Tag Archive for: cushman & wakefield

Cushman & Wakefield To Oversee Leasing Of Two South Florida Office Portfolios Totaling 548,000 SF

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Cushman & Wakefield has been retained to oversee leasing efforts for the Miramar Parkway Collection and Commercial Place I & II (pictured above), two Class A South Florida office portfolios totaling 548,000 square feet on behalf of YMP Real Estate Management.

Donna Korn and Beau Ladwig of the commercial real estate services firm will lease the properties.

YMP Real Estate Management is a private real estate firm engaged in the acquisition and management of multi-family, assisted living, and commercial properties. Currently, YMP REM has a portfolio consisting of approximately 4,000 multi-family units, 3 assisted living facilities, and 1.9 million square feet of commercial space.

The Miramar Parkway Collection includes Miramar Centre I & III and Huntington Centre I & I, which are located at 3401 and 3601 SW 160th Ave. and 2901 and 2801 SW 149th Ave., respectively. The buildings are positioned in a central location and just a short drive away from Miami’s CBD, Fort Lauderdale, and the Florida Turnpike.

Miramar Centre I & II are LEED Gold Certified and total 191,000 square feet, offering fully furnished suites. Plans are in place to add a new fitness center, grab-n-go café, and conference facility serving tenants across the buildings. Huntington Centre I & II are also LEED Gold Certified with stunning water views, grab-n-go cafe and on-site property management and coming soon a conference facility and spec suites to accommodate a variety of office users. Full renovations will also be made to Huntington Centre II’s lobby and common areas.

Commercial Place I & II are located at 3230 and 3250 W Commercial Blvd. and span 175,861 square feet total. They were recently acquired by YMP Real Estate for $26 million and offer best-in-class amenities such as recently renovated lobby and fitness center, state-of-the-art conference facility for up to 40 people, full-service on-site café, and are conveniently positioned between Interstate 95 and the Florida Turnpike.

“This is a significant partnership with YMP Real Estate Management and we’re proud to market two portfolios that not only have tremendous potential to achieve strong long-term tenancy in South Florida’s resilient office environment but are backed by a diverse roster of corporate tenants,” said Korn, Managing Director at Cushman & Wakefield.

 

“We look forward to these assets being the next success story in YMP Real Estate’s South Florida portfolio,” added Ladwig, Senior Associate at Cushman & Wakefield.

 

Cushman & Wakefield Arranges $26M Sale Of Fort Lauderdale Office Campus

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Cushman & Wakefield has arranged the $26 million sale of Commercial Place I and II, a two-building, Class A office campus located at 3230 and 3250 W Commercial Blvd. within Fort Lauderdale’s Cypress Creek/Commercial Boulevard submarket.

Scott O’Donnell, Mike Ciadella, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. The properties were sold by Brookwood Commercial Place, LLC and acquired by MYP Commercial Place, LLC, an entity managed by Moshe Popack.

“Commercial Place I & II has a history of strong occupancy and institutional ownership making it one of the premier office assets in Central Broward County,” said O’Donnell, Executive Managing Director at Cushman & Wakefield. “With best-in-class amenities and an existing roster of national corporate tenants, Commercial Place I & II offered a tremendous value-add opportunity to return the campus’ occupancy back to historical norms while enjoying strong, debt supporting cash flows.”

Commercial Place I & II spans 175,861 square feet total and was approximately 78% leased at the time of sale to a diverse mix of long-term tenants. The office campus includes best-in-class amenities such as a recently renovated lobby and fitness center, state-of-the-art conference facility for up to 40 people, and a full-service on-site café. Additionally, Commercial Place I & II is conveniently located between Interstate 95 and the Florida Turnpike, boasting unbeatable highway access and visibility to 5.3 million people within a one-hour drive.

 

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

Palm Beach County Businesses Holding On CRE Footprints: Survey

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More than a quarter of executives of businesses in Palm Beach County expect to expand their commercial real estate footprints this year, according to a survey released Thursday.

Now for the 700,000-square-foot question: Will that demand, combined with a continued inflow of out-of-state companies and workers, be enough to fill all the new office space going up in Downtown West Palm Beach?

The Business Development Board of Palm Beach County, a public-private economic development organization, and financial services firm Kaufman Rossin polled 544 CEOs, business owners and executives.

Fully 65 percent of respondents said they’ll keep their current commercial real estate footprints in 2024, while 29 percent said they will lease or buy additional space. Just 6 percent expect to pull back on their real estate occupancy.

The trends around employee counts look even more optimistic. Some 55 percent of respondents said they plan to expand their payrolls in 2024, while 40 percent say they’ll maintain their current staffing counts. Just 5 percent anticipated reductions in headcounts.

South Florida’s job growth has helped keep the region’s office market from following the rest of the nation into distress territory. Office vacancy in Palm Beach County was 11.6 percent at the end of 2023, and rents are rising, according to Cushman & Wakefield. (By contrast, Manhattan’s overall office vacancy rate was 22.8 percent at year’s end, the brokerage reported.)

Palm Beach County’s overall asking rents rose to $46.21 per square foot, up 5.9 percent from a year earlier, Cushman & Wakefield reported. Class A rents rose 4.2 percent to $52.43. Class B product recorded a 5 percent annual increase, closing out the year at an average asking rent of $41.12 per foot.

Downtown rents jumped 11.5 percent in 2023, to $64.90 per square foot. Class A space in the submarket recorded a 14 percent increase during the same period, up to $77.27.

Amid the burgeoning demand, Related Companies has embarked on an office building spree. The completions of 300 Banyan and One Flagler will bring 215,000 square feet of new office space to Downtown West Palm Beach, and an additional 585,000 square feet are under construction in the submarket, Cushman & Wakefield said.

However, despite the job growth, Palm Beach County employers also don’t expect a mass return to offices. According to the survey, 68.2 percent of respondents work fully on site now, and 67.4 percent expect that situation to hold in two years. Meanwhile, 13.5 percent of Palm Beach County employers say they’re now fully remote, and 14.2 percent expect to be working entirely outside their offices in two years.

Since the pandemic, the in-migration of jobs and employers to South Florida has offset the trend toward working from home.

“There has been a transformation over the past five years with the buildup of industry and influx of business and population,” Rick Slater, Kaufman Rossin’s managing principal for Palm Beach and Broward counties, said in a statement.

Growth comes with some downsides, too, including traffic congestion and soaring housing costs, both cited as challenges by respondents to the survey.

 

Source:  Commercial Observer

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

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