Leasing for the property is represented by CBRE‘s Deborah Fink, Michael Wilson and Lisa Lawson. CLICK ON THE HEADLINE FOR MORE
The deals bring the West Palm office towers to 96% occupied. CLICK ON THE HEADLINE FOR MORE
One Boca Place, a 277,390 square foot Class A office complex in Boca Raton, changed hands in a $76.35 million transaction, according to a deed recorded Friday in Palm Beach County.
One Boca Place Inc. made a 70 percent premium on the sale after paying $44.73 million in 2001 for the property at 2255 W. Glades Road off Northwest Executive Center Drive. The seller secured about $32 million above what it paid to acquire the property.
A local investment group, CP Boca Place LLC, a Crocker Partners affiliate, purchased the office complex, including the 340,530-square-foot parking garage.
One Boca Place, also called Boca Raton Glades Road Center, is a premium office complex west of I-95.
Tenants range from federal clients, like the Florida Southern Probation Office, to financial services providers and law firms like Proskauer Rose.
Leasing for the property was represented by CBRE‘s Deborah Fink, Michael Wilson and Lisa Lawson.
It is now being represented by Jon Blunk, Mark Pateman, Danielle Vennett and Tara England of Cushman & Wakefield.
Source: DBR
Phillips Point continues to enjoy a historically high occupancy rate with $46.5 million in recent leasing transactions.
Taylor & Mathis Principal Brian Gale has secured four leases totaling 65,600 square feet, with additional deals in the works.
In a new to market deal, Connecticut based Wexford Capital signed a 7,400 lease. The $4.5 million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman. The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford. “These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.
ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a one million dollar lease for 4,635 square feet. “Phillips Point continues to attract the highest quality tenants in the market, with its unparalleled views and quality of ownership,” said Gale.
The key testament to Phillips Point’s iconic stature in the market is the tenants choosing to stay at the property. In the last couple of years, Taylor & Mathis has reported nearly 150,000 square feet in renewals and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley. This year has seen two notable renewals. International law firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years at the property, signing a 30,254 square foot lease for their West Palm Beach office. Co-broker Jon Bourbeau of Newmark Grubb Knight Frank represented the law firm in the deal valued at $23 million.
AMG Properties has more than doubled the size of their offices signing a 12,805 square foot expansion along with a 10,518 square foot renewal. Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the 23,323 square foot, $18 million deal. “We anticipate seeing additional growth from them yet this year,” stated Gale.
“These tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Gale.
The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Akerman.
Crocker Picks Up Boca Office Complex
/in News/by SFOBA STAFFLeasing for the property is represented by CBRE‘s Deborah Fink, Michael Wilson and Lisa Lawson. CLICK ON THE HEADLINE FOR MORE
Taylor & Mathis Inks 65,000 SF At Phillips Point
/in Done Deals, News/by SFOBA STAFFThe deals bring the West Palm office towers to 96% occupied. CLICK ON THE HEADLINE FOR MORE