Class A Boca Office Building Trades For $34.6 Million

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Cushman & Wakefield has arranged the sale of Wells Fargo Plaza in downtown Boca Raton. The Class A asset consists of a seven-story office building and a two-story building with a Wells Fargo Bank retail branch on the ground-floor, which together comprise 102,431 square feet.

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell, Executive Director Rick Bruggeand Executive Director Michael Lerner represented IPCP Florida Realty Value Fund I, an entity of Boca Raton-based IP Capital Partners, in the sale.

The $34.6 million sale closed Friday, January 28. The property last sold for $23 million in 2015.

Wells Fargo Plaza was completed in 1999 and features a unique design by internationally renowned architect Phillip Johnson, which makes it a well-known local landmark.

Situated on 2.3 acres at 925 and 975 South Federal Highway, at the intersection with East Camino Real, the property offers panoramic views of the Atlantic Ocean and downtown Boca Raton’s evolving skyline. It is directly across from the highly exclusive Royal Palm Yacht & Country Club, and surrounded by walkable amenities such as Royal Palm Place, which has over 100 designer shops, restaurants, salons and art galleries, as well as a Publix, Fresh Market and Trader Joe’s. It is also less than a mile from Boca Raton’s entertainment center, Mizner Park, which offers numerous dining, shopping and entertainment options.

“Downtown Boca Raton has undergone a major revitalization in recent years that has made it a model for ‘new urbanism,’ integrating office, retail, residential and entertainment with a pedestrian-friendly design,” said Davis. “Wells Fargo Plaza has an ideal position in the heart downtown’s evolving landscape, making it an excellent office location for banks, financial services firms and businesses from a wide variety of industries.”

Added Montazemi, “While the property garnered diverse interest from shepherds of capital both domestic and abroad, the buyer was selected for their proven track record and ability to transact on an expedited basis.”

Wells Fargo Bank has been a tenant at the property since 1999, and most recently renewed its lease through 2025. Other notable tenants include accident attorneys Kanner & Pintaluga, P.A. and marketing agency MoreVisibility.

The property is also considered part of the Federal Highway Corridor micro-market, which is one of the top micro-markets in Palm Beach County, having experienced a 30 percent growth in average base rents over the past five years. With no new office construction in the pipeline and positive net absorption, the Federal Highway Corridor is expected to continue performing at the top of the market.

CBRE Relocates Ft. Lauderdale Office, Signs 13K SF Lease

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CBRE announced plans today to relocate its Fort Lauderdale office to a new 12,993-square-foot space on the 15th floor at Bank of America Plaza, a 23-story office building also known as Las Olas City Centre in downtown Fort Lauderdale.

Part of CBRE’s global “Workplace360” initiative, the new office at 401 East Las Olas Blvd. will feature both state-of-the-art technology and design that enhances workplace experience and seamlessly connects employees. CBRE plans to complete its relocation in Q3 2019.

CBRE’s Workplace360 initiative promotes flexible and mobile working with enhanced technology and features a balance of workplace settings, including both collaborative and private spaces that employees can self-select to accommodate their hour-by-hour needs.

“At CBRE, we pride ourselves in knowing how to enhance the workplace experience to drive business change,” said Scott Correale, Managing Director at CBRE. “We have seen the success of our Workplace360 Miami office, and we are excited to bring this innovative initiative to Fort Lauderdale. Our new office will create a more collaborative culture for our employees in a sustainable environment, and we know it will have a meaningful impact in attracting and retaining top talent.”

“Our new office will showcase a new way of working to our clients, and we are excited to invite them to our new space. They will experience cutting-edge solutions to help inform their decision-making process as they consider their future workplace needs,” said Zach Wendelin, Senior Vice President at CBRE, who represented the firm in the lease transaction.

CBRE is leveraging its in-house Workplace and Project Management services to implement the project from initiation through move-in. Employee committees will participate in decision-making to create a unique office experience that caters to individual health and wellness, while also reflecting the excellence of the CBRE brand and corporate culture.

“From productivity and wellness, to engagement and recruitment, the workplace directly contributes to business results. Better business performance begins with better workplace performance, and at CBRE, we practice what we preach,” said Cicily Scharlach, program manager for CBRE’s Workplace360 initiative. “By driving greater collaboration and productivity, and improving our business agility, our newest Workplace360 office will be an environment where our employees will feel engaged and thrive.”

CBRE will move from its current offices at 200 East Las Olas Boulevard.

Office Depot HQ Site Sells For $33 Million

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Avison Young Principal Keith O’Donnell completed three transactions totaling $33 million on behalf of Investors Warranty of America to sell a 42.7-acre property in Delray Beach. The site is the former Office Depot headquarters at S. Congress Avenue and Old Germantown Road.

“Immediately after being awarded the listing, we evaluated multiple and varied uses including colleges, office, and entertainment, and investors looking to renovate existing assets,” said O’Donnell. “Ultimately, we secured a dream team of well-known developers to purchase the property and embark on a transformative redevelopment project.”

The property was divided into three parcels and sold to three South Florida development groups which joined together to create a new mixed-use project. Centerpointe Delray Holdings, a partnership between Miami-based firms 13th Floor Investments and Key International and Boca Raton-based CDS International Holdings, plans to build more than 600 multifamily units. Separately, CDS, which also owns The Arbors office building on the northeast corner of the site, plans to develop retail and office components. The project will be anchored by a 1.8-acre park with jogging and bike trails to connect to the 25-acre Delray Natural Oaks Preserve.

“We are excited to bring residential units for families and young professionals to Delray Beach as part of a landmark commercial site,” said Arnaud Karsenti, Managing Principal of 13th Floor Investments. “The result will be a world-class live-work-play community in line with the city’s vision for a vibrant destination along Congress Avenue.”

Inigo Ardid, Co-President of Key International, added: “We’re looking forward to delivering a new wave of residential product to the Delray Beach market, which poses significant growth opportunities. This site will work in tandem with the exciting additions joining the area to create a central lifestyle locale.”

The Delray Beach City Commission unanimously approved the master plan and will collaborate with the developers on the project. Four- and five-story apartment buildings and two- and three-story townhouse buildings are planned. The retail and restaurant space will be near the S. Congress Avenue and Old Germantown Road intersection.

“Early in the seller’s quest for buyers, Keith brought the property to my attention and challenged our team to think about how this last great South Palm Beach County parcel could be integrated into the success of Delray Beach’s downtown transformation,” said Jeff Perlman, Vice President of CDS and former Delray Beach Mayor. “I was the mayor who got the call about Office Depot leaving the site for Boca Raton 12 years ago, a decision that prompted us to rethink the future of Congress Avenue. We believed back then – and still do – that this property will be the catalyst to create Delray Beach’s next great street, and it’s an honor to be involved.”

O’Donnell’s history with the property, which dates back to its days of IBM’s occupancy through Office Depot’s growth to a global enterprise, played a significant role in Investors Warranty’s selection of Avison Young to lead the sale.

“We remained committed to ensuring the delivery to Delray Beach the type of project it deserved while maximizing upside for our shareholders, and Keith’s experience with the property and other complex projects nearby such as Mizner Park in Boca Raton proved invaluable in achieving our goals,” said David Feltman, former executive of Investors Warranty.

Tech Firm Moves HQ To Newly-Constructed Miramar Tech Center, 2 Additional Tenants Ink Deals

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Blanca Commercial Real Estate announced its completion of two lease transactions totaling 13,536 square feet at the Miramar Tech Center, located at 2900 Monarch Lakes Blvd. in Miramar. The news follows the recent occupancy of United Data Technologies into the three-story Class A office building offering approximately 56,710 rentable square feet.

The leases include new tenant 03b Networks (7,011 sf), a subsidiary of SES Networks and the world-leading satellite operator with over 50 satellites in geostationary Earth orbit and 16 in medium Earth orbit, which was represented by Juan Jaramillo of FGI Realty; and the University of Florida’s Warrington’s College of Business (6,525 sf) represented by Franklin Street’s Tom Farmer.

They join recent occupant and building owner UDT (21,155 sf), a technology enabler that helps clients in major industries evaluate, architect, secure and manage technology in mobile, on premise and in the cloud.

“We are thrilled to have facilitated the completion of these lease deals with top organizations on the vanguard of technology and business who appreciate everything this new property has to offer,” said Juan Ruiz Executive Vice President of Blanca Commercial Real Estate. “Its central location and ability to attract top talent from the area makes this property an ideal choice for any company with its eye towards the future.”

 

Added Henry Fleches, CEO of UDT, “The Miramar Tech Center features some of the most advanced redundancy and backup systems in the area making it a perfect solution for any company with a robust need to provide continuous, noninterrupted service, or for any organization looking to ensure business continuity.”

The Tech Center is located in the heart of Miramar and boasts full generator backup power, wind-rated impact glass, electric car charging stations, dual HVAC chillers, heavy power and multiple telecommunication carriers and feeds to ensure redundancy and business continuity. The building is also hardened for hurricane resistance and offers high-end conferencing facilities and garage parking of 5.3 per 1,000 square feet.

Medical Air Transport Company Moves HQ To Broward

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After recently moving its worldwide headquarters to Fort Lauderdale from outh Lake, Texas, medical air transportation company MASA Global has acquired an office building in Plantation for $12.85 million.

Cornerstone Condominium Investors, managed by Stacey Vogel, sold the 61,362-square-foot office building at 1250 S. Pine Island Road to MASA Property Management, an affiliate of MASA Global. (MASA stands for Medical Air Services Association.) The buyer received a $10.5 million mortgage from Valley National Bank.

The price equated to $209 a square foot.

The office building was constructed on the 2.1-acre site in 2008. It’s just north of busy Interstate 595.

MASA Global’s interest in Broward County was revealed in April 2017, when the Business Journal wrote that the company – under the name “Project Bogey” – filed a job growth incentive application to open an office in Fort Lauderdale. At the time, its headquarters were in South Lake, Texas.

State records show that, in August 2017, MASA Global was approved for up to $210,000 in Qualified Target Industry (QTI) incentives from the state and local governments, should it meet the goal of creating 35 jobs in Broward with an average wage of $71,789. Those jobs must be maintained through 2022.

Maggie Gunther, spokesperson for the Greater Fort Lauderdale Alliance, which helped MASA Global reach the QTI deal, said the project was approved for Fort Lauderdale and no incentives have been paid out to date.

On its website, MASA Global’s worldwide headquarters is now listed as 101 N.E. Third Ave., Suite 1600 in Fort Lauderdale. It still has a membership office in South Lake, Texas. The company has over 1 million members worldwide who depend on it to fly them to medical centers for emergency care. Many of its satellite offices are in Latin America and the Caribbean, which are easily reachable through South Florida airports.

 

Source:  SFBJ

Pharmaceutical Firm Relocates, Inks 56,000 SF Lease Deal

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NAI/Merin Hunter Codman, Inc. announced that it completed one of the largest office lease transactions in Palm Beach County this year with TherapeuticsMD, Inc., which signed a 56,212-square-foot lease at 951 Yamato.

Jay M. Grossman, President and Director, and Richard W. Brockney of NAI/Merin Hunter Codman represented the Landlord, 951 Yamato Acquisition Company LLC, an affiliate of Brookwood Financial Partners, LLC.

Molly McDonough, Senior Vice-President of Butters Realty & Management, represented the tenant in the transaction.

The long-time Boca Raton-based pharmaceutical firm received three FDA product approvals since May and has outgrown its 32,000-square-foot location at 6800 Broken Sound Parkway NW, also in Boca Raton.

When asked why TherapeuticsMD chose 951 Yamato, Josie Weitzel, Director of Corporate Operations, stated “After two long years of researching facility options in the Palm Beach County area, we finally found a space that will offer an open space floor plan, which will allow for a more cohesive and collaborative environment to meet the needs our current and future staff.”

Grossman added, “951 Yamato was well suited for the tenant’s need with its large floor plates. In addition, the ability to find large blocks of office space to accommodate headquarter-sized tenants in Boca Raton is diminishing. The few that can be found are priced at the top of the market, located in less convenient areas, and many lack modern, Class-A features and amenities. 951 Yamato recently completed a million-dollar, environmentally friendly property improvement program to ensure that it remained a first-choice for large office space users. With the signing of the TherapeuticsMD lease and other recent leases, the building is now 89% leased.”

Current plans are to build-out two additional spec suites to be delivered in the first quarter of 2019, and a 2,000-square-foot conference center for the use of all 951 Yamato tenants.