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Cohen Brothers Announces New 400,000 SF Class A Office Tower, Names CBRE Exclusive Leasing Agent

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Cohen Brothers Realty Corporation of Florida (CBRC) has announced the development of West Palm Point, a new 2.4-acre development with a 400,000-square-foot Class A office tower and amenities in West Palm Beach.

The 26-story office tower will offer tenants a variety of amenities including a one-of-a-kind private landscaped rooftop park, 14,416 square feet of premier ground floor retail space, multiple fast-casual restaurants, a fitness center, conference rooms and unobstructed views of the intracoastal waterway and Atlantic Ocean.

Pelli Clarke & Partners and Nichols Brosch Wurst Wolf are the architects of record.

“Pelli Clarke & Partners, the internationally renowned design architecture firm behind West Palm Point, has designed another masterpiece that will be appreciated around the world,” said Charles S. Cohen. 

CBRC has appointed CBRE as the exclusive office leasing agent. John Criddle, Joe Freitas and Max Pawk with CBRE will lead local marketing and leasing efforts in partnership with Marc Horowitz from Cohen Brothers in New York.

“Our team is fielding calls and scheduling meetings with local and national tenants who recognize the elevated level of quality and experience a Pelli Clarke & Partners building will bring to the West Palm Beach Central Business District,” said Criddle. “There is no doubt West Palm Point will be a world-class office destination serving one of the fastest-growing cities in the financial services and corporate sectors.”

The West Palm Point development will occupy a full city block at the intersection of Okeechobee Blvd. and Quadrille Blvd. in downtown West Palm Beach, including a Class A office tower and an adjacent parking structure.

The 10-story parking garage will have space for approximately 1,250 automobiles and 120 bicycles, as well as a rooftop gathering area with a café, shaded seating, paseo, and water feature. Additionally, there will be outdoor seating between the office building and parking structure to help support population growth of downtown.

Construction is anticipated to commence in the fourth quarter of 2023, with expected tenant occupancy beginning in the third quarter of 2026.

CBRC is one of the foremost private office real estate development and management corporations in the United States, led by award-winning developer Charles S. Cohen. CBRC owns and manages over 12 million square feet of prime office, design showroom, and retail properties in Manhattan and Westchester County, New York; West Hollywood, California; Houston, Texas; and Dania Beach.

 

Gale Properties Appoints CBRE Exclusive Leasing Agent For West Palm Office Property

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the anthony building west palm beach_photo courtesy of CBREGale Properties has appointed CBRE as the exclusive leasing agent for The Anthony Building, a historic five-story property in Downtown West Palm Beach.

Located at 312 Clematis St., the 25,000-square-foot property was originally constructed in 1925 as Anthony’s department store. Gale Properties acquired the property in 2016. Ownership plans to execute a capital improvement plan, including renovating the building’s exterior façade, installing a new elevator cab, and updating the common areas with new lighting and flooring.

“Now is the right time to invest in upgrading this iconic property. Clematis Street is experiencing an infusion of capital to transform the area into a high-end live-work-play area as evidenced by the addition of new residential options, Roxy’s announcement of its rooftop restaurant and pool addition, and the Anthony’s own Fitness Hub Studio recently named as one of the top twelve most beautiful gyms in the country,” said Gale Properties President Andrew Gale.

CBRE Senior Associate Max Pawk will lead leasing efforts on behalf of Gale Properties with spaces ranging from 500 square feet to 4,000 square feet of contiguous space available for lease.

“The Anthony Building has been a staple in the heart of Downtown West Palm Beach for many years. Ownership has already invested capital to create move-in ready suites, including some furnished options, and is looking to make further upgrades to meet the immediate needs of tenants looking for a smaller footprint in the market, such as CPAs, attorneys, or financial advisors,” said Pawk.

The property features four floors of office space with high ceilings and hardwood floors, set above ground floor retail.

Tenants have easy access to various restaurants and retail options, as well as nearby access to Palm Beach International and the Brightline train.

 

110 East Broward Blvd. Sells, Marks Fort Lauderdale’s Largest Office Transaction Of The Year

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Real estate and private equity firms Pebb Capital and Intalex Capital, in partnership with CDS International Holdings Inc. (CDS), announced the acquisition of a trophy ’Class A’ office building in the urban core of Fort Lauderdale.

The transaction, which closed on May 15, marks the largest ‘Class A’ office deal in downtown Fort Lauderdale this year.

Pebb Capital and Intalex Capital purchased 110 East, located at 110 East Broward Blvd., from Stockbridge for $43 million.

Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelly of CBRE brokered the transaction on behalf of both the buyer and seller.

At the entryway to downtown Fort Lauderdale, 110 East is situated in the middle of 15,000 multifamily units developed in the last decade and is within walking distance to more than 30 restaurants and the famed Las Olas Boulevard. Conveniently located near major transportation hubs, the property is just two blocks from the Brightline Station and a 10-minute drive to Fort Lauderdale-Hollywood International Airport.

The 24-story tower consists of 343,500 square feet of space. During the pendency of the contract, Pebb Capital and Intalex Capital commenced leasing efforts and secured approximately 76,000 square feet of new tenancy.

The partnership is actively negotiating another 125,000 square feet of new leases to stabilize building occupancy years ahead of their anticipated underwriting. Travis Herring and Katherine Ridgway of Cushman & Wakefield have worked with Pebb Capital and Intalex Capital to oversee leasing velocity.

As a premier commercial offering, 110 East has the largest block of contiguous office space available in the market with panoramic views of the ocean, intra-coastal waterway and downtown. Adding to its prestige will be multi-million-dollar renovations to common areas, including bathrooms, fitness center, terraces and lobby, which follow substantial renovations completed by Stockbridge in 2021.

“This deal is a significant success for our portfolio, working nearly a year to finalize it as capital markets shifted,” said Todd Rosenberg, co-founder and managing partner of Pebb Capital. “South Florida has remained a bright spot in domestic office activity, with strong fundamentals to continue this trajectory of business and population growth. Combine this with Fort Lauderdale’s economic outlook and the value-add opportunity of 110 East, the conditions align with our office investment strategy of acquiring and developing more than 600,000 square feet in the tri-county area.”

Cushman & Wakefield’s Q1 2023 Broward County MarketBeat Office Report notes, in the coming quarters, an expected positive absorption year-to-date, with continued demand for larger leases in the Central Business District. The market also saw a historic record of overall office rates exceeding $55-per-square-foot this year. According to Intalex Capital Founder Bryson Ridgway, the deal and current market dynamics set in motion a concerted effort by the firms to aggressively acquire more South Florida office assets.

“110 East Broward is a great opportunity to take advantage of current dislocation in the office segment and capital markets,” added Bill Milmoe, President of CDS. “As soon as we completed our diligence and understood Pebb Capital and Intalex Capital’s business plan, we were enthusiastic to provide the LP capital for this very exciting project. We are bullish on South Florida and have the utmost confidence in the team to execute the business plan. The rapid pace of pre-closing leasing activity confirms that this is going to be a superlative opportunity.”

Greenwall Capital Management advised CDS in the transaction and Kapp Morrison, LLP provided legal representation to CDS.

 

CBRE, The Agency Announce New Office Lease In Palm Beach

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CBRE has arranged a new office lease at 180 Royal Palm Way in Palm Beach Island, on behalf of The Agency, a global real estate brokerage.

The Palm Beach office is led by Principal of The Agency, Santiago Arana, and The Agency’s Founder and CEO, Mauricio Umansky, alongside Brian Fairweather Jr. as Managing Director and Howard Elfman as Managing Broker.

This office will serve as The Agency’s permanent office in Palm Beach, replacing a temporary office used at the time of launch in Q1 of this year. In addition to this new office and their current South Florida offices in Miami’s Bal Harbour neighborhood and Naples, The Agency Palm Beach currently has approximately a dozen agents and staff with plans to strategically grow their new office with like-minded agents in the region. They will occupy space on the second floor in May.

“Our expansion in Palm Beach is an exciting chapter for The Agency as we continue to grow our presence in South Florida and across the globe,” said Arana, Managing Partner of The Agency Palm Beach and Miami.

 

“I am honored to be leading The Agency Palm Beach alongside Mauricio, Santiago and Howard as we continue to showcase the power of The Agency brand throughout this highly sought after region,” added Fairweather Jr.

Max Pawk with CBRE represented The Agency in lease negotiations. The landlord is Frisbie Group, LLC.

“As one of the fastest-growing premier, boutique brands in the world, it was important for The Agency to find a location where they can tap into the highly affluent Palm Beach Island community as they continue growing their business across South Florida,” said Pawk.

Located steps from the ocean, this property has prime access to notable restaurants and retailers nearby, including The Breakers Hotel, Buccan Restaurant, and La Goulue Restaurant.

 

Private Logistics Company TransLoop Opens Fort Lauderdale Office, Plans To Hire 40 In 2023

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Chicago-based private logistics company TransLoop recently opened the doors to their brand-new Florida office at 101 Centre, located in Downtown Fort Lauderdale at 101 NE 3rd Avenue.

The office will be integral to TransLoop’s hiring projections for 2023 with space for 40 new hires. The team’s expansion amongst the South will only continue to grow as the industry’s hunger grows within the region.

The recently renovated building overlooks Downtown, and features a full-service café, conference facilities, 24/7 security, and integrated structured parking.

CBRE‘s Brian McDonnell, Bill Sheehy, and Thomas Haughton represented TransLoop in the transaction. CBRE‘s ​​John Criddle, Joe Freitas and ​Allie Lancashire represent the landlord, Ivy Realty.

“It’s always an exciting time when we open a new office space. Our goal is to keep expanding in our current markets, while tapping into new talent pools. Our location strategy also focuses on employee relocation interest. This allows our team to feel motivated and excited about internal growth and leadership opportunities, while providing them the mobility to pursue opportunities at any office within our company,” commented Nick Reasoner, Founder, and CEO of TransLoop.

A hiring spree is currently taking place for all positions, including:

  • Customer Sales Representatives (Mid-Market & Enterprise)
  • Carrier Sales Representatives (Mid-Market & Enterprise)
  • Operation Specialists and Account Growth Managers

 

JLL Hires CBRE Alum As New Tenant Rep Managing Director

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JLL announced the hiring of commercial real estate industry veteran Zach Wendelin as a Managing Director. In this role, Wendelin will provide strategic, integrated and comprehensive commercial real estate advisory and transaction services for tenants. He will be based in the company’s Miami office.

With over 16 years of experience in the real estate industry and a track-record as a top producer, Wendelin has negotiated more than seven million square feet of leased office space for clients that span over 1,000 transactions, which involved strategic real estate planning, workplace strategy, financial consulting and transaction management. Over his extensive career, Wendelin has represented clients from Fortune 500 corporations to homegrown brands in South Florida such as FIS, TD Bank, Ford Motor Company, Shutts & Bowen, and Banco General.

“We are fortunate to be at a time where the South Florida office market is experiencing continued, heightened interest from companies throughout the country looking to enter or expand to the region,” said Rod Barnes, JLL Market Director for South Florida. “With Wendelin’s addition to our tenant advisory team, we will be in a stronger position to assist new-to-market and existing companies with their office space needs and help guide them through the real estate decision-making process.”

Prior to joining JLL, Wendelin spent six years as a Senior Vice President with CBRE, and previously served as a Vice President at Cresa Partners of Florida, which JLL acquired in 2015.

Wendelin is a native of Miami and grew up in Miami Beach. In addition to his education at the University of Miami, Wendelin was a member of the United States Navy, serving overseas in Yokosuka, Japan. He spent four years onboard the USS O’Brien (DD-975) and served as a Search and Rescue Swimmer (SAR) and Visit, Board, Search, and Seizures (VBSS) team member. Wendelin received several letters of commendation and multiple medals and ribbons for his military service from 1995-1999.

He is an active member of the South Florida community involved with several civic and industry organizations including the Muscular Dystrophy Association, Make-A-Wish Foundation, South Florida Office Brokers Association, and National Industrial & Office Properties (NAIOP) South Florida.