Stiles Realty and Stiles Property Management announced two key hires – Senior Property Manager Devon Newton and Realty Associate Jennifer Doering – to support Stiles’ strategic growth in Miami-Dade county.
“We are very excited to welcome Jennifer and Devon to the team. They bring to Stiles a level of real estate experience and industry knowledge that benefits our partners, clients and tenants in the Miami-Dade market,” said Paul Marko, president of Stiles Realty. “The addition of these commercial professionals will bring a fresh perspective to Stiles’ expansion plans in Miami.”
Stiles’ expansion in Miami includes a new property management assignment at 444 Brickell in the downtown area. The approximate 300,000-square-foot office building features ground-floor retail and is recognized as the home of the iconic The Capital Grille restaurant. As the third largest property management company in South Florida, Stiles is responsible for the management of more than 700,000 square feet of office space in the Brickell area and approximately 12 million square feet throughout South Florida.
Newton, pictured right, is being charged with the overall management, operations, budgeting and tenant relations at the property. She comes to Stiles from Pointe Group Advisors, where she assisted with the operational and financial success of several commercial buildings in Broward County. She was honored in 2013 as the Building Owners and Managers Association (BOMA) Property Manager of the Year, in 2012 as the BOMA Outstanding Member of the Year, and was credited with receiving the first Energy Star Award for a House of Worship in the United States.
Doering, pictured left, joins Stiles Realty as a member of the leasing team at 800 Brickell, a 15-story, 208,325-square-foot office building in downtown Miami. Led by veteran leasing broker Michael Taylor, the team is focused on tenant expansion and retention at the iconic property, which is located directly across the street from the new Brickell City Centre project. Most recently, Doering served as Director of Leasing at the Design Center of the Americas, a 775,000-square-foot office and showroom complex. Prior to that role, Doering was an office leasing broker at Cushman and Wakefield in Miami.
“Each of these additions brings a unique background and significant potential to our business and our clients,” said Chris Rotolo, president of Stiles Property Management. “Devon’s strong management skills will help to sustain and grow tenancy at 444 Brickell.”
https://sfoba.com/wp-content/uploads/2014/02/Stiles-Logo.png270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-02-12 22:19:472014-02-12 22:19:47Stiles Hires Two In Strategic Growth Plan
A co-development by veteran South Florida developer Butters Construction & Development and San Francisco-based Bristol Group has acquired one of Northwest Broward County’s largest and most prominent office buildings.
In an all-cash transaction, the partnership purchased the 205,000-square-foot building at 3111 N. University Drive with plans to reposition the 10-story building as Broward County’s premier suburban corporate center. The tower, which anchors Coral Springs’ main business district on University Drive just south of Sample Road, has been renamed University Place at City Center.
The name change is the first step in Butters’ and Bristol’s multi-prong strategy to reposition the property as a best-in-class office center. A multi-million dollar renovation and capital improvement project is being rolled out with renovations starting as early as March on upgrades and modernization of the building’s lobby atrium and new main entry. The newly rebranded University Place at City Center will also undergo full refurbishment of its front retail façade, which has immense street presence spanning nearly a half block along University Drive. A full upgrade of the building’s passenger elevator system, which includes two all-glass cabs that offer riders dramatic views of the lobby atrium, will be completed in February.
“This building was 90 percent leased five years ago, and was always regarded as one of the best office buildings in west Broward,” said Malcolm Butters, president of Butters. “We are confident that within a few years this building will regain its stature.”
Prior to the Butters and Bristol acquisition, the 10-story building, formerly known as Preferred Exchange Tower, had been controlled by a commercial mortgaged-back securities trust, which foreclosed on its previous ownership in 2012.
A servicer for the CMBS trust put the property on the market late last year with the Butters and Bristol team emerging as the winning party following a competitive bidding process.
“We saw an opportunity to acquire an irreplaceable asset in the Coral Springs market at a very competitive price,” said Rob Banovac, project manager with Bristol. “We knew this would give us a competitive advantage in the marketplace and allow us to quickly turn it around with well-capitalized, institutional ownership and an experienced leasing team.”
Adam Vaisman, director of acquisitions for Butters, worked with Bristol to craft the economic structure of the deal to capture the winning bid.
Darcie Lunsford and Molly McDonough, both senior vice presidents at Butters, will oversee leasing.
University Place at Center Center’s current tenant roster includes Scarborough Research, Community Bank of Broward and IPS Worldwide.
https://sfoba.com/wp-content/uploads/2014/02/3111-n-university-int-1.jpg7861614adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-02-12 03:01:582014-02-12 03:01:58Butters, Bristol Group Buy Landmark Coral Springs Office Building
HSBC Bank USA provided a $75 million construction mortgage for the Via Mizner Golf & Country Club, a mixed-use project in Boca Raton to be developed by Penn-Florida.
Camino Investments Holdings, which is managed by Mark Gensheimer, sold the 3-acre site at 800 S. Federal Highway. The site is just north of East Camino Real and on the edge of the Boca Raton Resort & Club.
Although Camino Investments also owns the office buildings on either side of the property, at 700 and 998 S. Federal Highway, the HSBC loan secures only the vacant property.
The Via Mizner project got city approval for 366 rental units mixed with retail, office and a parking garage. According to its website, which promotes the EB-5 VISA program to raise capital for the project, Via Mizner is a $367-million project to be built in three phases. The plans include 12,880 square feet of ground-floor retail, 16,187 square feet of office and 3,446 square feet of upper floor retail.
https://sfoba.com/wp-content/uploads/2014/02/Via-Mizner.png270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-02-05 20:48:592014-02-05 20:48:59Penn-Florida To Develop Via Mizner Mixed-Use Project
Cushman & Wakefield announced that it has been named exclusive leasing agent for Wells Fargo Plaza in Boca Raton.
Located at the corner of Camino Real Boulevard and Federal Highway at 925 South Federal Highway, Wells Fargo Plaza is a 105,000-square-foot, class-A office building.
Cushman & Wakefield Associate Director John Criddle and Senior Director Jon Blunk will represent the building’s owner, Real Estate Capital Partners, in marketing the available 105,000 square feet in the building.
Designed by iconic architect Philip Johnson, Wells Fargo Plaza offers sweeping ocean views from its eastern offices, dynamic golf course views and floor-to-ceiling glass along the dramatic curve of the building. The building is flanked by The Boca Resort & Club and Royal Palm Yacht & Country Club, two golf courses and dozens of dining options.
Real Estate Capital Partners has initiated modern interior design enhancements in the common areas and elevators, and has added new “move-in ready” suite renovations.
“Wells Faro Plaza’s high-end office space is centrally located and surrounded by amenities,” said Mr. Criddle. “Real Estate Capital Partners is a dedicated owner, and committed to the property and its tenants. We expect a great deal of interest in the available space, which ranges from 1,100 sf to 13,902 sf.”
Prominent building tenants include Wells Fargo, T. Rowe Price and Raymond James.
https://sfoba.com/wp-content/uploads/2013/02/925-South-Federal-Highway-Boca-Raton.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2014-02-04 14:45:572014-02-04 14:45:57C&W Tapped To Lease Boca’s Wells Fargo Plaza
West Palm Beach Mayor Jeri Muoio (pictured above) stepped from the podium last Tuesday morning at Palm Beach County Convention Center and dropped a drape to expose a fancy street sign bearing the proposed logo of the “Flagler Financial District.”
The city plans to mark off a piece of downtown already hosting brokerages, banks and investment houses, in hopes of luring more to set up satellites or even move their headquarters wholesale.
“We already have a portion of our city where banking and finance is heavily concentrated. Now we need to let the world know about it,” the mayor told about 900 attendees at her third annual “State of the City” breakfast gathering.
The district would run from Sixth Street in the north to Okeechobee Boulevard and from Rosemary Avenue east to Flagler Drive and the waterfront.
“We’re really trying to sell our city,” Muoio told reporters after her talk. “We really want to see new businesses in our downtown.”
But she said in her speech, “We all know putting up signage alone will not make it happen.”
That usually means tax breaks and other incentives.
Not necessarily, said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, which has helped lead the “Flagler Financial District” initiative.
“The mayor’s move this morning really solidifies our effort to recruit (white collar) firms to this area,” Smallridge said Tuesday. “They’re already coming. Probably two dozen that came throughout the county in two years.”
But she said that while financial breaks often are the carrot needed to lure down the really large firms, for not-so-huge operations, “they’re not asking for it, and we’re not offering it.”
She said most of those coming down — and she sells all of Palm Beach County, not just West Palm Beach — are looking for good weather, of course. Cheaper commercial and residential real estate. A lower cost of living. And the big one: no state income tax.
“If you make a million dollars in Manhattan and a million dollars in West Palm Beach, there’s $127,000 you’re paying in a (New York) state income tax,” Smallridge said.
The biggest hurdle, she said, is that while residential real estate is exploding downtown, there’s a dearth of quality office space. And what’s there, she said, is running out.
“What they consider Class A is Phillips Point; Esperante,” Smallridge said. “They want ocean and Intracoastal (Waterway) views. They want buildings with amenities such as restaurants.”
Smallridge said she’s encouraging the city to expedite permitting.
Chris Roog, the city’s economic development director, said the city’s been pounding the drums for a while about the lack of good office space.
“That’s a great problem to have,” he said. “Now we need to fill the demand.”
He said the city already is speeding up permitting. He also said that, as in your freshman Economics class, supply usually reacts organically to demand. But he said the city’s also been reminding the real estate community of the need.
The South Florida Office market ended the fourth quarter 2013 with a vacancy rate of 13.2%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 737,966 square feet in the fourth quarter. That compares to positive 507,171 square feet in the third quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 702,499 square feet.
Some of the most notable move-ins of 2013 include: Miami Herald Media Company moving into 158,266 square feet at 3511 NW 91st Ave; OneBlood, Inc. moving into 75,000 square feet at 3000 W Cypress Road; and Northern Trust moving into 64,820 square feet at 600 Brickell.
Rental rates ended the fourth quarter at $26.29, an increase over the previous quarter.
A total of two buildings delivered to the market in the quarter totaling 43,750 square feet, with 862,525 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.5% from the previous quarter, with net absorption positive 25.62 million square feet in the fourth quarter. Average rental rates increased to $22.06, and 177 buildings delivered to the market totaling more than 11.7 million square feet.
Stiles Hires Two In Strategic Growth Plan
/in News/by adminStiles Realty and Stiles Property Management announced two key hires – Senior Property Manager Devon Newton and Realty Associate Jennifer Doering – to support Stiles’ strategic growth in Miami-Dade county.
“We are very excited to welcome Jennifer and Devon to the team. They bring to Stiles a level of real estate experience and industry knowledge that benefits our partners, clients and tenants in the Miami-Dade market,” said Paul Marko, president of Stiles Realty. “The addition of these commercial professionals will bring a fresh perspective to Stiles’ expansion plans in Miami.”
Stiles’ expansion in Miami includes a new property management assignment at 444 Brickell in the downtown area. The approximate 300,000-square-foot office building features ground-floor retail and is recognized as the home of the iconic The Capital Grille restaurant. As the third largest property management company in South Florida, Stiles is responsible for the management of more than 700,000 square feet of office space in the Brickell area and approximately 12 million square feet throughout South Florida.
Newton, pictured right, is being charged with the overall management, operations, budgeting and tenant relations at the property. She comes to Stiles from Pointe Group Advisors, where she assisted with the operational and financial success of several commercial buildings in Broward County. She was honored in 2013 as the Building Owners and Managers Association (BOMA) Property Manager of the Year, in 2012 as the BOMA Outstanding Member of the Year, and was credited with receiving the first Energy Star Award for a House of Worship in the United States.
Doering, pictured left, joins Stiles Realty as a member of the leasing team at 800 Brickell, a 15-story, 208,325-square-foot office building in downtown Miami. Led by veteran leasing broker Michael Taylor, the team is focused on tenant expansion and retention at the iconic property, which is located directly across the street from the new Brickell City Centre project. Most recently, Doering served as Director of Leasing at the Design Center of the Americas, a 775,000-square-foot office and showroom complex. Prior to that role, Doering was an office leasing broker at Cushman and Wakefield in Miami.
“Each of these additions brings a unique background and significant potential to our business and our clients,” said Chris Rotolo, president of Stiles Property Management. “Devon’s strong management skills will help to sustain and grow tenancy at 444 Brickell.”
Butters, Bristol Group Buy Landmark Coral Springs Office Building
/in News/by adminA co-development by veteran South Florida developer Butters Construction & Development and San Francisco-based Bristol Group has acquired one of Northwest Broward County’s largest and most prominent office buildings.
In an all-cash transaction, the partnership purchased the 205,000-square-foot building at 3111 N. University Drive with plans to reposition the 10-story building as Broward County’s premier suburban corporate center. The tower, which anchors Coral Springs’ main business district on University Drive just south of Sample Road, has been renamed University Place at City Center.
The name change is the first step in Butters’ and Bristol’s multi-prong strategy to reposition the property as a best-in-class office center. A multi-million dollar renovation and capital improvement project is being rolled out with renovations starting as early as March on upgrades and modernization of the building’s lobby atrium and new main entry. The newly rebranded University Place at City Center will also undergo full refurbishment of its front retail façade, which has immense street presence spanning nearly a half block along University Drive. A full upgrade of the building’s passenger elevator system, which includes two all-glass cabs that offer riders dramatic views of the lobby atrium, will be completed in February.
“This building was 90 percent leased five years ago, and was always regarded as one of the best office buildings in west Broward,” said Malcolm Butters, president of Butters. “We are confident that within a few years this building will regain its stature.”
Prior to the Butters and Bristol acquisition, the 10-story building, formerly known as Preferred Exchange Tower, had been controlled by a commercial mortgaged-back securities trust, which foreclosed on its previous ownership in 2012.
A servicer for the CMBS trust put the property on the market late last year with the Butters and Bristol team emerging as the winning party following a competitive bidding process.
“We saw an opportunity to acquire an irreplaceable asset in the Coral Springs market at a very competitive price,” said Rob Banovac, project manager with Bristol. “We knew this would give us a competitive advantage in the marketplace and allow us to quickly turn it around with well-capitalized, institutional ownership and an experienced leasing team.”
Adam Vaisman, director of acquisitions for Butters, worked with Bristol to craft the economic structure of the deal to capture the winning bid.
Darcie Lunsford and Molly McDonough, both senior vice presidents at Butters, will oversee leasing.
University Place at Center Center’s current tenant roster includes Scarborough Research, Community Bank of Broward and IPS Worldwide.
Penn-Florida To Develop Via Mizner Mixed-Use Project
/in News/by adminHSBC Bank USA provided a $75 million construction mortgage for the Via Mizner Golf & Country Club, a mixed-use project in Boca Raton to be developed by Penn-Florida.
Camino Investments Holdings, which is managed by Mark Gensheimer, sold the 3-acre site at 800 S. Federal Highway. The site is just north of East Camino Real and on the edge of the Boca Raton Resort & Club.
Although Camino Investments also owns the office buildings on either side of the property, at 700 and 998 S. Federal Highway, the HSBC loan secures only the vacant property.
The Via Mizner project got city approval for 366 rental units mixed with retail, office and a parking garage. According to its website, which promotes the EB-5 VISA program to raise capital for the project, Via Mizner is a $367-million project to be built in three phases. The plans include 12,880 square feet of ground-floor retail, 16,187 square feet of office and 3,446 square feet of upper floor retail.
Source: SFBJ
C&W Tapped To Lease Boca’s Wells Fargo Plaza
/in News/by adminCushman & Wakefield announced that it has been named exclusive leasing agent for Wells Fargo Plaza in Boca Raton.
Located at the corner of Camino Real Boulevard and Federal Highway at 925 South Federal Highway, Wells Fargo Plaza is a 105,000-square-foot, class-A office building.
Cushman & Wakefield Associate Director John Criddle and Senior Director Jon Blunk will represent the building’s owner, Real Estate Capital Partners, in marketing the available 105,000 square feet in the building.
Designed by iconic architect Philip Johnson, Wells Fargo Plaza offers sweeping ocean views from its eastern offices, dynamic golf course views and floor-to-ceiling glass along the dramatic curve of the building. The building is flanked by The Boca Resort & Club and Royal Palm Yacht & Country Club, two golf courses and dozens of dining options.
Real Estate Capital Partners has initiated modern interior design enhancements in the common areas and elevators, and has added new “move-in ready” suite renovations.
“Wells Faro Plaza’s high-end office space is centrally located and surrounded by amenities,” said Mr. Criddle. “Real Estate Capital Partners is a dedicated owner, and committed to the property and its tenants. We expect a great deal of interest in the available space, which ranges from 1,100 sf to 13,902 sf.”
Prominent building tenants include Wells Fargo, T. Rowe Price and Raymond James.
West Palm Beach’s Financial District’s Biggest Need: Good Office Space
/in News/by adminWest Palm Beach Mayor Jeri Muoio (pictured above) stepped from the podium last Tuesday morning at Palm Beach County Convention Center and dropped a drape to expose a fancy street sign bearing the proposed logo of the “Flagler Financial District.”
The city plans to mark off a piece of downtown already hosting brokerages, banks and investment houses, in hopes of luring more to set up satellites or even move their headquarters wholesale.
“We already have a portion of our city where banking and finance is heavily concentrated. Now we need to let the world know about it,” the mayor told about 900 attendees at her third annual “State of the City” breakfast gathering.
The district would run from Sixth Street in the north to Okeechobee Boulevard and from Rosemary Avenue east to Flagler Drive and the waterfront.
“We’re really trying to sell our city,” Muoio told reporters after her talk. “We really want to see new businesses in our downtown.”
But she said in her speech, “We all know putting up signage alone will not make it happen.”
That usually means tax breaks and other incentives.
Not necessarily, said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, which has helped lead the “Flagler Financial District” initiative.
“The mayor’s move this morning really solidifies our effort to recruit (white collar) firms to this area,” Smallridge said Tuesday. “They’re already coming. Probably two dozen that came throughout the county in two years.”
But she said that while financial breaks often are the carrot needed to lure down the really large firms, for not-so-huge operations, “they’re not asking for it, and we’re not offering it.”
She said most of those coming down — and she sells all of Palm Beach County, not just West Palm Beach — are looking for good weather, of course. Cheaper commercial and residential real estate. A lower cost of living. And the big one: no state income tax.
“If you make a million dollars in Manhattan and a million dollars in West Palm Beach, there’s $127,000 you’re paying in a (New York) state income tax,” Smallridge said.
The biggest hurdle, she said, is that while residential real estate is exploding downtown, there’s a dearth of quality office space. And what’s there, she said, is running out.
“What they consider Class A is Phillips Point; Esperante,” Smallridge said. “They want ocean and Intracoastal (Waterway) views. They want buildings with amenities such as restaurants.”
Smallridge said she’s encouraging the city to expedite permitting.
Chris Roog, the city’s economic development director, said the city’s been pounding the drums for a while about the lack of good office space.
“That’s a great problem to have,” he said. “Now we need to fill the demand.”
He said the city already is speeding up permitting. He also said that, as in your freshman Economics class, supply usually reacts organically to demand. But he said the city’s also been reminding the real estate community of the need.
Source: Palm Beach Post
South Florida Office Vacancy Falls To 13.2%
/in News, Trends/by adminThe South Florida Office market ended the fourth quarter 2013 with a vacancy rate of 13.2%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 737,966 square feet in the fourth quarter. That compares to positive 507,171 square feet in the third quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 702,499 square feet.
Some of the most notable move-ins of 2013 include: Miami Herald Media Company moving into 158,266 square feet at 3511 NW 91st Ave; OneBlood, Inc. moving into 75,000 square feet at 3000 W Cypress Road; and Northern Trust moving into 64,820 square feet at 600 Brickell.
Rental rates ended the fourth quarter at $26.29, an increase over the previous quarter.
A total of two buildings delivered to the market in the quarter totaling 43,750 square feet, with 862,525 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.5% from the previous quarter, with net absorption positive 25.62 million square feet in the fourth quarter. Average rental rates increased to $22.06, and 177 buildings delivered to the market totaling more than 11.7 million square feet.
Source: CoStar