Cushman & Wakefield To Lease Radice Corporate Center

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The Cushman & Wakefield office leasing team of John Criddle and Joseph Freitas has been named exclusive leasing advisor for Radice Corporate Center in Broward County.

Radice Corporate Center is a 353,975-square-foot, three-building, Class A office campus in the Cypress Creek office submarket. The office park comprises Radice Corporate Center I at 600 Corporate Drive, Radice Corporate Center II at 800 Corporate Drive and Radice Corporate Center III at 1000 Corporate Drive.

Radice Corporate Center I is a six-story, 102,350-square-foot building featuring 18,000-square-foot floor sizes and renovated common areas and bathrooms. The building was constructed on the ±4.0-acre site in 1984.

Radice Corporate Center II is a seven-story, 122,625-square-foot building developed in 1986 on a ±6.7-acre site. The asset offers 18,000-square-foot floor plates, renovated common areas and bathrooms, new elevators, a new HVAC system and an on-site café.

Radice Corporate Center III is a seven-story, 129,000-square-foot building developed in 1987 on a ±6.3-acre site. The building features 18,400-square-foot floor plates, an atrium lobby with marble accents and floor-to-ceiling windows. Ownership acquired Radice Corporate Center III earlier this year, securing possession of all three buildings.

Each building at Radice Corporate Center offers Category 5 or T–1 networking, generous surface parking ratios (4.0 spaces/1,000 square feet), canopied parking, on-site property management and roaming 24/7 security.

Radice Corporate Center is situated in a park-like setting adjacent to The Westin Fort Lauderdale and a ±5.5-acre nature preserve and a jogging trail. This location in Cypress Creek offers exceptional visibility from Interstate 95, easy access to all major South Florida thoroughfares and is just minutes from Fort Lauderdale/Hollywood International Airport.

The campus is currently 87.0% leased. Notable tenants include Charter Schools, Mass Mutual, Arizona College, Litchfield Cavo, TekPartners, Aerotek Staffing and Marsh & McLennan along with many other exceptional companies.

Ownership plans significant capital improvements at Radice Corporate Center, including updated landscaping, improved parking, café upgrades and enhanced corporate branding and signage.

“With ownership’s acquisition of Radice Corporate Center III, the entire park is now back under the control of a single entity for the first time since it was developed by Robert Radice in the eighties,” said Criddle. “Owning all three buildings not only provides operational efficiencies, but it offers our tenants the opportunity to grow or contract their office needs under the same ownership group.”

“The need for office space in Broward County continues to be spurred by solid economic growth and job creation,” added Freitas. “With limited new office construction outside the Fort Lauderdale CBD, Radice Corporate Center is well-positioned to capitalize on this increase in demand.”

 

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

Stiles Realty Adds Industry Veteran To South Florida Team

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Stiles announced that Joseph Jarkesy has joined the team as a Vice President in Stiles Realty, a division of the full-service commercial real estate firm, Stiles.

With more than 15 years of commercial real estate experience, Jarkesy will focus on landlord and tenant representation of office and retail space as well as owner representation in the acquisition, holding, and disposition of their real estate assets.

Previously, Jarkesy was with The Fitzgerald Group, where he specialized in landlord representation of office buildings in the Fort Lauderdale area. He brokered more than $40 million in commercial real estate transactions over the last five years.

 

“Joe is a knowledgeable professional who brings a wealth of commercial real estate experience to our team,” said Paul Marko, president of Stiles Realty. “His legacy of success with retail and office leasing as well as owner representation will be a great asset to the Stiles Realty team.”

Jarkesy has completed all the courses to sit for the CCIM designation test in the fall of 2019 and is a member of the South Florida Office Brokers Association (SFOBA). He earned a Bachelor of Science in Real Estate and Finance and a certificate in Urban and Regional Planning from Florida State University.

 

CBRE Tapped To Lease Brand New Class A Office Building In Miramar

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CBRE has been assigned leasing at Riviera Point Corporate Center, a new 64,431-square-foot office building in Miramar.

CBRE’s Chris Gallagher and Peter Messina are managing the leasing efforts at the property.

“Riviera Point Corporate Center is ideal for users who are seeking the luxury of a brand-new building with first generation office spec suites ranging in size from 1,537 sq. ft. to 13,804 sq. ft. that allow for immediate occupancy. Building top signage and monument signage are also available for marquee tenants,” said Gallagher.

Completed in 2017, Riviera Point Corporate Center consists of five stories and is complete with amenities, including a shared conference room, tenant lounge area with complimentary Wi-Fi, green car charging stations and on-site management. There is a diverse tenant mix, including law firms, accountants, financial advisors, residential lenders and more.

The location provides access to Interstate 75 via Miramar Parkway, Miami and Fort Lauderdale airports.

 

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