CBRE Tapped To Market 1 East Broward Blvd.

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1 East Broward Blvd., a 4-Star office building in downtown Fort Lauderdale has hit the market and industry professionals expect that it may trade for more than double its previous sales price of $42 million.

Montvale, NJ-based Ivy Realty Services LLC has also retained CBRE to market the 19-story building, which it purchased in 2011 from One Broward Blvd Holdings LLC, CoStar data shows.

The 351,705-square-foot tower is 91 percent occupied and is the closest office building to the new Brightline commuter train service’s Fort Lauderdale station, says a person who has reviewed the confidential offering memorandum.

The largest tenants include Kemet Corp., Becker & Poliakoff and Quintairios Prieto Wood & Boyer.

 

Source:  CoStar

HFF Brokers $21.2M Sale Of Broward County Office Complex

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HFF has brokered the $21.2 million sale of One Charter Place, a 101,941-square-foot office complex located at 3301 N. University Drive in Coral Springs.

Ike Ojala, Hermen Rodriguez and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between True North Management Group LLC and Delma Properties Inc.

HFF also procured the buyer, Borsa Properties LLC.

Completed in 2007, One Charter Place includes a four-story, 76,904-square-foot office building; three single-story buildings; and a 489-space parking garage. The property was 94 percent leased at the time of sale to tenants such as the Florida Department of Revenue, BFS Cos., Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams.

 

Source:  REBusiness

Crocker Partners, Rialto Pay $179M For Boca Raton Innovation Campus

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Crocker Partners and Rialto Capital Management just paid $179.3 million for the Boca Raton Innovation Campus, in the biggest office sale in the tri-county region since 2016.

The joint venture purchased IBM’s former sprawling tech office complex at 4800-5002 T-Rex Avenue from Farallon Capital Management and Next Tier HD, according to Real Capital Analytics.

Eastdil Secured brokered the deal.

The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.

Boca Raton Innovation Campus is about 71 percent occupied to tenants that include Bluegreen Corp., Tyco Integrated Security, TransUnion, and Modernizing Medicine, according to RCA.

Portions of the office campus could be redeveloped. The Palm Beach Post reported last year that Farallon and Next Tier were working with the city of Boca Raton to rezone parts of the property to allow for 720 apartments, 20 townhomes, a 120-room hotel and 81,000 square feet of retail space. A number of office parks in South Florida are being redeveloped to include apartments, retail and hotels, like the Park at Broken Sound in Boca Raton.

The property last sold for $128.7 million in 2015, according to RCA.

In 2017, the largest office sale was Rockpoint Group’s $155 million purchase of 1221 Brickell in Miami.

Boca Raton-based Crocker Partners owns 24 properties with an estimate value of $2.1 billion. The majority of the investment firm’s portfolio is in Palm Beach and Miami-Dade counties. Rialto is owned by Lennar Corp.

The Boca Raton Innovation Campus deal is the first partnership for Crocker Partners and Rialto, according to RCA.

 

New Building To Bring 300,000 SF Of Class A Office Space To Downtown West Palm Beach

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Related Companies has proposed a state-of-the-art Class A office building at the corner of Rosemary Avenue and Evernia Street in downtown West Palm Beach.

Created as an innovative and sustainably advanced corporate space, 360 Rosemary will complement CityPlace Office Tower, bookending the district with two distinct, premier office buildings and improving the region’s ability to attract new businesses and create jobs.

It will stand as the newest Class A office space constructed since the CityPlace Office Tower was built in 2008.

“The office building at 360 Rosemary is part of Related Companies’ vision for the future of the downtown district  – to transform the area from an entertainment destination into a thoughtful urban district, where residents and visitors are completely integrated into the fabric of the city,” said Gopal Rajegowda, Senior VP, Related Companies. “The state-of-the art office building will allow the downtown area to continue to thrive, bring more businesses, jobs and full-time residents to the epicenter of downtown West Palm Beach.”

If approved, construction of 360 Rosemary would begin later this year.  Its development will create more than 700 construction jobs, and, once complete, the building will employ at least 1,000 people.

Jon Blunk, President of Tower Commercial Real Estate, exclusive office leasing representative for 360 Rosemary, has worked with Related Companies on several successful projects – most notably – the lease out of City Place Office Tower.

“I’m thrilled to be working side-by-side with the Related Companies team again.  West Palm Beach is primed for a new high-end office tower of this design and caliber,” said Blunk.  “With its unmatched accessibility to the surrounding amenities and proximity to the Brightline Station, 360 Rosemary will be the location of choice for tenants in this market.”

Located just steps away from the new Brightline high-speed rail station, the 285,000 square foot LEED Silver-designed building will bring modern architecture and best-in-class office amenities to the West Palm Beach business community. With spaces designed to appeal to a variety of industries, including creative startups, technology firms and the financial service industry, 360 Rosemary will offer a technologically and stylistically forward-thinking approach to support companies operating in today’s modern business environment. Employees and visitors at 360 Rosemary will benefit from an on-site conference center facility, fitness center, 10-foot-plus ceilings on every floor, outdoor amenities, an industrial-style lobby and ample parking for cars and bikes.

Related Companies’ same expertise and knowledge that most recently leased more than eight million square feet of Class A commercial office space in Hudson Yards development – bringing more than a dozen of the world’s leading brands in fashion, beauty, technology, finance and law to Manhattan’s newest neighborhood – will be focused on bringing that same enhanced value to downtown West Palm Beach.

Construction Begins On First New Office Building In Ft. Lauderdale’s SOLO District In Nearly 30 Years

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This week, Blackhawk Properties & Investments, LLC began construction at 550 S. Andrews Ave. in downtown Fort Lauderdale.

Upon completion in the spring of 2019, the property will consist of the 550 Building and SOLO Shoppes, a 95,532-square-foot, seven-story tower with six floors of office space and 7,500 square-feet of restaurant and patio space on the ground floor.

Featuring an attached parking garage with more than 600 spaces, the Class A building will be the first new office building in downtown Fort Lauderdale’s South of Las Olas (SOLO) District since 1989.

“The 550 Building will be a great addition to an area that is burgeoning with residential development and lacking in modern office, retail and restaurant space,” said Joseph Byrnes, a senior vice president with Berger Commercial Realty/CORFAC International, the exclusive leasing and property management firm for the 550 Building. “Several office tenants and restaurant operators have been monitoring the progress of the project and are actively speaking with us to advance their plans for occupancy.”

Formerly home to the Justice Building, the site was purchased by Blackhawk Properties for $3.6 million in 2013. In 2016, Blackhawk acquired the neighboring site, previously owned by former Fort Lauderdale Mayor Jim Naugle, to accommodate the parking garage and SOLO Shoppes. The lot is adjacent to the Broward County Judicial Complex at the northeast corner of Andrews Avenue and S.E. 6th Street, which boasts one of the highest pedestrian traffic counts in Broward County.

Developers of the 550 Building include Thomas McDonald, Kate Murphy of Collins Capital Partners and William Murphy of Douglas Management. The 550 Building is designed by the award-winning architectural firm of Falkanger, Snyder, Martineau and Yates (FSMY).

Along with Byrnes, Senior Vice President Steve Hyatt with Berger Commercial Realty is serving as the property’s exclusive leasing agent.

 

C&W Named Exclusive Leasing Advisor For Boca Office Building

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Cushman & Wakefield has been named exclusive leasing advisor for Saber Centre I, a 101,347-square-foot office building located at 5901 Broken Sound Pkwy NW in Boca Raton, according to a release.

The Cushman & Wakefield office leasing team of John K. Criddle and Joseph J. Freitas has been hired by G&C Sabre Investors, LLC, an affiliate of Pompano Beach, FL-based real estate investment group Grover Corlew.

Criddle and Freitas were selected to reposition and rebrand the six-story Class A office building as the Grover Corlew team is months away from finishing a complete lobby, common area and elevator modernization.

“The high-floor penthouse vacancy at Saber Centre I offers over 17,500 square feet of sweeping golf course views making it one of the most unique corporate locations in Boca Raton,” said Freitas.

Office space at Saber Centre I is available from $18 to $22 NNN with a notable tenant roster that includes BSN, IBM, IWS, Ring Central and Education Dynamic.

“The Park at Broken Sound is one of the few active, mixed-use infill development sites in South Florida with more than 1,000 new multifamily units and 65,000-square-feet of new retail space,” said Criddle. “Given Saber Centre I’s wide range of availabilities, premium finishes and a tightening Palm Beach County Class A office market, we believe the building is uniquely positioned to capitalize upon the park’s revitalization and active Boca Raton marketplace.”