Tag Archive for: jason sundook

NAI Merin Hunter Codman Secures 12,000-SF, 10-Year Office Lease At Oakbrook Center In Palm Beach Gardens

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NAI Merin Hunter Codman, Inc. has successfully finalized an ±11,800-square-foot lease transaction at Oakbrook Center on behalf of the landlord, WFMHC Golden Bear Owner LLC.

HotelPlanner.com operated by Lexyl Travel Technologies, LLC, will relocate its headquarters from Downtown West Palm Beach to Oakbrook Center, located at 11760, 11770, & 11780 US Highway One, in Palm Beach Gardens.

NAI Merin Hunter Codman Principal Jason Sundook led the lease negotiations between HotelPlanner.com and Oakbrook Center ownership.

HotelPlanner.com is a leading travel technology company that integrates proprietary artificial intelligence with a 24/7 global gig-economy-based travel agent concierge platform to serve travelers’ hotel needs. Founded in 2002, with offices in London, The Netherlands, and Singapore, HotelPlanner.com’s global headquarters has been located in Downtown West Palm Beach for a decade. Initially operating out of Phillips Point before moving to the PNC Bank Building at 205 Datura, this three-time honoree of Inc 5000’s list of fastest-growing private companies has chosen to relocate their headquarters to Oakbrook Center in Palm Beach Gardens.

Oakbrook Center is a 243,000-square-foot, Class-A office complex featuring three buildings. The property boasts private stacked terraces, floor-to-ceiling windows, lush courtyards, and stunning water views. Additional amenities include a complimentary fitness center, three types of parking (underground garage, covered, and surface), first-class property management, and onsite maintenance.

Sundook, Principal of NAI Merin Hunter Codman, commented on the choice to move to Palm Beach Gardens, “When our global, national, and regional clients approach me about relocating their headquarters or establishing a Palm Beach County presence, Palm Beach Gardens and Oakbrook Center are always part of the conversation. Palm Beach Gardens is a well-known finance, medical and tech hub, offering a strong labor pool, easy access for commuters, no congestion, and plenty of free parking. Additionally, the North Palm Market can offer 25-50% lease rate savings over Downtown West Palm Beach. Oakbrook Center’s competitive rates and excellent amenities allow the property to stand above the county’s competitor properties.”

 

Tim Hentschel, CEO of HotelPlanner.com, stated, “This move is an upgrade for both our employees and our company’s bottom line. Oakbrook Center offers the same luxury feel as the quality hotels we serve. Our new penthouse suite boasts two exterior patios and floor-to-ceiling windows, providing a bright, inspiring workspace with stunning Intracoastal water views. Our employees will also enjoy amenities such as a fitness center, courtyards, and convenient parking, all while benefiting from efficient commute times and easy access to nearby services.”

Oakbrook Center was purchased by WFMHC Golden Bear Owner LLC a joint venture between, MHCommercial Real Estate Fund LLC (“MHCREF”) and Waterfall Asset Management, LLC.

Jordan Paul, Chief Executive Officer of NAI Merin Hunter Codman stated, “We are thrilled to welcome HotelPlanner.com to Oakbrook Center. They are a fast-growing industry leader that compliments the outstanding tenant roster that we have at Oakbrook Center. We look forward to serving as their corporate headquarters and supporting their business for years to come.”

 

Palm Beach Office Campus Trades For $81 Million

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CBRE has facilitated the $81.15 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens on behalf of NAI MHC and a JV Institutional Investment Manager.

Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet.

The sellers were exclusively represented by Christian Lee, José Lobón and Marcos Minaya with CBRE Capital Markets, with the assistance of CBRE’s Tom Rappa. The leasing broker for the property, Jason Sundook with NAI Merin Hunter Codman, also assisted in the marketing.

Currently 78 percent leased, Fairway Office Center is located on a 16-acre campus at 7108, 7111 and 7121 Fairway Drive. The property is being acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance, representing their second recent office acquisition in South Florida.

“The seller did a fantastic job of institutionally maintaining the property reflected in increased rental rates as well as continued and historically high levels of occupancy. The $1.3 million in recent improvements to the buildings creates an exceptional opportunity to attract tenants. The new ownership plans to capitalize on the property’s highly desirable location and to continue to upgrade and amenitize the project,” said Minaya, a vice president with CBRE. 

“Fairway Office Center is the only Class A office building in the North Palm Beach submarket that is adjacent to the Florida Turnpike. This strategic location, excellent connectivity and proximate amenities make Fairway Office Center an ideal office location for executives and employees alike,” added Lee, a vice chairman with CBRE.

“These high-quality buildings benefit from excellent transit access, nearby amenities, and the strong Palm Beach County leasing market. The migration of hedge funds and other financial services firms moving into the market drove nearly 250,000 square feet of new-to-market tenants in 2021. Our planned improvements will provide the finishes and amenities these new to market tenants are looking for,” said John Davidson, President and CEO of Parmenter Realty Partners.  

The property’s location on PGA Boulevard is proximate to in-demand retail for the micro-market inclusive of Mirasol Walk, PGA Commons and Downtown PGA, placing it within a short drive to more than 50 restaurants and bars, 250 hotel rooms, 50 retail shops and two fitness centers.