Tag Archive for: colliers

Coworking Operator Signs 29K SF Lease For Office Space In Boca Raton Amidst Leasing Surge

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As Boca Raton’s leasing surge surpasses other major office hubs, Venture X, the nation’s third largest coworking operator, has signed a long-term top floor lease at Palmetto Central in Boca Raton, encompassing 28,959 square feet.

Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.

“I’m thrilled to have assisted Venture X in securing a premier location for their new flagship site in Boca Raton,” said Baker. “Venture X sought to leverage the flight-to-quality trend for its coworking customers, by focusing on only quality assets and ownership. Grover Corlew’s expansive redevelopment of Palmetto Central aligns perfectly with these goals, creating a best-in-class office experience in Central Boca Raton.”

Palmetto Central, located at 1489 and 1499 W Palmetto Park Road, stands out with its Class A office space in a state-of-the-art redevelopment immediately east off Interstate 95, in Boca Raton’s bustling market. The property’s prime location offers unmatched access to the East Coast, being just minutes away from Downtown Boca Raton, the Glades Corridor and the new Brightline Boca Raton Station.

The property is undergoing an ongoing and phased $30 million renovation which has included significant upgrades to the two building’s façades, lobbies, and common area corridors, all aimed at elevating the asset and tenant mix to the highest quality. The property’s standout features include floor-to-ceiling windows, custom high-quality buildouts, full-height hurricane impact windows, and premium amenities such as a tenant lounge, fitness center, conference facility, and monument building signage opportunities.

“With the high demand for modern office space in downtown Boca Raton, Palmetto Central stands out in terms of quality and location,” said Mark Corlew, Partner at Grover Corlew. “We’re excited to welcome Venture X, which will thrive thanks to the distinctive upgrades that have brought this property to its full potential.”

Grover Corlew is a real estate investment management group and developer of multifamily and office properties with a proven track record of over 100 years of combined industry experience in acquiring, transforming, and managing a diverse range of assets, including office, multifamily, and retail properties, throughout the southeastern U.S., with a focus on Florida. The firm has developed, owned, and managed over 10,000 units and more than 10 million sq. ft. of commercial space, specializing in investor and tenant relationships and projects that revitalize and stimulate local communities.

Kevin Priddy, the Venture X franchise owner, expressed excitement about Venture X’s expansion into Boca Raton, stating, “Opening a Venture X in Boca Raton is a thrilling milestone for us, it is the perfect market for our brand, with its dynamic business community and thriving entrepreneurial spirit. We are excited to provide a modern and collaborative workspace that caters to professionals, entrepreneurs, and small businesses, offering them the ideal environment to innovate, network, and grow.”

In the second quarter of 2024, the Boca Raton office market emerged as a prime destination for office tenants, leading leasing activity in Palm Beach County. Leasing across the Boca Raton East, West, and North submarkets surpassed 250,000 sq. ft., accounting for 38% of all Palm Beach County leasing during the quarter. This robust activity can be attributed to the highly educated workforce spurred by local institutions such as Florida Atlantic University, Lynn University and Palm Beach State College. Additionally, the new Boca Raton Brightline Station has improved connectivity, enabling companies to access talent from the broader South Florida region. With this advantageous convergence of factors, the outlook for the Boca Raton office market remains positive as we enter the second half of 2024.

 

Colliers Names Former Tricera Capital Exec Brokerage Market Leader For South Florida

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Colliers | U.S. announced that Dustin Ballard has joined the company as Managing Director and Brokerage Market Leader for South Florida.

In his new role, Ballard will oversee all brokerage operations, recruitment, retention, and business development for the Colliers’ West Palm Beach, Fort Lauderdale, Boca Raton and Miami/Brickell offices. He will report to Stephanie Rodriguez, National Director, Industrial Services | U.S. and Executive Managing Director | Florida. Ballard replaces Rodriguez, who was serving as the interim Market Leader.

“I am very pleased to welcome Dustin to our team,” said Rodriguez. “Under his leadership, we are poised to further enhance our market leading position and accelerate opportunities for our clients and professionals alike.”

An experienced real estate executive, Ballard has spent more than 15 years in the public and private sector in significant markets such as South Florida, Nashville, Silicon Valley and Los Angeles. His expertise spans a variety of asset types, including office, retail and mixed-use. During his tenure as President and Head of Leasing at Tricera Capital, a Miami-based real estate investment firm, Ballard was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.

“I am thrilled about my new role,” said Ballard. “An organization’s strength lies in its people, and having previously been a client of Colliers, I have seen first-hand its ability to attract and retain top talent that ensures we deliver best-in-class service to our clients. I am eager to leverage my experience to contribute significantly to the growth of our brokerage business in South Florida.”

 

Margate Seeks Developer For Massive Mixed-Use Project With Plans For Nearly 1MSF Of Office Space

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A fresh call for ideas has been released by Margate’s Community Redevelopment Agency for developers to revitalize up to 51.38 acres of land that is held by the public.

A statement from Colliers and the city states that the 27 non-contiguous lots are designated for 980 residential units, 500 hotel rooms, 1.28 million square feet of retail space, 861,331 square feet of office space, and 309,659 square feet of industrial space.

According to Ken Krasnow, vice chair of institutional investor services for Collier’s Florida area, about 34 acres of that collection are undeveloped. This includes the 17-acre property that was formerly home to the Lake Shore Swap Shop at 1000 N. State Road 7.

Krasnow, along with Colliers brokers Brooke Mosier, Bastian Schauer, and Mark Rubin, are assisting Margate’s CRA with the request for proposals (RFP), which officially went out this week.

The CRA owns two commercial complexes among the plots put up for renovation, he continued, along with “various government facilities” like Margate’s city hall and library.

According to Krasnow, the city wants to create a mixed-use neighborhood with retail, dining, and entertainment options—amenities that are scarce in Margate itself. Proposals to build a new city hall, library, and community center are also welcomed.

In order to do this, the city and CRA are looking to enter into a long-term lease agreement with a developer who can offer a well-thought-out city center that can accommodate locals and tourists while adhering to zoning regulations. This includes an eight-story maximum height.

“They want something that has that kind of urban aesthetic,” Krasnow said. “It has to have a walkable feel to it, a downtown environment.”

Margate is open to proposals for some workforce housing as well, but the city is particularly interested in a developer that will build market-rate rentals or condos.

Developers have until August 13 to submit their proposals. On June 25, Colliers will hold a virtual pre-bid conference.

 

Source:  SFBJ

Colliers’ Jonathan Kingsley & C&W’s Katherine Ridgway Team Up To Bring Amerant Bank’s Regional HQ To Broward

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A Florida community bank is opening a 12,500-square-foot regional office in Broward County.

The parent firm of Coral Gables-based Amerant Bank, Amerant Bancorp, has unveiled a 5,500 square foot location in Plantation’s Cornerstone One building. According to a release, Amerant Bank plans to expand into an additional 7,000 square feet of office space in the second half of 2024.

Amerant Bank was represented in the lease negotiations by Jonathan Kingsley of Colliers International. Atlanta-based Brookdale Group,owner of Cornerstone One, was represented by Katherine Ridgway of Cushman & Wakefield.

Up to 45 workers, mostly from the commercial and private banking teams, will work out of the Cornerstone office once it is fully operational, according to an Amerant spokesman. Members of the Amerant executive team will work out of the Cornerstone office multiple days each week as well.

 

Source:  SFBJ

Chicago-Based Financial Firm Supersizes Future West Palm Beach Office

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GTCR will lease about 26,000 square feet of office in One Flagler, a 25-story office building being developed at 154 Lakeview Ave.

GTCR recently added another 16,695 square feet to its office footprint within One Flagler, said Jordan Rathlev, senior vice president of Related Southeast.

Ryan Barr of Colliers represented GTCR in the lease negotiations. South Florida brokerage TCRE represented One Flagler’s landlord and developer, Related Southeast.

GTCR’s West Palm team currently is in a temporary office in the Northbridge Centre at 515 N. Flagler Drive.

 

Source:  SFBJ

Seasoned CRE Vet Joins Colliers As Executive Vice President

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Colliers announced that Scott Brenner has joined the firm as Executive Vice President based in South Florida.

In his new role, Scott will focus on providing quality advisory and transaction services based out of the Boca Raton office.

“At Colliers, we take pride in attracting exceptional talent throughout the region. We are delighted to add Scott’s diverse expertise to the firm,” said Julie Northcutt-Dunn, Executive Managing Director and Market Leader for Colliers South Florida. 

With over 35 years of experience, Scott has participated in all aspects of commercial real estate, including development, property management, brokerage, receivership, and banking.

Before joining CBRE as Executive Vice President, he was the President/CEO of Brenner Real Estate Group, a full-service commercial real estate firm that sold to CBRE in 2017. With unparalleled knowledge and skills, Scott propelled Brenner Real Estate Group to over a billion dollars in transactions over thirty years. In addition to being an industry leader, Scott is a licensed attorney, and his professional credentials include JD, CCIM, and SIOR.

Scott is an active member of various industry organizations, including The Realtor’s Association, NAIOP, BOMA, ULI, ICSC, and many more. Scott is a member and trustee of the Greater Boca Raton Chamber of Commerce and has served on many non-profit boards, including Habitat for Humanity, 211 Broward, Jewish Federation, ADL, Jewish National Fund, and Hillel.