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Commercial Place, 3230 Commercial Blvd., Ft. Lauderdale

Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

August 11, 2024/in Done Deals, News/by SFOBA STAFF

Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

August 4, 2024/in Done Deals, News/by SFOBA STAFF

Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.

Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

August 11, 2024/in Done Deals, News/by SFOBA STAFF

Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

August 4, 2024/in Done Deals, News/by SFOBA STAFF

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Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

August 11, 2024/in Done Deals, News/by SFOBA STAFF

Cushman & Wakefield has arranged the $26 million sale of Commercial Place I and II, a two-building, Class A office campus located at 3230 and 3250 W Commercial Blvd. within Fort Lauderdale’s Cypress Creek/Commercial Boulevard submarket.

Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. The properties were sold by Brookwood Commercial Place, LLC and acquired by MYP Commercial Place, LLC, an entity managed by Moshe Popack.

“Commercial Place I & II has a history of strong occupancy and institutional ownership making it one of the premier office assets in Central Broward County,” said O’Donnell, Executive Managing Director at Cushman & Wakefield. “With best-in-class amenities and an existing roster of national corporate tenants, Commercial Place I & II offered a tremendous value-add opportunity to return the campus’ occupancy back to historical norms while enjoying strong, debt supporting cash flows.”

Commercial Place I & II spans 175,861 square feet total and was approximately 78% leased at the time of sale to a diverse mix of long-term tenants. The office campus includes best-in-class amenities such as a recently renovated lobby and fitness center, state-of-the-art conference facility for up to 40 people, and a full-service on-site café. Additionally, Commercial Place I & II is conveniently located between Interstate 95 and the Florida Turnpike, boasting unbeatable highway access and visibility to 5.3 million people within a one-hour drive.

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

August 4, 2024/in Done Deals, News/by SFOBA STAFF

As Boca Raton’s leasing surge surpasses other major office hubs, Venture X, the nation’s third largest coworking operator, has signed a long-term top floor lease at Palmetto Central in Boca Raton, encompassing 28,959 square feet.

Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.

“I’m thrilled to have assisted Venture X in securing a premier location for their new flagship site in Boca Raton,” said Baker. “Venture X sought to leverage the flight-to-quality trend for its coworking customers, by focusing on only quality assets and ownership. Grover Corlew’s expansive redevelopment of Palmetto Central aligns perfectly with these goals, creating a best-in-class office experience in Central Boca Raton.”

Palmetto Central, located at 1489 and 1499 W Palmetto Park Road, stands out with its Class A office space in a state-of-the-art redevelopment immediately east off Interstate 95, in Boca Raton’s bustling market. The property’s prime location offers unmatched access to the East Coast, being just minutes away from Downtown Boca Raton, the Glades Corridor and the new Brightline Boca Raton Station.

The property is undergoing an ongoing and phased $30 million renovation which has included significant upgrades to the two building’s façades, lobbies, and common area corridors, all aimed at elevating the asset and tenant mix to the highest quality. The property’s standout features include floor-to-ceiling windows, custom high-quality buildouts, full-height hurricane impact windows, and premium amenities such as a tenant lounge, fitness center, conference facility, and monument building signage opportunities.

“With the high demand for modern office space in downtown Boca Raton, Palmetto Central stands out in terms of quality and location,” said Mark Corlew, Partner at Grover Corlew. “We’re excited to welcome Venture X, which will thrive thanks to the distinctive upgrades that have brought this property to its full potential.”

Grover Corlew is a real estate investment management group and developer of multifamily and office properties with a proven track record of over 100 years of combined industry experience in acquiring, transforming, and managing a diverse range of assets, including office, multifamily, and retail properties, throughout the southeastern U.S., with a focus on Florida. The firm has developed, owned, and managed over 10,000 units and more than 10 million sq. ft. of commercial space, specializing in investor and tenant relationships and projects that revitalize and stimulate local communities.

Kevin Priddy, the Venture X franchise owner, expressed excitement about Venture X’s expansion into Boca Raton, stating, “Opening a Venture X in Boca Raton is a thrilling milestone for us, it is the perfect market for our brand, with its dynamic business community and thriving entrepreneurial spirit. We are excited to provide a modern and collaborative workspace that caters to professionals, entrepreneurs, and small businesses, offering them the ideal environment to innovate, network, and grow.”

In the second quarter of 2024, the Boca Raton office market emerged as a prime destination for office tenants, leading leasing activity in Palm Beach County. Leasing across the Boca Raton East, West, and North submarkets surpassed 250,000 sq. ft., accounting for 38% of all Palm Beach County leasing during the quarter. This robust activity can be attributed to the highly educated workforce spurred by local institutions such as Florida Atlantic University, Lynn University and Palm Beach State College. Additionally, the new Boca Raton Brightline Station has improved connectivity, enabling companies to access talent from the broader South Florida region. With this advantageous convergence of factors, the outlook for the Boca Raton office market remains positive as we enter the second half of 2024.

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Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

Full Sized Blog Element (Big Preview Pic)

Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

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