Private Equity Firm Alvarez & Marsal Inks 10K SF Lease in West Palm
Financial firm Alvarez & Marsal Capital is setting up shop in West Palm Beach.
The Greenwich, Conn.-based private equity firm inked a 10,000-square-foot lease for the 10th floor of 300 Banyan Boulevard, a mixed-use development that’s under construction, developers Brand Atlantic and Wheelock Street Capital announced.
Located in Downtown West Palm Beach, the 12-story 300 Banyan will feature 120,000 square feet of office space across six floors and a three-story parking garage.
300 Banyan is scheduled to be completed in 2024. A year ago, Brand Atlantic and Wheelock Street Capital secured an $87 million construction loan from Acore Capital.
The office project is part of the larger Banyan & Olive mixed-use development that includes the historic three-story building at 111 North Olive Avenue, which was designed by famed architect John Volk and was completed in 1936. The joint venture acquired both sites, which totals about an acre, for $20 million in 2021.
Asking rents at the development range between $110 and $130, triple-net, according to a spokesperson for Brand Atlantic. Cushman & Wakefield’s Brian Gale and Anthony Librizzi represented the landlord, while David Dusek and Kevin Landers from the same brokerage represented the tenant.
Source: Commercial Observer
