Tag Archive for: 300 banyan boulevard

Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach

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Dycom Industries has signed a 40,000-square-foot lease to move its headquarters to the 300 Banyan office project in Downtown West Palm Beach.

The top two stories of the 12-story building will be occupied by Dycom, a company that contracts with telecom companies, according to developers Wheelock Street Capital and Brand Atlantic Real Estate Partners. The asking rent is $110 per square foot.

Situated at 300 Banyan Boulevard, the project will have six stories with about 120,000 square feet of leasable office space and three levels of parking.

Dycom Industries will relocate its headquarters from Palm Beach Gardens. Its new lease brings 300 Banyan to 50 percent pre-leased.

Wheelock Street Capital and Brand Atlantic Real Estate Partners obtained a $87 million construction loan from Acore Capital in 2022. The project is expected to be completed in April.

Derek Baker of Colliers represented the tenant, while Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord.

The 300 Banyan office building is part of the larger Banyan & Olive mixed-use development, which also features a historic building at 111 North Olive Avenue. Over two years ago, the joint venture completed a gut renovation of the three-story building, designed by famed architect John Volk, which now functions as a mixed-use property.

 

Source:  Commercial Observer

Private Equity Firm Alvarez & Marsal Inks 10K SF Lease in West Palm

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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

 

Marcus & Millichap Arranges Sale Of Downtown West Palm Beach Office Building

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Marcus & Millichap announced the sale of The Galleria International, a 42,263-square-foot office property and adjacent 30,000 square-foot parking lot located at 301 Clematis Street and 300 Banyan Boulevard in West Palm Beach, according to Ryan Nee, First Vice President/District Manager of the firm’s Fort Lauderdale office.

The asset sold for $20,000,000.

“This transaction is indicative of the insatiable demand for high-quality assets and locations in downtown West Palm Beach primed for re-development and amplified by accelerated in-migration to the region partly as a result of newly formed trends brought on by the pandemic,” stated C. Todd Everett, First Vice President Investments, “Downtown West Palm Beach and Clematis Street are finally at the tipping point of critical mass needed to realize the City’s longtime vision of a 24-hour live, work, play environment.” Everett said.

Everett in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Galleria International, LLC and Safe Parking, LLC.  The buyer, Clematis Banyan Investors, a limited partnership, was secured and represented by Scott Geller, an investment specialist in Marcus & Millichap’s New Jersey office.

The Galleria International and 300 Banyan are located in the heart of historic downtown West Palm Beach.  The Property is a three-story building featuring prime high-street retail on the ground floor fronting both Clematis Street and Olive Avenue with professional offices on the second and third floors. The Buyer plans to gut renovate the interior and preserve the historic exterior of the existing building while creating a true Class “A” office experience with high ceilings and large windows. Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.