Tag Archive for: keith o’donnell

Avison Young Arranges For FAU Startup Incubator To Take Space At Boynton Beach City Hall

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Avison Young announced that, following a Boynton Beach City Commission 4-0 vote on July 20, FAU Tech Runway has been approved to lease the 1,850-square-foot, ground-floor innovation and collaborative office space at City Hall at Boynton Beach Town Square.

As part of the agreement, Boynton Beach’s Department of Economic Development and Strategy will provide a one-time $50,0000 grant for programming within the space.

“FAU Tech Runway is excited to open a satellite office in Boynton Beach and be part of the City’s effort to help entrepreneurs,” said Joshua D. Glanzer, Associate Vice President of Media Relations and Public Affairs at Florida Atlantic University. “We look forward to the next steps with the City and its partners while we finalize the necessary paperwork.”

Located at 100 E. Ocean Ave., Town Square represents a public-private partnership between the City of Boynton Beach, the Boynton Beach Community Redevelopment Agency, and E2L Real Estate Solutions, master developer of the 16.5-acre complex anchoring the heart of downtown Boynton Beach.

“Having first-hand experience with the Research Park at FAU in Boca Raton and the success of hosting Tech Runway graduates in the Park, it was clear that FAU would be the ideal growth accelerator and value creator for Town Square,” said Keith O’Donnell, Principal with Avison Young. “Together, the unique opportunity for FAU Tech Runway to expand its offerings and brand in Palm Beach County at Town Square, the County’s first City Hall public-private partnership.”

O’Donnell has worked alongside the public-private partnership and spearheaded the Boynton Beach Town Square assignment for the past five years. Additionally, he handled the relocation of the entire City Municipal Services off-site for two years while the project was developed.

“As the five-year master developer on the Town Square project, we’re looking to the future and believe welcoming FAU Tech Runway for the space to provide programming for new businesses and entrepreneurs marks an important milestone,” said Mark Hefferin, President of E2L Real Estate Solutions, LLC. “It has been wonderful to witness the City of Boynton Beach creating forward-thinking opportunities for its citizens, and we’re pleased that Avison Young brought FAU to the table to be a part of what the city is building.”

The Town Square project includes the $118 million renovation of the historic Boynton Beach High School into an Arts and Cultural Center, a Children’s Schoolhouse Museum, fire station, residential, retail and hospitality space, amphitheater, hotel, parking garages, library, a new City Hall and creates a positive community and economic impact.

“We are excited that FAU Tech Runway will operate the space at Town Square, which offers on-campus resources unavailable anywhere else in Palm Beach County,” said Lori LaVerriere, Boynton Beach City Manager. “Having a tech and business incubator at City Hall not only facilitates a pipeline of startups in the city, but it also plays a significant role in establishing the future of downtown.”

The City of Boynton Beach is undergoing a renaissance and regeneration. Current and future planned development underscore the City’s growth and investment opportunities. Planned projects such as 115 North Federal Hwy., the CRA’s East Boynton Beach Boulevard (BBB) Corridor project, and Riverwalk complement the redevelopment of Downtown Boynton Beach as a destination for residents, visitors, and businesses.

 

Global Logistics Company Signs 20,000 SF Office Lease To Relocate, Expand HQ

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Samuels & Associates announced that International Materials, Inc. (IMI), an international trading and logistics provider, signed a 20,052-square-foot lease to relocate and expand its corporate headquarters to the Offices at 4th & 5th Delray.

Moving from Boca Raton to the Delray Beach central business district, IMI will occupy nearly two-thirds of the mixed-use building’s third floor Class A office space at 25 SE 4th Ave.

The relocation and expansion of IMI’s headquarters will allow the company to accommodate its existing HQ roster of 45 full-time professionals and further attract top talent in line with its anticipated growth trajectory.

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President, IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5thDelray. The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

“There is no denying the staying power and increasing vibrancy of Delray Beach’s downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO, Greater Delray Beach Chamber of Commerce.

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, and IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

 

 

Healthcare Company Expands, Inks Deal For 29,000 SF

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Avison Young negotiated the lease expansion and extension for a healthcare company which will take 29,219 square feet long-term at North 40, an office complex in the Park at Broken Sound spanning two buildings and 352,043 rentable square feet.

The company is expanding its space by 7,599 square feet within the building at 901 Yamato Road in Boca Raton.

“The tenant is expanding to accommodate the relocation of another department to its corporate location at North 40,” said Avison Young Principal Mark Rubin. “Offering synergistic tenancy and a convenient location, North 40 continues to be home to many corporate and regional headquarters.”

Rubin represented the tenant and Principals Keith O’Donnell and Gary Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, during the lease transaction.

Ownership acquired North 40 for $68.35 million, the largest sale transaction in Palm Beach County during first quarter 2019. Avison Young has been the exclusive leasing agency for the asset since 2014.

“We were awarded the North 40 leasing assignment at 47 percent occupancy and quickly leased up the complex and maintained an above-market occupancy rate which is currently at 90 percent,” said O’Donnell. “The latest transaction represents strong tenant demand in Boca Raton which continues to be one of South Florida’s hottest office markets.”

In addition to direct access to Interstate 95 from Yamato Road, North 40 boasts an efficient floor design, collaborative meeting areas, a conference center, and a fitness center.

 

Office Depot HQ Site Sells For $33 Million

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Avison Young Principal Keith O’Donnell completed three transactions totaling $33 million on behalf of Investors Warranty of America to sell a 42.7-acre property in Delray Beach. The site is the former Office Depot headquarters at S. Congress Avenue and Old Germantown Road.

“Immediately after being awarded the listing, we evaluated multiple and varied uses including colleges, office, and entertainment, and investors looking to renovate existing assets,” said O’Donnell. “Ultimately, we secured a dream team of well-known developers to purchase the property and embark on a transformative redevelopment project.”

The property was divided into three parcels and sold to three South Florida development groups which joined together to create a new mixed-use project. Centerpointe Delray Holdings, a partnership between Miami-based firms 13th Floor Investments and Key International and Boca Raton-based CDS International Holdings, plans to build more than 600 multifamily units. Separately, CDS, which also owns The Arbors office building on the northeast corner of the site, plans to develop retail and office components. The project will be anchored by a 1.8-acre park with jogging and bike trails to connect to the 25-acre Delray Natural Oaks Preserve.

“We are excited to bring residential units for families and young professionals to Delray Beach as part of a landmark commercial site,” said Arnaud Karsenti, Managing Principal of 13th Floor Investments. “The result will be a world-class live-work-play community in line with the city’s vision for a vibrant destination along Congress Avenue.”

Inigo Ardid, Co-President of Key International, added: “We’re looking forward to delivering a new wave of residential product to the Delray Beach market, which poses significant growth opportunities. This site will work in tandem with the exciting additions joining the area to create a central lifestyle locale.”

The Delray Beach City Commission unanimously approved the master plan and will collaborate with the developers on the project. Four- and five-story apartment buildings and two- and three-story townhouse buildings are planned. The retail and restaurant space will be near the S. Congress Avenue and Old Germantown Road intersection.

“Early in the seller’s quest for buyers, Keith brought the property to my attention and challenged our team to think about how this last great South Palm Beach County parcel could be integrated into the success of Delray Beach’s downtown transformation,” said Jeff Perlman, Vice President of CDS and former Delray Beach Mayor. “I was the mayor who got the call about Office Depot leaving the site for Boca Raton 12 years ago, a decision that prompted us to rethink the future of Congress Avenue. We believed back then – and still do – that this property will be the catalyst to create Delray Beach’s next great street, and it’s an honor to be involved.”

O’Donnell’s history with the property, which dates back to its days of IBM’s occupancy through Office Depot’s growth to a global enterprise, played a significant role in Investors Warranty’s selection of Avison Young to lead the sale.

“We remained committed to ensuring the delivery to Delray Beach the type of project it deserved while maximizing upside for our shareholders, and Keith’s experience with the property and other complex projects nearby such as Mizner Park in Boca Raton proved invaluable in achieving our goals,” said David Feltman, former executive of Investors Warranty.

City Of Boynton Beach Leases 23,000 SF

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Cushman & Wakefield has negotiated a ±23,000-square-foot office lease with the City of Boynton Beach at 3301 Quantum Boulevard.

The Cushman & Wakefield brokerage team of Gordon Messinger, John K. Criddle and Joseph J. Freitas negotiated the lease on behalf of FH Quantum, LLC, a partnership between Grant Horwitz, managing principal of Fort Lauderdale, FL-based Fox Ridge Capital, and Joshua Schrager and Daniel Schwartz of Hollywood, FL-based Geometry Development, LLC.

Keith O’Donnell of Avison Young represented the City of Boynton Beach in the lease negotiations.

The City of Boynton Beach will house administrative offices in the ground-floor space. A summer 2018 move-in date is anticipated.

“3301 Quantum Boulevard is a tremendous fit for the City of Boynton Beach,” said Messinger. “The building is easily accessible and offers exceptional parking ratios while maintaining proximity to downtown Boynton Beach and City Hall.”

3301 Quantum Boulevard is a 100,000-square-foot, two-story office building developed in 1995 on a 6.2-acre site. FH Quantum, LLC acquired 3301 Quantum Boulevard in December 2017 and is investing significantly in capital improvements, including a new roof, new HVAC system and upgrades to site landscaping and the surface parking areas.

Messinger, Criddle and Freitas were named exclusive leasing advisors shortly after the acquisition and have quickly leased 3301 Quantum Boulevard’s entire ground floor.

3301 Quantum Boulevard is located one mile from Interstate 95 and is proximate to the Boynton Beach Tri-Rail station, a Palm Tran stop, and a wide range of retail and dining along Gateway Boulevard.

Global Law Firm Inks Deal for 12,000 SF In Boca Raton

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Avison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 N.W. Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton.

On behalf of the landlord, Avison Young Principals Greg Martin and Keith O’Donnell facilitated the transaction.

Duane Morris, a law firm with more than 800 attorneys in offices across the United States and internationally, will accompany an impressive tenant list that includes Frank, Weinberg & Black P.L.; Ackerman LLP; Janney Montgomery Scott LLC; Ameriprise Financial; Brown Parker & DeMarinis Advertising; Polen Capital Management, LLC; and Broad & Cassell LLP which recently signed a lease for 16,000 square feet at 1905 N.W. Corporate Boulevard.

“Boca Raton is an important office and part of our presence in South Florida,” said Harvey W. Gurland, Duane Morris Office Managing Partner for Boca Raton and Miami. “We look forward to transitioning to our new home.”

According to Avison Young’s fourth-quarter 2017 Palm Beach County office market report, most of the county’s leasing activity occurred in Boca Raton which led the market in terms of total lease deals. The area’s central location offers a geographic advantage to companies that source employees from northern areas of Broward County and central areas of Palm Beach County.

“Boca Raton’s growing population, attractive amenity base, and ease of access within South Florida’s tri-county area continues to attract and retain top professional firms to the area which boasts a decreasing 10.67 percent class A office vacancy rate,” added O’Donnell.

Lynn Financial Center totals 209,911 square feet of class A office space in three innovative office buildings. The property is positioned in the heart of Boca Raton just minutes from Boca Raton’s Executive Airport and provides easy access to Interstate 95 and Florida’s Turnpike.