Colliers International South Florida’s Executive Managing Director Bob Schneiderman represented the tenant in the 89-month lease deal. CLICK ON THE HEADLINE FOR MORE
The sale marks one of the largest office sales in the city’s history. CLICK ON THE HEADLINE FOR MORE
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.
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
Colliers International Brokers $2.1M, 10,000 SF Lease In Boca
/in Done Deals, News/by SFOBA STAFFColliers International South Florida’s Executive Managing Director Bob Schneiderman represented the tenant in the 89-month lease deal. CLICK ON THE HEADLINE FOR MORE
West Palm Office Building Fetches $98 Million
/in Done Deals, News/by SFOBA STAFFThe sale marks one of the largest office sales in the city’s history. CLICK ON THE HEADLINE FOR MORE