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Stiles Realty’s Madelayne Garcia Renews T-Mobile, New York Life At Lake Shore Plaza II

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Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced lease renewals for T-Mobile and New York Life Insurance Company at Lake Shore Plaza II.

Stiles Realty Senior Vice President Madelayne Garcia represented the landlord in the transactions. Mitchell Millowitz of NKF and Cameron Tallon of JLL represented T-Mobile and New York Life respectively.

Lake Shore Plaza II

Lake Shore Plaza II

T-Mobile renewed its 21,104 SF office space while New York Life signed a renewal for its 32,942 SF space. Located at 1300 Concord Terrace in Sunrise, Lake Shore Plaza II is a 128,470 SF Class A office building in the heart of Sawgrass Corporate Park. The LEED Silver certified building is located along the Sawgrass Expressway, minutes from shopping, dining and entertainment, including Sawgrass Mills Mall, IKEA, and BB&T Center.

“We are pleased that established global brands such as T-Mobile and New York Life continue to put their trust in us for their office needs,” Garcia said. “These renewals further illustrate the attractiveness of Lake Shore Plaza II for both existing tenants looking to renew as well as new firms moving into the area.”

T-Mobile provides wireless voice, messaging, and data services and operates the third largest wireless network in the nation with more than 65.5 million customers and annual revenues of $32 billion.

New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance.

New Office Tenants Coming To 360 Rosemary, Rosemary Square

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Related Companies that prominent investment firm Comvest Partners and leading artificial intelligence firm Levatas LLC will locate their corporate headquarters in the Rosemary Square neighborhood in Downtown West Palm Beach.

Comvest will relocated to 360 Rosemary, a sustainable Class-A office building that features state-of-the-art, loft-style office space and broke ground on May 16. Levatas LLC, a digital transformation agency and leader in artificial intelligence software, will locate its corporate headquarters to Rosemary Square, expected to open in early 2020.

 

“Our vision for Rosemary Square as a true live, work, play neighborhood is resonating with a diverse roster of businesses that recognize the growing value of dynamic locations in building corporate culture, serving clients, and attracting and retaining great talent,” said Gopal Rajegowda, Senior Vice President of Related Companies. “We are proud to offer our tenants a wide-range of office solutions, all surrounded by a vibrant array of cultural, entertainment, dining and retail offerings in the heart of Downtown West Palm Beach. The corporate relocations will also spur economic and employment benefits for the City and region.”

Comvest Partners, a private investment firm providing equity and debt capital to middle-market companies across North America with $3.2 billion of assets under management, has signed a 26,000-square-foot lease to consolidate its offices in a cohesive space at 360 Rosemary supporting the firm’s anticipated growth for the next decade.

Levatas LLC, a leader in Artificial Intelligence solutions and named as one of the “Top 150 Company Cultures in America” by Entrepreneur Magazine, is relocating its headquarters from Palm Beach Gardens to a 16,000-square-foot space in Rosemary Square injecting an anticipated $1.2M into the local economy and adding 50 new jobs to Palm Beach County. The county’s Business Development Board assisted the Levatas team in the search for office space and assisted with a $350,000 Qualified Target Industry (QTI) Tax Refund from the State of Florida, based on the company’s commitment to create new jobs paying an average of $105,490.

 

Michael Falk, Chairman and Managing Partner of Comvest, said, “We look forward to our partnership with Related as we create an office space that supports Comvest’s continued growth. The move to a dynamic and collaborative space will allow us to foster better interaction among teams and promote innovation and forward thinking.”

 

“Our type of work requires a highly skilled group of engineers, data scientists, designers and project managers, so being accessible to the broadest possible pool of talent is critical,” said Chris Nielsen, Founder and Chairman of Levatas. “The proximity of Rosemary Square to the Brightline, which connects the residents of Miami and West Palm, and soon Orlando, opens up a lot of possibility we didn’t have before, both for employees and clients. It’s also nice to be in a creative, urban hub, close to where many of our employees live and play.”

Anticipated LEED Gold, 360 Rosemary is a 300,000-square-foot building designed by Elkus Manfredi Architects and Leo A. Daly that will bring state-of-the-art, connected and innovative workspaces to South Florida. The 20-story modern building will offer loft-style office space with expansive floor-to-ceiling windows that maximize natural light and 10,000 square feet of outdoor amenity space including two terraces that allow for an exceptional indoor/outdoor workplace environment. Located adjacent to the Brightline high-speed rail station which connects West Palm Beach with Miami and Fort Lauderdale, on 10 local bus routes and just 3 miles from the Palm Beach International airport, the building offers unparalleled access to local transportation hubs. Related Companies has retained construction management company Moss as contractor for 360 Rosemary. The building is expected to be complete in early 2021.

360 Rosemary is located in Rosemary Square, which is currently undergoing a $550 million transformation led by Related to become a vibrant community and destination featuring premiere commercial office space; rejuvenated green spaces; modern residences; diverse, experiential retail and culinary offerings; robust arts and cultural programming—culminating in an exceptional new district to live, work and visit in South Florida.

Jon Blunk, President of Tower Commercial Real Estate, is the exclusive leasing agent for 360 Rosemary and represented Related in both transactions. Comvest was represented by CBRE First Vice President Kevin Probel and First Vice President Kevin McCarthy. Levatas was represented by JLL Vice President Cameron Tallon.

 

Source:  CRE-sources

JLL Reps Healthcare Technology Firm In Record Palm Beach Office Lease

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The JLL team of Barbara Liberatore Black, Managing Director; Alan Kleber, Managing Director; and Vice President Cameron Tallon just completed one of the largest office deals in the West Palm Beach market so far this year, according to a release.

The firm represented Modernizing Medicine, a healthcare technology company headquartered in Boca Raton, in an expansion of over 50,000 square feet. Modernizing Medicine will expand its operations to the Boca Raton Innovation Center (BRIC) and with this expansion will add a total of 838 jobs by 2022.

JLL represented the tenant in the lease transaction and its Project Development Services division is also overseeing the buildout of the new offices.

“As a health information technology leader born here in South Florida, Modernizing Medicine continues to drive innovation in the healthcare technology field with specialty-specific solutions for physicians. We worked closely with Modernizing Medicine’s leadership to ensure the expansion could accommodate its current operations and future growth,” said Black.

“This lease allows the company to expand its operations in the Boca Raton Innovation Center, while creating hundreds of new jobs and making a significant economic contribution to Palm Beach County. By leasing over 50,000 square feet, Modernizing Medicine will be able to grow its presence in a building known for hatching breakthrough innovations,” Black said.

Headquartered in Boca Raton, Modernizing Medicine was founded in 2010 by chief executive officer Daniel Cane and chief medical and strategy officer Dr. Michael Sherling and has quickly grown to more than 550 employees. The company empowers physicians with suites of mobile, specialty-specific solutions designed to transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes.

Cane said, “We are extremely excited to expand our presence and create more jobs across a wide range of fields in South Florida. As a Florida-based technology company, it’s not lost on us that we’re in the backyard of where the modern day era of technology was born. We’re proud to work with Enterprise Florida, the City of Boca Raton and the Business Development Board of Palm Beach County to continue to enhance the already stellar reputation as an area of innovation and growth. I look forward to seeing the company’s long-term impact on the community as well as the modernization of medicine.”