown gives it a premier location for its new Boca Raton corporate office.
The seven-story 1675 Midtown has approximately 70,000 square feet and ample parking in the four-story podium parking garage. Built in 2008, the building features hurricane resistant windows, heavy back-up power, expansive conference rooms and valet parking.
Tricera is extremely active in Palm Beach County.
The firm is part of a joint venture that owns office building One Clearlake in downtown West Palm Beach. Tricera is also nearing completion of The Press, a transformative mixed-use redevelopment of the former Palm Beach Post campus on West Palm Beach’s South Dixie corridor. The Press includes a fully redesigned and renovated office building occupied by the Post and numerous additional tenants.
CBRE’s John Criddle, Joe Freitas and Chris Smith oversee leasing of 1675 Midtown on behalf of Tricera.
Tricera Capital Signs Nearly 50,000 SF Of Office Leases At The Press
/in Done Deals, News/by adminTricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., completed a substantial refinancing and secured numerous exciting leases at its pioneering mixed-use project – The Press – in West Palm Beach.
The new office leases account for a combined total of more than 68,000 rentable square feet.
The refinancing, which closed on July 29, adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue the buildout of the ±136,000-square-foot Workspaces at the Press and the ±120,000-square-foot Shops at the Press.
Recently signed leases at the Workspaces at the Press include: SROA Capital – a self-storage real estate investment firm that leased ±25,900 square feet, Knotel – the global flexible office platform that leased 18,000 square feet, and Blue Sky Financial – a mortgage brokerage firm that finalized a ±5,200-square-foot lease renewal and relocation within the office building
Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.
The firm found a way to modernize the asset while still maintaining the site’s integrity; paying homage to an important piece of the city’s history.
The Press also includes a newly constructed Starbucks, which opened in June 2021 and has upscale features and a drive thru.
Other members of the project team include:
Cushman & Wakefield Arranges New 8,900-SF Office Lease At Headway Office Park
/in Done Deals, News/by adminCushman & Wakefield arranged a new five-year, 8,900-square-foot lease at Headway Office Park for Conversion Media Group LLC, a multi-channel, performance based, lead generation and call center services agency.
Cushman & Wakefield’s Donna Korn and Beau Ladwig represented the landlord, YMP Real Estate Management, in the lease negotiations. Matt Avelar of Warehouse Realty represented Conversion Media Group.
Conversion Media Group joins as the newest tenant at Headway Office Park and will occupy space at the office park’s 4410 N State Rd. 7 building. The three-story building lies within Headway Office Park with a total of 131,463 sf. It offers spec suites and up to 38,000 sf in contiguous office space, an on-site gym, the option for exterior building signage, and an ideal location with immediate access to Florida’s Turnpike.
Jaime Sturgis Brokers $10 Million Off-Market Sale Of Flagler Village Office Building To Prominent Investor
/in Done Deals, News/by adminJaime Sturgis, CEO of Native Realty, just closed his second big off-market Fort Lauderdale investment sales transaction in the past week. On July 20, Sturgis represented both sides of the $10 million sale of a Flagler Village office building.
Charlotte-based real estate investment company Asana Partners purchased the 707 NE Third Ave. property, which includes an 18,251-square-foot office building, adjacent 6,520-square-foot warehouse and surface parking lot. Telecom Building Corp. is the seller.
In January, Asana made its initial foray into Flagler Village by acquiring The Hive and Flagler Uptown retail and office buildings.
Native recently relocated its corporate headquarters to a new Fort Lauderdale office that is double the size of its previous headquarters. The 4,000-square-foot office is located at 1926 E. Sunrise Blvd. in the city’s Victoria Park neighborhood.
Recession Threatens To Slow South Florida’s Booming Office Market
/in News, Trends/by adminOffice deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal.
Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession.
It’s a national trend that seems to have just arrived in South Florida, where quality office space is in limited supply. Nevertheless, there has been “a little bit of a pause” locally, he said.
He’s optimistic that there will be a “little more action” after Labor Day.
South Florida’s commercial market has benefitted from the migration of wealthy individuals to the region from other states. This trend accelerated during the height of the pandemic due to the regions decent weather, absence of Covid-19 regulations, and lack of a state income tax. In the office sector, rents have increased in all three counties as more out-of-state companies seek to open satellite branches in the region.
Kevin Gonzalez, senior managing director of Miami’s Colliers office, said that the Miami-Dade office market is benefitting most as out-of-state companies expand to Miami.
That’s clear in the rents office landlords are asking from tenants.
In Broward County, average asking rents were $37.06 a square foot in the second quarter, a 7.5% increase from the previous year, and a 21.5% hike from 2019. Broward’s vacancy fell by one percentage point in the span of a year to 11.7%, but it was still higher than the pre-pandemic vacancy rate of 9.4%.
Jonathan Kingsley, executive VP of Colliers’ Fort Lauderdale office, said there was robust leasing activity in the second quarter for most of Broward.
However, several call centers in the Southwest Broward and Sawgrass Park area shrank their offices or closed down entirely as they either moved employees overseas or had them work remotely, Kingsley said. In those areas, vacancy rates climbed as high as 18.3%, according to Colliers’ figures.
in Palm Beach County, the second quarter vacancy rate of 9.1% was actually lower than before the pandemic. In the second quarter of 2019, 9.6% of Palm Beach County’s office space stood empty. The average asking rents of $39.24 in the second quarter were 9.1% higher than last year, and 22% higher than rents requested in 2019.
Rubin said that vacancies in Palm Beach County are limited to older buildings. The newer buildings, mainly in downtown West Palm Beach, are targeting companies from New York and California that “are used to paying $75 to almost $100 triple net rates.”
That’s caused other office tenants to explore suburban markets outside of downtown West Palm Beach, where rents are comparatively cheaper. But those rents are generally going up as well, Rubin said.
Source: SFBJ
PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner
/in Done Deals, News/by adminPEBB Enterprises, in partnership with Contrarian Capital Management, has acquired the Meridian Office Center in Boca Raton. The joint venture purchased the 11.14-acre property within The Park at Broken Sound for $29.85 million. The purchase marks PEBB’s third acquisition in the prestigious business park.
The 131,680-square-foot property consists of two single-tenant net leased buildings. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Boulevard, and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Boulevard.
The transaction closed on June 30. Professional Bank handled the financing for the purchase and Christian Lee, Jose Antonio Lobon and Marcos Minaya from CBRE represented the seller in the transaction.
The Park at Broken Sound is a 700-acre mixed-use business park conveniently located directly off I-95. It offers free shuttles to and from the city’s Tri-Rail station and has easy access to lifestyle, entertainment and recreation centers nearby.
PEBB Enterprises also owns the 5900 Broken Sound building leased to Infinity Sales Group, and the ADT Building, which is home to the security giant’s corporate headquarters. Both buildings are in The Park at Broken Sound.
Over the last year, PEBB has been extremely active in the Boca Raton office market with acquisitions of the 308,305-square-foot Research Park at Florida Atlantic University and the 61,188-square-foot Eighteen Zero One Building located on North Military Trail.