Cushman & Wakefield Arranges New 8,900-SF Office Lease At Headway Office Park

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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.

 

Jaime Sturgis Brokers $10 Million Off-Market Sale Of Flagler Village Office Building To Prominent Investor

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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.

 

PEBB Enterprises Purchases Boca Raton Office Property For $29.85 Million With Partner

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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.

 

JLL Closes 17,000 SF Lease At Ft. Lauderdale’s Plaza 100

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JLL announced that Cruise Yacht Opco, The Ritz Carlton’s luxury yacht service division, has taken 17,000 square feet at Plaza 100, an 11-story, Class A office building in Fort Lauderdale’s NoBro district at 100 NE Third Avenue.

The luxury yachting company will occupy the 175,510-square-foot building’s entire 11th floor penthouse accommodating nearly 60 employees.

JLL Managing Directors Doug Okun and Steven Hurwitz represented the landlord, Zurich Alternative Asset Management, in the lease negations. Keith Edelman, Scott Goldstein, and Zach Wendelin of CBRE represented the tenant Cruise Yacht Opco. Formed in 2006, Zurich Alternative Asset Management (ZAAM) is Zurich North America’s dedicated alternative asset management platform. ZAAM invests solely on behalf of Zurich affiliates worldwide, providing asset allocation, investment selection and investment management across hedge funds, private equity and U.S. real estate.

“Fort Lauderdale’s NoBro district is quickly becoming one of South Florida’s most exciting and sought-after destinations,” said Okun. “The urban offerings and multiple transit options have created a live, work, play lifestyle that is attracting companies of all sizes and across all industries.”

Located near Flagler Village and within minutes of the Brightline private rail train station, Plaza 100 offers tenants upscale amenities steps away from the city’s best entertainment and dining options such as Doc B’s Restaurant + Bar, Morton’s the Steakhouse, American Social and other local favorites. The building features a newly renovated plaza, common areas, and conference center, onsite management, and full service, onsite banking. Current tenants at Plaza 100 include U.S. Legal, Oppenheimer, Katz Barron and Mombach, Boyle, Hardin and Simmons, P.A.

According to JLL’s Q1 Office Report for Broward County, the Fort Lauderdale office market has a positive outlook ahead. With more competitive rental rates than Miami-Dade and Palm Beach and the same weather and tax climate as its neighbors, Fort Lauderdale’s central location provides the broadest access to South Florida’s expansive talent pool.

 

Grover Corlew Taps CBRE Team To Market Boca Raton Office Buildings

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Grover Corlew tapped CBRE to market two Boca Raton office buildings as the two firms continue to expand their relationship throughout Palm Beach and Broward counties. CBRE Executive Vice President John Criddle, First Vice President Joe Freitas, Senior Associate Max Pawk and Transaction Manager Allie Lancashire have been tapped to lease Palmetto Central, located at 1489-1499 W Palmetto Park Road in Boca Raton.

The prominent CBRE office team was awarded the listing by owner Grover Corlew, which purchased the buildings in 2016.

Construction has commenced on a state-of-the-art redevelopment at 1489 W Palmetto Park Road and will deliver the first Class A building to the Boca Raton office market in over a decade. The 1979-built, 83,000-square-foot building will feature ±26,000-square-foot floor plates once it has been redeveloped, with private patio access for 3rd floor tenants and balcony access on 5th floor, full height hurricane impact glass, VRF HVAC systems to allow custom control throughout tenant spaces along with new spec suites on the 3rd floor. The 5-story building offers 5.0/1,000-square-foot parking (mainly covered garage with additional surface with 12 electric car chargers). The redevelopment is slated for a January 2023 completion date.

An entirely new building exterior, which will include a brand-new façade and hurricane impact windows, is planned for the adjacent 5-story, 87,400 square-foot 1499 W Palmetto Park Road building. The project will also include a state-of-the-art gym, high tech conference center, spacious tenant lounge, a comfortable outdoor seating area, new and improved wayfinding and monument signage throughout, complimented by new landscaping.

Located in the heart of Boca Raton, the property is situated at the NE corner of I-95 and Palmetto Pk Rd. It is equidistant between East Boca (Mizner Park/Royal Palm) and Central Boca while also being just 5 minutes from the new Brightline Station and within a walkable distance to restaurants and retail. In addition to Fort Lauderdale International and Palm Beach International airports, the buildings are also in close proximity to Boca Raton and Fort Lauderdale Executive Airports.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, the South Florida-based real estate investment management group, Grover Corlew, continues to invest in Boca Raton. Grover Corlew will be renovating 120 E Palmetto, which was recently purchased in March 2022. The company will be upgrading the lobby with new lighting, refreshing the common area corridors, painting the exterior and installing new lighting. Spec suite plans are underway for the 2nd floor and a restroom refresh is planned for the entire building.

Grover Corlew and CBRE’s relationship extends beyond Palmetto Central to 150 & 120 E Palmetto Park Road in East Boca Raton, 600 & 700 W Hillsboro Boulevard in Deerfield Beach, 2401 & 2335 E. Atlantic Boulevard along with 50 NE 26th Avenue in Pompano Beach and 1615 & 1625 S Congress Avenue in Delray Beach (leased by Jeff Kelly and Deborah Fink). The total office portfolio totals 825,095 square feet.

“We have been active in Boca since 2016 when we purchased 1499 Palmetto Park Road, and have since purchased the 1489, 120 and 150 buildings on the same street,” said partner Mark Corlew. “We have and are continuing to commit significant capital to re-introduce these incredibly well-located properties as premier, Class A office buildings with the intent to attract high-quality tenants and talent to our city. Our headquarters are here and we’re raising our children here. Given Boca’s high-quality housing and schools, the new Brightline Station and our growing downtown, our city should be an easy sale to new companies relocating to our region.”

20005.01 1499 Palmetto Park（2022.5.12)

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CBRE Brings Mizner Office Tower & Mizner Park Plaza Real To Near Full Occupancy With 99,000 SF In Lease Deals

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CBRE's John Criddle, Joe Freitas & Allie Lancashire vCBRE Executive Vice President John Criddle, First Vice President Joe Freitas and Transaction Manager Allie Lancashire announced the signing of 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, bringing Mizner Park Office Tower to 96% occupied and Mizner Park Plaza Real to 93% occupied.

Mizner Park Office Tower_225 NE Mizner Blvd Boca RatonMizner Park Office Tower is a 7-story building centrally located in Boca Raton’s business district and offers sweeping views of the ocean. With 165,416 square feet of “Class A” office space, free garage parking and 24-hour security services, this premier office tower accommodates companies of all sizes with its superior location, design and service.

The prominent CBRE office team signed Robbins Geller Rudman & Dowd, one of the world’s leading complex class action firms representing plaintiffs in securities fraud, antitrust, breach of fiduciary duty, consumer fraud, and privacy cases, to 26,429 square feet. Headquartered in San Diego, CA, the lease deal marks a relocation and expansion for the law firm from 120 East Palmetto Park Road. Jeremy Hakala with Newmark represented the tenant in the deal.

The team secured new lease deals with Logitix, an advanced ticketing technology firm, for 6,116 square feet, which was represented by Barbara Black and Iker Belauste with JLL; Perr Knight, an actuarial firm, for 4,374 square feet, which was represented by Deborah Fink with CBRE;  ImMune Bio a clinical stage immuno-oncology company, for 5,165 square feet, represented by Tawny Moore with Commercial & Luxury Residential Specialist; and Cetera, a financial group, for 5,252 square feet, which was represented by Brad Armstrong with Vestian Global Workspace Services.

In addition, the team signed the following renewals:

  • Tobin & Reyes, a law office, for 9,380 square feet; represented by Clay Sidner and Jeremy Hakala with Newmark
  • Brockway Moran, a private equity firm, for 3,870 square feet
  • Mesirow, a financial services company, for 2,324 square feet; represented by Jonathan Barbar with Barbar & Associates
  • AGNC, a REIT, for 1,763 square feet; represented by Chase Deuscle with CBRE
  • DA Davidson, an investment banking company, for 1,405 square feet

Criddle and Freitas secured an additional 10,813 square feet in new deals at Mizner Park Plaza Real, located at 327 & 433 Plaza Real Boulevard in Boca Raton.

  • Element Packaging, a packaging solutions company within the beauty and skincare industry, for 3,185 square feet
  • iSella.com, is a real estate brokerage firm to assist out-of-state and international buyers, for 2,345 square feet
  • Tom Murphy (690/720 NE 5th Ave), a family office, for 2,166 square feet, who was represented by Jay Whelchel with Whelchel Partners
  • Palmetto Dental for 1,672 square feet, which was represented by Jonathan Eisenband with Onecore Realty
  • Interactive Offers, a marketing company, for 1,445 square feet

The following renewals were also signed:

  • Regus, a professional business center, for 16,624 square feet; represented by John Marshall with JLL
  • John Henry, for 4,414 square feet; represented by Peter Reed with Commercial Florida
  • Osborne Associates, a law firm, for 2,754 square feet
  • Goldman Felcoski, a law firm, for 2,360 square feet
  • Dr. George, a family practice physician, for 1,224 square feet

Mizner Park Plaza Real offers a total of 102,922 square feet of Class “A” luxury office space with spec suites offering immediate occupancy, featuring Plaza views, free garage parking, downtown convenience within walking distance to many shops, restaurants and amenities.

Both office properties are located within Mizner Park, a luxury landmark that includes retail, office, residential, and cultural space, as well as a 5,000-person-capacity amphitheater. In addition, Mizner Park offers luxury cinema iPic Theaters with their Tanzy dining and high-end bowling alley Strike 10. A collection of popular restaurants includes Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant, and Ruth’s Chris Steak House.

Progress continues to be made on the Brightline Boca Raton station and parking garage located on a 1.8-acre site across from Mizner Park. Work is advancing on the 4.5 story, 455-space parking garage as well as the station’s platform foundations. The 38,000-square-foot station and garage are expected to be completed in the fall of this year. Once completed, the station will be Brightline’s fifth in the state, connecting Boca Raton travelers to Miami, Aventura, Fort Lauderdale, and West Palm Beach, with a forthcoming station in Orlando.