CBRE Secures $96M Refinancing West Palm Office Tower
CBRE Capital Markets’ Debt & Structured Finance group secured a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower in South Florida.
CBRE Senior Vice President Amy Julian and First Vice President Andrew Chilgren represented the borrower, a joint-venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. BMO originated the loan.
Northbridge Centre is located at 515 N. Flagler in West Palm Beach. Currently, the property is 92% leased to a diverse roster of 48 tenants.
The investment group has meticulously maintained and renovated the 21-story office building with over $18 million of recent capital investment including multi-tenant floor renovations, speculative suite buildouts, elevator and lobby renovations, and exterior upgrades. These projects have repositioned the asset into a top office destination for tenants in South Florida.
“The current ownership has been tremendously successful at Northbridge Centre,” said Julian. “They have executed 88,000 square feet of leases since the start of 2022, which has driven rents up by 46% since acquiring the property in 2019.”
Northbridge Centre features panoramic water views of the intracostal waterway, the Atlantic Ocean, and Clear Lake as well as spectacular views of Palm Beach Island and the West Palm Beach skyline. Additionally, the property offers tenants three on-site dining venues, rooftop amenity deck, full-service banking, executive valet parking with direct building access, a Paul James salon, a fitness center with extensive programming, and a state-of-the-art conference facility.
“New-to-market leasing activity has led to West Palm Beach emerging as one of the nation’s top performing submarkets,” added Chilgren. “Since the end of 2020, Class A vacancy has dropped 900 basis points to just 9.8%, while rents have simultaneously increased by more than 50%.”
