Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

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Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.

 

CBRE Arranges $57.5 Million Sale Of Broward County Class A Office Building

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CBRE has facilitated the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot, Class A office building in Plantation, to Vision Properties.

Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.

Offices at Plantation Walk is a seven-story office building located within the recently delivered Plantation Walk, a $350 million, 27-acre mixed-use development that includes a full-service hotel, approximately 131,000 square feet of retail and 404 luxury multifamily units. The property, which is 92 percent leased, is supported by a five-story parking structure with a parking ratio of five spaces per every 1,000 square feet.

Offices at Plantation Walk recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

“The buyer is fortunate to acquire a high caliber desirable suburban office building in Broward County, considering the tremendous investor demand for high-quality assets in South Florida today,” said Lee, Vice Chairman at CBRE. “The seller completed an outstanding renovation project that helped to attract a strong list of national and regional tenants to the project. As a result, the property achieved a sale price well above $300 per square foot.”

 

Lobón, Executive Vice President with CBRE, added, “Offices at Plantation Walk is the best amenitized office building in Broward County. Its prime location offers its tenants with walkability to retail on par with South Florida’s densest metropolitan cores.”

Plantation Walk is situated 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami, with convenient access to Florida’s Turnpike, Interstate 595 and Fort Lauderdale-Hollywood International Airport.

 

Law Firm Doubles Palm Beach County Footprint, Leasing 12,138 Square Feet At Landmark Boca Raton Building

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The law firm of Weiss Serota Helfman Cole & Bierman is expanding in Boca Raton. The 30-year-old business and government law firm has signed a long-term lease for 12,138 square feet at One Boca Place, a 277,390-square-foot, Class A building on Glades Road near I-95.

The new lease will more than double the size of the firm’s Boca Raton office, setting the foundation for continued growth of staff, attorneys, and practice lines in Palm Beach County.

Butters Realty & Management office team of Caroline Fleischer, Darcie Lunsford and Sky Butters represented Weiss Serota in the lease transaction. Laurel Oswald of TCRE represented landlord, CP Group.

Butters Realty & Management-Caroline Fleischer, Darcie Lunsford and Sky Butters

“While many companies were shedding real estate and recalibrating staffing levels in the face of the pandemic, Weiss Serota seized the counter-cyclical opportunity to grow, turning uncertainty to its negotiating advantage,” said Butter’s Fleischer, who is executive vice president of occupier services. “One Boca Place, fresh off the heels of a multimillion renovation, offered the firm both the prestige and the physical infrastructure needed to meet its growth trajectory.”

Weiss Serota originally established a Boca Raton office in January 2017, with just five Palm Beach County-based attorneys there at the time. Since then, the firm has more than tripled the size of its team and anticipates having at least 17 attorneys working out of One Boca Place when it moves into the space in spring 2022. The new office gives the firm additional space to continue its expansion in Palm Beach County.

Notable recent additions to the firm’s Boca Raton office include The DuBosar Law Group, led by accomplished litigator Howard D. DuBosar, veteran construction attorney Ronald S. Nisonson and veteran municipal and real estate attorney David N. Tolces.

“Our Boca Raton office has proven to be a catalyst for growth for the entire firm, particularly with our private sector practice areas,” said Brett J. Schneider, Partner and Boca Raton Office Managing Director. “There is tremendous activity and expansion occurring throughout Palm Beach County. We believe our continued growth and new space will help us better serve this growing business community while also provided our employees with a vibrant and highly desirable place to work near where many of them live.”  

 

Johnson & Johnson Company Inks 9,000 SF Office Lease In Palm Beach Gardens

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Alchemy-ABR Investment Partners, a fully integrated New York-based real estate investment firm- together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm-announced that DePuy Synthes Product, Inc., signed a 9,481-square-foot lease at 4400 Northcorp Parkway in Palm Beach Gardens.

DePuy Synthes Product, Inc., a Johnson & Johnson company, and a leading global provider of orthopedics products, is expanding its presence in South Florida and will occupy the build-to-suit space on the 2nd floor of the office building. DePuy Synthes Product, Inc. is slated to take occupancy in September 2021.

“4400 Northcorp Parkway is an ideal office setting for the most competitive industries and organizations and this lease is indicative of the strength of South Florida’s overall office leasing market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “We’re committed to our tenants and are looking forward to welcoming DePuy Synthes Product, Inc. to 4400 Northcorp Parkway.”

4400 Northcorp Parkway is part of the larger office park, 4200-4400 Northcorp Parkway, that consists of two Class-A office buildings totaling 115,000 square feet. Completed in 1996, 4200-4400 Northcorp Parkway features extensive capital improvements including renovated, premium office fit-outs, contemporary base building lobby and common areas, as well as modern mechanical and roofing systems.

Alchemy-ABR Investment Partners and Breakers Capital purchased 4200-4400 Northcorp Parkway in 2016 and is currently renovating the lobby space of the 4200 Northcorp office building.

Alchemy-ABR Investment Partners was represented by Gavin Loughlin of Greenberg Traurig and Anthony Librizzi of Cushman & Wakefield in the transaction. DePuy Synthes Product, Inc. was represented by CBRE.

 

Berger Commercial Realty’s Joe Byrnes, Jonathan Thiel and John Forman Negotiate 13,000 SF Office Lease Deal With State Agency

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Berger Commercial Realty/Corfac International Senior Vice President Joseph P. Byrnes, along with Senior Sales Associates Jonathan Thiel and John Forman represented landlord Blackhawk Properties & Investments, LLC in a 12,651-square-foot lease deal with The Office of Criminal Conflict and Civic Regional Counsel, Fourth District at The 550 Building, a 92,919-square-foot, 7-story Class A office building located in Downtown Fort Lauderdale.

The state attorney’s office has signed on for a 10-year term.

Located at 550 South Andrews Avenue in Downtown Fort Lauderdale in the heart of the fast-emerging SOLO District, the office building is located adjacent to the new 700,000-square-foot Broward County Courthouse within the Central Business District location, yet away from congestion, providing ease of access to major transportation routes. The 2019-built facility features 12,000-square-foot floor plates; an on-site 634-car parking garage, representing the highest available parking ratio available in Downtown Fort Lauderdale; and a ground floor patio restaurant. Office suites range from 680-square-foot spec suites to full floors.

 

Avison Young Arranges For FAU Startup Incubator To Take Space At Boynton Beach City Hall

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Avison Young announced that, following a Boynton Beach City Commission 4-0 vote on July 20, FAU Tech Runway has been approved to lease the 1,850-square-foot, ground-floor innovation and collaborative office space at City Hall at Boynton Beach Town Square.

As part of the agreement, Boynton Beach’s Department of Economic Development and Strategy will provide a one-time $50,0000 grant for programming within the space.

“FAU Tech Runway is excited to open a satellite office in Boynton Beach and be part of the City’s effort to help entrepreneurs,” said Joshua D. Glanzer, Associate Vice President of Media Relations and Public Affairs at Florida Atlantic University. “We look forward to the next steps with the City and its partners while we finalize the necessary paperwork.”

Located at 100 E. Ocean Ave., Town Square represents a public-private partnership between the City of Boynton Beach, the Boynton Beach Community Redevelopment Agency, and E2L Real Estate Solutions, master developer of the 16.5-acre complex anchoring the heart of downtown Boynton Beach.

“Having first-hand experience with the Research Park at FAU in Boca Raton and the success of hosting Tech Runway graduates in the Park, it was clear that FAU would be the ideal growth accelerator and value creator for Town Square,” said Keith O’Donnell, Principal with Avison Young. “Together, the unique opportunity for FAU Tech Runway to expand its offerings and brand in Palm Beach County at Town Square, the County’s first City Hall public-private partnership.”

O’Donnell has worked alongside the public-private partnership and spearheaded the Boynton Beach Town Square assignment for the past five years. Additionally, he handled the relocation of the entire City Municipal Services off-site for two years while the project was developed.

“As the five-year master developer on the Town Square project, we’re looking to the future and believe welcoming FAU Tech Runway for the space to provide programming for new businesses and entrepreneurs marks an important milestone,” said Mark Hefferin, President of E2L Real Estate Solutions, LLC. “It has been wonderful to witness the City of Boynton Beach creating forward-thinking opportunities for its citizens, and we’re pleased that Avison Young brought FAU to the table to be a part of what the city is building.”

The Town Square project includes the $118 million renovation of the historic Boynton Beach High School into an Arts and Cultural Center, a Children’s Schoolhouse Museum, fire station, residential, retail and hospitality space, amphitheater, hotel, parking garages, library, a new City Hall and creates a positive community and economic impact.

“We are excited that FAU Tech Runway will operate the space at Town Square, which offers on-campus resources unavailable anywhere else in Palm Beach County,” said Lori LaVerriere, Boynton Beach City Manager. “Having a tech and business incubator at City Hall not only facilitates a pipeline of startups in the city, but it also plays a significant role in establishing the future of downtown.”

The City of Boynton Beach is undergoing a renaissance and regeneration. Current and future planned development underscore the City’s growth and investment opportunities. Planned projects such as 115 North Federal Hwy., the CRA’s East Boynton Beach Boulevard (BBB) Corridor project, and Riverwalk complement the redevelopment of Downtown Boynton Beach as a destination for residents, visitors, and businesses.