Cushman & Wakefield Arranges Nine Office Leases Totaling 57,000 SF At Centrepark

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Cushman & Wakefield has arranged eight leases totaling  57,072 square feet at Centrepark, a five-building office park totaling 304,107 square feet located in West Palm Beach.

Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord, Colonnade Properties, in the lease negotiations. The leases include:

  • A new 17,876-square-foot lease with CEMEX at 1720 Centrepark Drive
  • A new 8,234-square-foot lease with Off Lease Only at 1450 Centrepark Drive
  • A new 7,169-square-foot lease with Tampa General Health at 1450 Centrepark Drive
  • A new 3,411-square-foot lease with Innovative Tax Relief at 1450 Centrepark Drive
  • A new 2,512-square-foot lease with Perlet & Shiner at 1475 Centrepark Drive
  • A 3,468-square-foot lease expansion with Pulte Group at 1475 Centrepark Drive
  • A 2,761-square-foot lease expansion with NVR at 1450 Centrepark Drive
  • An 11,582-square-foot lease renewal with Leo Daly at 1400 Centrepark Drive

“This leasing velocity and deal volume at a single project in such a short time frame is unprecedented,” Librizzi said. “Centrepark checks all the boxes for companies looking for a central West Palm Beach presence – prime location, institutional quality assets, best-in-class ownership/management and excellent value.”

The campus is located immediately west of the West Palm Beach CBD and directly north of Palm Beach International Airport. Amenities include garage and surface parking, Nature’s Way Café and a fitness center.

 

Cemex To Downsize, Relocate After $13.4M Office Sale In West Palm Beach

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Cement producer Cemex USA will downsize its office space after selling its building in West Palm Beach for $13.4 million.

The Mexico-based company sold the 65,760-square-foot office complex at 1501 Belvedere Road to District Pointe LLC, a joint venture between Index Investment Group and West Palm Beach-based Verdex Construction. The price equated to $204 per square foot.

Cemex affiliate Rinker Materials constructed the building on the 4.85-acre site just west of downtown in 1983. Cemex was the sole occupant.

According to Colliers International, Cemex is leaving the property in a few months. The company has less need for office space because more people are working virtually, so it will move to a smaller office nearby.

As for the buyers, they will rebrand the building District Pointe, completely renovate it, and reposition it into a multitenant building. Verdex Construction, one of the largest general contractors in South Florida, will occupy a full floor of the building.

Mark M. Rubin and Bastian Laggerbauer of Colliers International represented the buyers, while the sellers worked with Michael Feuerman, Steve Hyatt and Daniel Silver of Berger Commercial Realty.

 

Source:  SFBJ

Stephen Ross’s One Flagler Office Tower In West Palm Preserves 100-Year-Old Church, Scores Tenants

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In a modern-meets-classic project, Stephen Ross’ latest downtown West Palm Beach office tower will rise next to a nearly 100-year-old church that will be preserved.

Ross’ Related Companies embarked on the 25-story One Flagler, where two financial firms and a Greek restaurant signed leases. It will be on the western portion of a 2.5-acre site at the foot of the Royal Park Bridge and overlooking the Lake Worth Lagoon.

Private equity firm Siris Capital will move into One Flagler from nearby Phillips Point, also owned by Related. First Republic Bank will open a retail branch and office space at One Flagler, Gopal Rajegowda, partner at Related Southeast, told The Real Deal.

Chef Costas Spiliadis’ Greek seafood restaurant Estiatorio Milos, with its nearest location in Miami Beach, will open in a roughly 10,000-square-foot space on the ground floor and second level, with waterfront views, Rajegowda said.

The 275,000-square-foot One Flagler will be built west of the First Church of Christ Scientist and include a garage partly on the first floors of the tower and partly jutting out and rising eight stories, Rajegowda said.

Designed by Skidmore, Owings & Merrill’s David Childs, One Flagler will have floor-to-glass windows, according to a news release and project renderings.

By contrast, the church has a Classical Revival architectural style and was built in 1928. It was designed by architects Horace Trumbauer and Julian Abele, and will remain open.

The eastern half of the site will be preserved as green space with the roughly 1-acre public park named after Abele, a prominent Black architect according to the release.

 

Source: The Real Deal

Berger Commercial Realty’s Keith Graves, CCIM Negotiates 12,000-SF Lease Renewal For YMCA

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Berger Commercial Realty/Corfac International Senior Vice President Keith R. Graves, CCIM negotiated a lease renewal on behalf of the landlord, 900 SE 3rd Ave L.P., with Young Men’s Christian Association of Florida, Inc. (YMCA).

YMCA renewed its lease for 11,954 square feet for its corporate office at 900 SE 3rd Avenue, a boutique/professional office building in the Fort Lauderdale Central Business District.

“The landlord and the YMCA have enjoyed a long-standing relationship,” commented Graves. “This was a mutually beneficial transaction, and we are all thrilled that YMCA’s corporate office will maintain it’s presence in Downtown Fort Lauderdale.”

Located immediately next door to the new U.S. Federal Courthouse, the 3-story, 46,800-square-foot building offers convenient access to downtown area restaurants, the Broward County Courthouse, governmental offices, SR 84/I-595 and the Fort Lauderdale-Hollywood International Airport (FLL).

Cushman & Wakefield Arranges Acquisition Of Treasure Coast Class A Office Building

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Cushman & Wakefield has arranged the acquisition of Riverwalk Center, a 35,324-square-foot Class A office building located in Jupiter.

The final sale price was $12,250,000 million.

Anthony Librizzi of Cushman & Wakefield represented the buyer, RJM Jupiter Riverwalk LLC, in the transaction, and has been retained to oversee leasing at the property, recently completing a 10,930-square-foot lease renewal with Truist Wealth. ESJ Capital Partners sold the property.

“This transaction is another example of the ongoing trend of properties trading off-market,” Librizzi said. “I have a long history with Riverwalk Center and knew the existing tenant, who occupied the entire building, was planning to downsize their lease. This provided a prime opportunity for the buyer to occupy a portion of the building and lease out the balance.”

Located at 150 US Highway 1, the building sits within Jupiter Yacht Club, a master-planned, mixed-use development including five condominium buildings, a 23,150-square-foot retail/restaurant building and a protected marina.

 

Multi-Tenant Office Building In West Palm Beach Sells For $13.9 Million

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Colliers South Florida closed last week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal.  The building is currently 97% occupied and sold for $13.9 million.

“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.

The ±62,875-square-foot, three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.

“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.

Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses.