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Boca Attracting Some Of The Highest Office Leasing Activity

February 7, 2024/in Done Deals, News, Trends/by SFOBA STAFF

Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data.

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

January 30, 2024/in Done Deals, News/by SFOBA STAFF

The 11-story Class B office building is situated on 2.3 acres, with a strong history of high occupancy with long term tenants.

Boca Attracting Some Of The Highest Office Leasing Activity

February 7, 2024/in Done Deals, News, Trends/by SFOBA STAFF

Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data.

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

January 30, 2024/in Done Deals, News/by SFOBA STAFF

The 11-story Class B office building is situated on 2.3 acres, with a strong history of high occupancy with long term tenants.

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Boca Attracting Some Of The Highest Office Leasing Activity

February 7, 2024/in Done Deals, News, Trends/by SFOBA STAFF

Boca Raton’s office leasing activity led the way in South Florida in 2022 and 2023, surpassing some more populous cities in the tricounty area, according to a recent analysis. It’s yet another indicator of the city’s growth — as well as the demand for office space across the region in a remote-working era.

Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data compiled by the city’s Office of Economic Development and originating from Colliers 2023 Quarterly Office Reports.

“We have led the county in 2022 and 2023 for significant leasing activity,” said Jessica Del Vecchio, Boca Raton’s economic development manager. “What that means is we’ve leased more square footage from the commercial office side of the business than any other city in Palm Beach County.”

Del Vecchio believes the surge of leasing activity began as the world began to emerge out of COVID-19 constraints. The pandemic triggered heightened interest in South Florida in general, she said, which has especially flourished in Boca Raton.

Boca Raton has a “built-in workforce,” Del Vecchio said, a product of the universities dotting the area, namely Florida Atlantic University, Lynn University and Palm Beach State College.

“We have a lot of smart, well-educated, talented people here, and I think that’s what the draw is that sets us a part in South Florida as a whole,” she said. “It’s so important to be by where the workforce is when you’re bringing a company into an area.”

The COVID-19 pandemic also proved the feasibility and success of a hybrid working model, making opportunities like physically working in Florida for a New York-based company possible.

“We don’t have to work on Wall Street,” she said. “We can keep a presence on Wall Street, but we can relocate to an area that we want to be in, that’s low taxes.”

The leasing activity momentum continues into 2024 with the announcement of six lease agreements at the Boca Raton Innovation Campus, or BRiC.

On Jan. 18, the CP Group, the developers behind the revitalization efforts to BRiC, announced in a statement four new tenants and two lease renewals with one expansion.

Those six tenants are: Engineering Express, a structural engineering firm; Hollywood.com, an entertainment company; LandAirSea (LAS), a GPS tracking system manufacturer; MODE Architects, a full-service architecture and design firm; EdgeMed, a revenue cycle management platform for medical organizations, and Orchid Bay Financial Holdings, an investment firm, which is also renewing its lease.

This is one part of a $100 million project to transform the former IBM facility into an illustrious campus full of contemporary amenities along with residential units, a hotel, restaurants, retail and more.

“We are continuing to see an influx of cutting-edge companies flocking to South Florida in search of flexible, yet turnkey, workspaces to meet the needs of their employees,” said Michael Perrette, general manager for BRiC, in the statement.

BRiC is yet another component of Boca Raton’s growth, which is only projected to progress as other projects such as the Center for Arts and Innovation continue to advance, and people keep taking advantage of recent additions to the city, such as the Brightline service.

“We are poised on making ourselves attractive to new investment and we engage our community stakeholders in conversations,” Mayor Singer said. “I think employers want to see a city like ours poised on what’s ahead for the next century.”

Source: SunSentinel

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

January 30, 2024/in Done Deals, News/by SFOBA STAFF

Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt and Vice President Brian Batchelder represented the Seller, Federal Tower, Inc., in the sale of Federal Tower, located at 1600 South Federal Highway in Pompano Beach.

Buyer Vera Fund, LLC paid $12,750,000 for the 68,711-square-foot office building, equating to nearly $186 per square foot. The buyer was represented by Nick Polyushkin, CEO and Founder of Vera Realty.

The transaction closed January 24.

Built in 1976, the iconic blue glass building is a highly prominent, 11-story Class B office building situated on 2.3 acres, with a strong history of high occupancy with long term tenants. It is located on the southern border of Pompano Beach and northern border of Fort Lauderdale within close proximity to two major hospitals – Imperial Point Hospital and Holy Cross Medical Center – and to upscale residential neighborhoods of Bay Colony and Imperial Point.

The Buyer plans to renovate the building and attract additional medical and small office tenants. There is also potential for long term redevelopment of the entire site.

“Well-located office buildings with a larger percentage of medical-related tenants continue to be a favorite asset class,” explained Hyatt. “For obvious reasons, medical real estate has not been impacted by the post Covid- work-from-home trend that has negatively affected other office assets.”

This is the third property that Hyatt and Batchelder have sold on behalf of this client.

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Boca Attracting Some Of The Highest Office Leasing Activity

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

Boca Attracting Some Of The Highest Office Leasing Activity

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

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Boca Attracting Some Of The Highest Office Leasing Activity

Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000

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