Tag Archive for: 777 south flagler drive

Related To Pay $630 PSF For West Palm Beach’s Phillips Point Office Towers

/in /by

The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million.

AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks. Real Estate Alert and Bloomberg reported the deal.

A source confirmed details of the sale to The Real Deal.

Related will pay about $630 per square foot for the buildings at 777 South Flagler Drive and 201 Lakeview Avenue. Records show AEW paid $246 million for the two towers in 2015. They sit on more than 4 acres overlooking Palm Beach island.

JLL brokers Hermen Rodriguez, Ike Ojala and Matt McCormack were marketing the building for sale as of last month.

Phillips Point is about 90 percent occupied. Morgan Stanley, Gunster, and Akerman are among the tenants.

The sale comes as more financial and tech firms announce they are opening offices in South Florida. Goldman Sachs, which has a small office at Phillips Point, is considering moving its asset management division to South Florida, and reportedly has looked at spaces in Palm Beach County.

Related redeveloped CityPlace into Rosemary Square, and plans to build another office tower across from Phillips Point called One Flagler.

 

Source:  The Real Deal

Greenberg Traurig Renews 30,000 SF Lease For 10 Years

/in , /by

Greenberg Traurig renewed its West Palm Beach office lease for another 10 years.

Taking into account the existing lease, Greenberg Traurig will stay put until November 2027. The firm is also planning a $1.5 million renovation that will modernize its 30,254-square-foot space, according to a written statement.

The law firm has been at the Phillips Point building on 777 South Flagler Drive in West Palm Beach since 1991.

“We are grateful to West Palm Beach for supporting our success in this community we have called home for the past 30 years,” said Mark Bideau, the office’s co-managing shareholder. “We are excited to continue to demonstrate our loyalty to our community by investing in office space that will help us realize our vision to transition to the law office of the future.”

 

Source: The Real Deal