Franklin Templeton Opens 10,000 SF Office At 360 Rosemary

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A wholly-owned subsidiary of Franklin Templeton recently moved into a spacious office in downtown West Palm Beach.

Fiduciary Trust International opened a 10,439-square-foot space on the 15th floor of 360 Rosemary, a 20-story Class A office tower at 360 S. Rosemary Ave. that has attracted several well-known financial firms and companies such as Goldman Sachs, Elliott Management, Point72 Asset Management, and NewDay USA.

Fiduciary Trust International is a global wealth management firm that has $94 billion in assets under management and administration as of June 30, the company stated. Fiduciary Trust was acquired by Franklin Templeton Investments’ parent company, Franklin Resources, for about $825 million in April 2001. As of Sept. 30 of this year, Franklin Templeton has $1.4 trillion in assets under management.

 

Source:  SFBJ

Walgreens Expands Office Space At Miramar Park of Commerce

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Walgreens has expanded its space in the Miramar Park of Commerce to include a training facility.

Walgreens added another 11,314 square feet to its office at 3130 Executive Way. With that new lease, Walgreens will occupy a total of 63,177 square feet in the park.

Iker Belauste, formerly of JLL and now affiliated with CBRE, represented Walgreens in the lease negotiations

 

Source:  SFBJ

Berger Commercial Realty’s Stephen Hyatt Reps Lighthouse Of Broward In Purchase Of New HQ Building

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Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented Lighthouse of Broward in the purchase of the former Brightstar Credit Union Headquarters located at 5901 Del Lago Circle in Sunrise.

Brightstar Credit Union sold the 23,185-square-foot building, which served as its executive offices, for $6,200,000. The 2002-built building is situated on 2.02 acres. Brightstar recently relocated to a new 70,318-square-foot headquarter office in Cooper City, Florida.

The newly purchased building will serve as Lighthouse of Broward’s administrative offices and training center for the blind and visually impaired.

Chris Wood with CBRE and Zach Wendelin, who is now with JLL, represented Brightstar in the transaction.

Hyatt negotiated the sale of the Lighthouse of Broward‘s building located at 650 North Andrews Avenue in Fort Lauderdale, Florida, and attorney George Moraitis of Moraitis, Cofar, Karney, Moraitis & Quailey handled all legal review. Both Moraitis and Hyatt represented Lighthouse of Broward, the preeminent nonprofit in Broward County serving the blind and visually impaired, in the pro bono transaction. The transaction of the ±11,125-square-foot office property, located on a highly visible corner in the heart of the booming Flagler Village area, closed February 22, 2023. The buyer paid $12,650,000 for the property.

“Because of the very successful sale of its downtown location, Lighthouse of Broward County was able to acquire a high-quality, fully-furnished headquarters twice the size of its current location for half the price in a more centralized location to better serve all of Broward County,” commented Hyatt. “The remaining funds will be used for minor renovations with the bulk of the additional proceeds placed in an endowment to fund future services for the blind and visually impaired.”

Lighthouse of Broward President and CEO Ellyn Drotzer, MSW, LCS added that the larger, more accessible space has will enable the organization to connect with additional members of the community who face vision issues.

“This is an amazing opportunity to help more people who are blind and visually impaired become more independent and productive through specialized rehabilitation, life skills training and employment opportunities,” said Drotzer.  “Our new space will accommodate robust programming, additional learning opportunities and more space for client socialization.  We look forward to moving into our new building next year and are grateful to both Steve and the Berger team for their expertise, and George Moraitis for his stellar legal services.”

 

Colliers’ Jonathan Kingsley & C&W’s Katherine Ridgway Team Up To Bring Amerant Bank’s Regional HQ To Broward

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A Florida community bank is opening a 12,500-square-foot regional office in Broward County.

The parent firm of Coral Gables-based Amerant Bank, Amerant Bancorp, has unveiled a 5,500 square foot location in Plantation’s Cornerstone One building. According to a release, Amerant Bank plans to expand into an additional 7,000 square feet of office space in the second half of 2024.

Amerant Bank was represented in the lease negotiations by Jonathan Kingsley of Colliers International. Atlanta-based Brookdale Group,owner of Cornerstone One, was represented by Katherine Ridgway of Cushman & Wakefield.

Up to 45 workers, mostly from the commercial and private banking teams, will work out of the Cornerstone office once it is fully operational, according to an Amerant spokesman. Members of the Amerant executive team will work out of the Cornerstone office multiple days each week as well.

 

Source:  SFBJ

Private Equity Firm Alvarez & Marsal Inks 10K SF Lease in West Palm

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Financial firm Alvarez & Marsal Capital is setting up shop in West Palm Beach.

The Greenwich, Conn.-based private equity firm inked a 10,000-square-foot lease for the 10th floor of 300 Banyan Boulevard, a mixed-use development that’s under construction, developers Brand Atlantic and Wheelock Street Capital announced.

Located in Downtown West Palm Beach, the 12-story 300 Banyan will feature 120,000 square feet of office space across six floors and a three-story parking garage.

300 Banyan is scheduled to be completed in 2024. A year ago, Brand Atlantic and Wheelock Street Capital secured an $87 million construction loan from Acore Capital.

The office project is part of the larger Banyan & Olive mixed-use development that includes the historic three-story building at 111 North Olive Avenue, which was designed by famed architect John Volk and was completed in 1936. The joint venture acquired both sites, which totals about an acre, for $20 million in 2021.

Asking rents at the development range between $110 and $130, triple-net, according to a spokesperson for Brand Atlantic. Cushman & Wakefield’s Brian Gale and Anthony Librizzi represented the landlord, while David Dusek and Kevin Landers from the same brokerage represented the tenant.

 

Source:  Commercial Observer

 

Chicago-Based Financial Firm Supersizes Future West Palm Beach Office

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GTCR will lease about 26,000 square feet of office in One Flagler, a 25-story office building being developed at 154 Lakeview Ave.

GTCR recently added another 16,695 square feet to its office footprint within One Flagler, said Jordan Rathlev, senior vice president of Related Southeast.

Ryan Barr of Colliers represented GTCR in the lease negotiations. South Florida brokerage TCRE represented One Flagler’s landlord and developer, Related Southeast.

GTCR’s West Palm team currently is in a temporary office in the Northbridge Centre at 515 N. Flagler Drive.

 

Source:  SFBJ