Colliers International Brokers $2.1M, 10,000 SF Lease In Boca

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Colliers International South Florida has brokered a 10,610-square-foot office lease with Nightingale at 7800 Congress Centre.

Nightingale, an RN staffing agency, signed an 89-month lease in excess of $2.1 million. The agency is relocating from 6401 Congress Avenue where it occupied 16,455 square feet of space, which was spread out over 5 separate non-contiguous suites on two floors.

Colliers International South Florida’s Executive Managing Director Bob Schneiderman represented the tenant in the transaction and has served as the exclusive tenant representative for Nightingale for more than 12 years.

“When this space became available, it was an opportunity for Nightingale to relocate into one contiguous suite in a more modern building,” said Schneiderman. “There were less than 10 projects with enough space in Nightingale’s price range and geographic preference in this very tight office market. I understood their requirements and was able to help save them both time and money during the process.”

The transaction closed June 24.

Schneiderman added that with the market tightening, complex deals are taking longer to complete. According to Colliers’ research, the market has experienced a 20-percent decrease in the vacancy rate for Class B office space from the second quarter of 2018 to the second quarter of 2019. Additionally, rental rates for such properties have increased nearly 7 percent over that same time period.

“We are thrilled to be moving to our new home at 7800 Congress Centre,” said Mike List, Chief Operating Officer of Nightingale. “Bob Schneiderman from Colliers, who has been our exclusive broker since 2004, provided superb service and achieved excellent results for us in getting our lease transaction finalized.”

The new space will allow Nightingale, which has about 50 employees, to expand efficiently and create new jobs over time.

West Palm Office Building Fetches $98 Million

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Crocker Partners and Greenfield Partners sold the Northbridge Centre in downtown West Palm Beach for $98 million, marking one of the largest office sales in the city’s history.

The partnership sold the 294,000-square-foot Class A office tower for $333 per square foot to Chicago-based Vanderbilt Office Properties and New York-based C-III Capital Partners, records show. The property is located at 515 North Flagler Drive.

Boca Raton-based Crocker Partners bought the office property in a joint venture with Westport, Connecticut-based Greenfield Partners for $68 million in 2016. The joint venture then spent $15 million on renovations, including adding a new conference center, a cafe and a barista bar as well as upgrading the common areas and lobby.

The building is known to locals as the “Darth Vader building” because of its dark windows.

CBRE’s Chris Lee and Jose Lobon brokered the sale.

Brett Reese of Crocker Partners said that when the partners purchased the building rents averaged about $20 per square foot, but rents now range up to $42 per square foot due to the renovations. Reese said he’s also seen a change in the tenant mix as West Palm Beach has evolved to become more of a destination for investment managers and private equity firms.

“Since we renovated, we brought in over 10 new family offices and private equity [firms] to the building,” Reese said. “Historically it has been a building where lawyers have gravitated to given its proximity to the courthouse. It’s now changed. We are seeing more financial services.”

 

Source:  The Real Deal

New Office Tenants Coming To 360 Rosemary, Rosemary Square

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Related Companies that prominent investment firm Comvest Partners and leading artificial intelligence firm Levatas LLC will locate their corporate headquarters in the Rosemary Square neighborhood in Downtown West Palm Beach.

Comvest will relocated to 360 Rosemary, a sustainable Class-A office building that features state-of-the-art, loft-style office space and broke ground on May 16. Levatas LLC, a digital transformation agency and leader in artificial intelligence software, will locate its corporate headquarters to Rosemary Square, expected to open in early 2020.

 

“Our vision for Rosemary Square as a true live, work, play neighborhood is resonating with a diverse roster of businesses that recognize the growing value of dynamic locations in building corporate culture, serving clients, and attracting and retaining great talent,” said Gopal Rajegowda, Senior Vice President of Related Companies. “We are proud to offer our tenants a wide-range of office solutions, all surrounded by a vibrant array of cultural, entertainment, dining and retail offerings in the heart of Downtown West Palm Beach. The corporate relocations will also spur economic and employment benefits for the City and region.”

Comvest Partners, a private investment firm providing equity and debt capital to middle-market companies across North America with $3.2 billion of assets under management, has signed a 26,000-square-foot lease to consolidate its offices in a cohesive space at 360 Rosemary supporting the firm’s anticipated growth for the next decade.

Levatas LLC, a leader in Artificial Intelligence solutions and named as one of the “Top 150 Company Cultures in America” by Entrepreneur Magazine, is relocating its headquarters from Palm Beach Gardens to a 16,000-square-foot space in Rosemary Square injecting an anticipated $1.2M into the local economy and adding 50 new jobs to Palm Beach County. The county’s Business Development Board assisted the Levatas team in the search for office space and assisted with a $350,000 Qualified Target Industry (QTI) Tax Refund from the State of Florida, based on the company’s commitment to create new jobs paying an average of $105,490.

 

Michael Falk, Chairman and Managing Partner of Comvest, said, “We look forward to our partnership with Related as we create an office space that supports Comvest’s continued growth. The move to a dynamic and collaborative space will allow us to foster better interaction among teams and promote innovation and forward thinking.”

 

“Our type of work requires a highly skilled group of engineers, data scientists, designers and project managers, so being accessible to the broadest possible pool of talent is critical,” said Chris Nielsen, Founder and Chairman of Levatas. “The proximity of Rosemary Square to the Brightline, which connects the residents of Miami and West Palm, and soon Orlando, opens up a lot of possibility we didn’t have before, both for employees and clients. It’s also nice to be in a creative, urban hub, close to where many of our employees live and play.”

Anticipated LEED Gold, 360 Rosemary is a 300,000-square-foot building designed by Elkus Manfredi Architects and Leo A. Daly that will bring state-of-the-art, connected and innovative workspaces to South Florida. The 20-story modern building will offer loft-style office space with expansive floor-to-ceiling windows that maximize natural light and 10,000 square feet of outdoor amenity space including two terraces that allow for an exceptional indoor/outdoor workplace environment. Located adjacent to the Brightline high-speed rail station which connects West Palm Beach with Miami and Fort Lauderdale, on 10 local bus routes and just 3 miles from the Palm Beach International airport, the building offers unparalleled access to local transportation hubs. Related Companies has retained construction management company Moss as contractor for 360 Rosemary. The building is expected to be complete in early 2021.

360 Rosemary is located in Rosemary Square, which is currently undergoing a $550 million transformation led by Related to become a vibrant community and destination featuring premiere commercial office space; rejuvenated green spaces; modern residences; diverse, experiential retail and culinary offerings; robust arts and cultural programming—culminating in an exceptional new district to live, work and visit in South Florida.

Jon Blunk, President of Tower Commercial Real Estate, is the exclusive leasing agent for 360 Rosemary and represented Related in both transactions. Comvest was represented by CBRE First Vice President Kevin Probel and First Vice President Kevin McCarthy. Levatas was represented by JLL Vice President Cameron Tallon.

 

Source:  CRE-sources

Fort Lauderdale Charity Leases 11,000 Square Feet Of Office Space

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Fort Lauderdale Independence Training & Education (FLITE) Center has signed a lease for 11,057 square feet of office space at Prospect Park I, located at 5201 N.W. 33rd St. in Fort Lauderdale.

Brokers Keith Graves, Jonathan Thiel, and Joseph Byrnes, all of Berger Commercial Realty/CORFAC International, negotiated the lease on behalf of the property’s landlord, AKF# SF Light Industrial, LLC.

The FLITE Center is a centralized facility in Broward County for dependent youth to learn the skills needed for independent living. Topics covered include the importance of education, government benefits, budgeting and banking, job and vocational training, housing options and other essential skills needed to live independently. The charity is a result of the collaborative efforts of the Community Foundation of Broward, the United Way of Broward County and the Junior League of Fort Lauderdale in the early 2000s to develop a systemic approach to providing foster care youth with a support system that would help them become productive adults.

Prospect Park I is a multi-building business park located within Fort Lauderdale Commerce Center. Strategically situated between I-95 and Florida’s Turnpike at Commercial Boulevard, the 70,874-square-foot office complex offers flexible floorplans, round-the-clock access and proximity to Fort Lauderdale Executive Airport, the Cypress Creek Tri-Rail station and the Pompano Beach Tri-Rail Station.

 

Hong Kong-Based Company Moving US Headquarters To South Florida

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Techtronic Industries — the maker of many tools and popular appliance brands — is moving its U.S. headquarters to Fort Lauderdale, which business development officials say is another corporate headquarters win for the region.

The Hong Kong-based company is behind brands such as Ryobi and Milwaukee power tools, as well as Hoover, Oreck and Dirt Devil vacuum cleaners.

The company, which employs more than 20,000 worldwide, has leased offices at 450 E. Las Olas Blvd. and plans to create 75 jobs, according to the Greater Fort Lauderdale Alliance, the county’s economic development group. Techtronic, which was previously based outside Baltimore, is moving some top executives to Fort Lauderdale and hiring for finance, human resources, audit, legal and other professional jobs.

Techtronic’s biggest customer is Home Depot. The company also makes and sells brands including Vax, AEG, Stiletto, HomeLite and Empire.

Kristine Zenkewicz, assistant general counsel for Techtronic Industries North America, said the Fort Lauderdale office will be a corporate one overseeing U. S. operations. The global company has more than 40 locations around the world including the U.S., Canada, Asia, Europe and South America.

“We thought Fort Lauderdale would be a fabulous place to host clients, investors and team members,” she said.

Techtronic is a “powerhouse group of companies,” said Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance.

He said attracting a corporate headquarters is “incredibly important” to Broward because it brings high-paying jobs and tends to invest in the community.

Swindell said Broward County was competing with Miami and New England to attract the headquarters. One factor was hangar space for the company’s corporate aircraft, which it secured at the Fort Lauderdale Executive Airport. The company’s top executives frequently travel overseas, he said.

The company is renovating and will be moving into the 15th floor of 450 E. Las Olas Blvd., the same building where the late entrepreneur H. Wayne Huizenga once had his office.

In November, state and local government incentive awards totaling $210,000 were approved for the company, if it meets job and investment requirements. In October, the Fort Lauderdale Commission agreed to provide tax refunds of $7,000 per job for at least 30 jobs with average annual salaries of $97,374, according to a memo from City Manager Lee Feldman.

The incentives were awarded to help ensure the company relocation wouldn’t be lost to New England, where Techtronic has its current U.S. headquarters, or Miami, according to the memo.

Techtronic was founded in 1985 by Horst Julius Pudwill and Roy Chi Ping Chung with the goal of building a portfolio of globally recognized brands, according to the company’s site. It opened its first factory in 1988 in Dongguan, China.

Based in Hong Kong, Techtronic reported 2018 revenue of more than $7 billion, up from $6 billion a year earlier. The CEO is Joseph Galli Jr., who is renting while he builds a home in the Fort Lauderdale area, according to Zenkewicz.

The company is listed on the Hong Kong Stock Exchange. Techtronic’s stock also is traded in the U.S. over-the-counter market, where it has a 52-week stock price range of $22.52 to $38.72 a share.

 

Source:  SunSentinel

Jaime Sturgis Tapped To Market New 24,000-SF Project In Flagler Village

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Jaime Sturgis, Founder and CEO of Fort Lauderdale commercial real estate firm Native Realty, is expanding his placemaking efforts in the city’s Flagler Village neighborhood with a prestigious new assignment.

Real estate developer and investor BH3 has hired Native to exclusively market its Fabrick adaptive re-use project in Flagler Village.

BH3, led by principals Gregory Freedman and Daniel Lebensohn, is converting an industrial building at 801-819 NE Second Ave. into 24,000 square feet of creative office, retail and restaurant space. The site is conveniently located next to Fort Lauderdale’s Central Business District and within walking distance to several thousand apartments either recently completed or in the pipeline.

The building is designed with open floor plans and will be delivered with new impact doors and windows and polished concrete floors. The property includes ample on-site parking and strong signage opportunities – with visibility to the Virgin Trains USA (formerly Brightline) passenger trains.

Fabrick is the latest example of BH3’s significant investment into Fort Lauderdale’s urban core. The company’s portfolio in the city includes FATCity, a transit-oriented development on 2.69 acres at 300 N. Andrews Ave., and Flagler 1.0, a creative office and retail building at 702-704 NE First Ave. that is home to Chops + Hops Axe Throwing Lodge and Rank & File Social Club.

Demand from prospective tenants is strong, according to Sturgis. The first tenant is expected to be announced in the coming weeks.

“It is an honor to partner with a visionary developer like BH3,” Sturgis said. “We consider this assignment to be a testament to the significant results Native Realty consistently generates and our passion for curating the neighborhoods within and beyond Fort Lauderdale’s urban core. For restaurants, bars, retailers and creative office operators, Fabrick represents an unparalleled opportunity to secure prime space in Broward County’s most popular neighborhood.”

The assignment follows a pair of record-breaking transactions closed by Sturgis in Flagler Village in January 2019. The $13.25 million sale of the Flagler Uptown and Hive mixed-use buildings set neighborhood records on both a price per building square foot and land square foot basis.