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JLL Arranges Eight Leases Totaling More Than 46,000 SF At Northbridge Centre In WPB

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JLL announced the completion of several new leases, including new-to-market, expansions and renewals, at Northbridge Centre in Downtown West Palm Beach that drive total occupancy in the trophy office complex to 95 percent.

Situated at 515 North Flagler Drive in the city’s urban core, the four story, 294,493-square-foot trophy office property will see new and existing tenants ranging in size from approximately 1,800 to over 13,300 square feet.

JLL Senior Managing Directors Kevin Probel and Kevin McCarthy along with Sales Coordinator Leigh Lingo represented the building’s ownership group, Vanderbilt Office Properties, who recently invested over $18 million into capital improvements, including multi-tenant floor renovations, speculative suite buildouts, elevator and lobby renovations, and exterior upgrades.

“Palm Beach County remains a hotspot for corporate headquarter relocations and expansions due to its growing and highly educated labor force, unmatched quality of life and economic strength,” said JLL’s Probel. “With only a handful of available spaces left, Northbridge Centre remains the premiere choice for companies looking to expand or enter the region and take advantage of the property’s employee friendly amenities and strategic location in the heart of Downtown West Palm Beach.”

Among the new additions to Northbridge Centre’s distinguished roster of tenants are:

  •  Duracell Distributing, which offers office administrative and support services, is expanding from 1,955 square feet to occupy 6,113 square feet of space. Duracell Distributing was represented by Mitchell Millowitz at Newmark.
  •  General Services Administration (GSA), an independent agency of the United States government established to help manage and support the basic functioning of federal agencies, will occupy 13,135 square feet. GSA was represented by Scott Powell with Public Properties.
  •  Serengeti Asset Management, a New York-based boutique financial firm specializing in investment management services that will be taking 4,119 square feet. Serengeti Asset Management was represented by Connie Thomas with TCRE.
  •  Smart Source LLC, a new-to-market global company that offers print, promotional and digital marketing services and will occupy 4,140 square feet. John Criddle with CBRE represented Smart Source LLC.
  •  Shoreham Capital,a privately-held real estate firm focused on the acquisition, development, ownership, and management of best-in-class real estate properties spanning the East Coast, signed a new lease for 3,455 square feet of space;
  •  Fifth Third Bank, a financial institution offering a range of banking services to individuals and businesses, has renewed its spots on the first and seventh floor for a total of 7,984 square feet. Will Portfolio and Chris Smith with CBRE represented Fifth Third Bank.
  •  Lightview Capital, a lower middle market private equity firm, has renewed its 1,825 square feet of space on the fifth floor. Lightview Capital was represented by Jason Sundook and Lesley Sheinberg with NAI Merin Hunter Codman.
  •  DC Capital Partners, a private equity investment firm, has renewed and expanded its lease from 3,150 square feet to now occupy 6,560 square feet. Brad Davis with CBRE represented DC Capital Partners.

Located in the heart of Downtown West Palm Beach and the central business district, Northbridge Centre offers convenient access to Palm Beach Island, Interstate 95 & Okeechobee Blvd and is less than a mile away from the first private US passenger rail Brightline station. The trophy office building features panoramic water views of the intercoastal waterway, the Atlantic Ocean, and Clear Lake as well as spectacular views of Palm Beach Island and the West Palm Beach skyline. Additionally, the property offers tenants three on-site dining venues, rooftop amenity deck, full-service banking, executive valet parking with direct building access, a Paul James salon, a fitness center with extensive programming, and a state-of-the-art conference facility.

According to JLL’s latest office insight report for Palm Beach County, flight-to-quality remains an important driver of activity as demonstrated by rents and vacancy rates in Palm Beach’s most exclusive submarket – Palm Beach Island. Overall direct rents reached an impressive $70.69 per square foot, full service (FS) this quarter, representing a staggering 31.3% increase year over year.

Shutts & Bowen Expansion, Zions Bank Lease Bring The Main Las Olas To 100% Leased

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Blanca Commercial Real Estate announced that The Main Las Olas office component is now 100% leased, twenty four months after receiving its temporary certificate of occupancy with the 3,670 RSF expansion of Shutts & Bowen and new tenant Zions Bank leasing 3,931 RSF of office space.

The property is a 1.4 million-square-foot, mixed-use office, residential and retail community featuring Class A offices, stunning high-end architecture, chic residences and destinations for gathering, dining and shopping. The 25-story property features a 387,402-square-foot tower, 17,355 square feet of total retail space, a 2,951-square-foot fitness center, 3,360-square-foot office lounge and conference center, along with an outdoor terrace featuring a fire pit, bar and glass floor oculus with panoramic views of Las Olas and the beach with event and conference space.

The property’s leasing team is led by Danet Linares, executive vice chairman of Blanca Commercial Real Estate, alongside Christina Jolley, senior vice president; Sky Jones, associate vice president; and Tere Blanca, chairman & CEO.

The Main Las Olas was developed by Shorenstein Properties LLC and Stiles, two real estate leaders with development track records spanning more than a century, and was designed by nationally acclaimed architecture firm Cooper Carry.

Shutts & Bowen was represented by Zach Wendelin and Kevin Probel of CBRE, Inc.

Tenants at The Main Las Olas include financial, legal, real estate and insurance sectors, both relocation and new-to-market, solidifying the continued demand for office space in Fort Lauderdale. Moxies and Fogo de Chão will occupy the anchor retail on the ground floor of The Main Las Olas. Tenants include, among others:

  • JPMC 
  • Marcum
  • RSM 
  • Starr Indemnity
  • Raymond James
  • Cherry Bekaert 
  • Synovus Bank
  • Walker Dunlop
  • Starboard Value

“We are thrilled to reach this milestone,” said Linares, Executive Vice Chairman of Blanca Commercial Real Estate. “Over the last year, flight-to-quality remained at the forefront of all major office moves and the uptick of new-to-market demand translated into the stellar performance of new office developments and top-tier existing Class A office space.”

Shorenstein and Stiles developed The Main Las Olas, anticipating the demand for high-quality, luxury office space with world-class architecture and amenities that differentiate the property as the preferred choice for corporate users and its employees. As the only office building in the region offering businesses a full range of amenities, conference space and ceiling heights and surpassing anything else in the market, The Main Las Olas has been the premier choice for companies migrating to South Florida due to the pandemic.

The Main Las Olas is the first new construction class A office space in downtown Fort Lauderdale in more than a decade, further solidifying Broward County’s downtown core as a major player in the commercial real estate office sector. Low taxes and quality of life compared to other major cities are two of the big factors driving the continued migration to South Florida including downtown Fort Lauderdale, one of the most dynamic and growing urban centers in the region. Well-known companies headquartered in Broward County include AutoNation, Citrix, Spirit, Virgin Voyages, Microsoft’s Latin American headquarters, Royal Caribbean International, Chewy, and Hotwire Communications. Other major companies with a significant presence include American Express, Chiquita, JetBlue, Marriott, and DHL.

“We are extremely pleased with the success of The Main Las Olas, the first luxury office of its kind,” said Charles Malet, President and Chief Investment Officer at Shorenstein. “The property underscores Shorenstein’s continued focus on developing differentiated, best-in-class office properties in attractive and growing markets. As preferences for office spaces continue to evolve, we believe these types of top-quality spaces will remain the desired choice for tenants nationwide.”

 

“Along with our partner Shorenstein, we set out to establish a new bar for luxury urban office, not only in Fort Lauderdale, but in all of South Florida,” said Stiles CEO Ken Stiles. “The Main Las Olas offers a truly distinctive integrated work, life and entertainment experience with an unmatched level of quality, amenities and design. We are proud to have had the opportunity to continue our 72 year track record of quality development with this iconic project.”

 

Law Firm Shutts & Bowen To Relocate Fort Lauderdale Office

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CBRE has arranged a 10,950-square-foot office lease at The Main Las Olas in Fort Lauderdale, on behalf of Shutts & Bowen LLP, a Florida-based AM Law 200 law firm with offices throughout Florida.

Zach Wendelin, Kevin Probel and Kevin McCarthy with CBRE represented the tenant, Shutts & Bowen LLP, in lease negotiations. The landlord is LOC3 Investors LLC.

In early 2023, Shutts & Bowen will relocate more than 30 employees to the 22nd floor of the building.

“We are thrilled with this new office space and are actively engaged in a design process to build a great working space for our attorneys and staff,” said Joseph M. Goldstein, Shutts & Bowen’s Fort Lauderdale Managing Partner. “Shutts & Bowen believes in Fort Lauderdale and this amazing location at the Main Las Olas will help us grow and continue to thrive here.”

 

Shutts & Bowen Partner Arthur J. Menor added, “This best-in-class building will not only accommodate our dynamic, growing presence in the Fort Lauderdale market, but will also allow us to implement a state-of-the-art office design that we can refine and replicate in our other offices as our lease terms roll over the next few years. It was a pleasure working with CBRE to make this happen.”

Located at 201 E. Las Olas Blvd., The Main Las Olas is a 25-story Class A mixed-used building totaling 1.4 million square feet. Property amenities include a conference center, tenant lounge, amenity deck, covered terrace, and state-of-the-art fitness center.

“Positioned in the heart of downtown Fort Lauderdale, The Main provides an ideal live-work-play location for employers like Shutts & Bowen who were looking to upgrade their office environment to help attract and retain top tier talent,” said Probel.

 

CBRE Facilitates 26,000 SF Office Lease Renewal, Expansion For Quest Workspaces

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CBRE has arranged a 25,947-square-foot office lease at Northbridge Centre in West Palm Beach for Quest Workspaces, Miami’s third largest coworking operator.

Kevin Probel and Kevin McCarthy represented the landlords, Vanderbilt Office Properties and C-III Capital Partners, in lease negotiations. Lance Benson with Newmark represented Quest Workspaces.

Quest currently occupies 12,783 square feet on the third floor and will take an additional 13,164 square feet on the fourth floor, which they will occupy in October.

Today, Quest operates nine locations in Florida. Their Northbridge location has more than 170 clients with a notable client base, including Humana, Bravado Health, and Third Federal.

“Quest is excited to cement their long-term tenancy at Northbridge. Strategically located in the heart of downtown West Palm, Northbridge is at the footsteps of the island of Palm Beach, walking distance to hundreds of shops and restaurants, and offers spectacular views,” said Benson.

Located at 515 N. Flagler Drive, Northbridge Centre is a 21-story office tower totaling 294,493 square feet. The property features an attached parking garage with a climate controlled covered sky bridge, restaurants, full-service banking with ATM service, Paul James Salon and full-service NB Fitness Center.

“As office leasing activity continues to increase, tenants will favor properties such as Northbridge Centre, which have received millions of dollars in renovations to provide prime Class A space in Downtown West Palm Beach,” commented CBRE First Vice President Kevin Probel.

Northbridge Centre sits across the street from the Palm Beach Yacht Club and minutes from the Bright Line Station. It is two blocks from Flagler Banyan Square, a $145 million redevelopment project in downtown West Palm Beach.

 

CBRE To Lease Class-A Office In West Palm Beach

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CBRE has been selected to lease Waterfront Clematis, a 148,856-sq.-ft. Class-A office complex located at 101 and One North Clematis Street in West Palm Beach.

CBRE’s Kevin Probel, Kevin McCarthy and Will Portfolio will be marketing the property for lease on behalf of the owner, a joint-venture between affiliates of Florida Crystals Corporation and Colonnade Properties LLC. The office building, which serves as headquarters for Florida Crystals Corporation, is currently 87.8 percent occupied.

“Waterfront Clematis is a premier Class-A office building in the live-work-play environment of downtown West Palm Beach. We know tenants will be impressed with exceptional views and its convenient location close to many amenities,” said Probel, First Vice President at CBRE.

Located in downtown West Palm Beach, the office complex is in a prime waterfront location with views of Palm Beach. It is in a highly walkable area directly on Clematis street, allowing for easy access to restaurants, retailers, and shops. The property features impact-resistant windows and is in close proximity to the beaches and Palm Beach Island.

“CBRE’s market knowledge, global platform, and national presence will be a major asset when leasing Waterfront Clematis. We look forward to working as a team to lease this one-of-a-kind property,” said Chris Glinski, Executive Vice President at Colonnade Properties.

According to CBRE Research, leasing activity was down from historic norms throughout 2020, but the second half of the year showed positive signs for the market. New-to-market tenants have ramped up their interest in relocating from high-cost states to West Palm Beach, a trend which has slowly occurred in recent years but is now happening in earnest.

New Office Tenants Coming To 360 Rosemary, Rosemary Square

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Related Companies that prominent investment firm Comvest Partners and leading artificial intelligence firm Levatas LLC will locate their corporate headquarters in the Rosemary Square neighborhood in Downtown West Palm Beach.

Comvest will relocated to 360 Rosemary, a sustainable Class-A office building that features state-of-the-art, loft-style office space and broke ground on May 16. Levatas LLC, a digital transformation agency and leader in artificial intelligence software, will locate its corporate headquarters to Rosemary Square, expected to open in early 2020.

 

“Our vision for Rosemary Square as a true live, work, play neighborhood is resonating with a diverse roster of businesses that recognize the growing value of dynamic locations in building corporate culture, serving clients, and attracting and retaining great talent,” said Gopal Rajegowda, Senior Vice President of Related Companies. “We are proud to offer our tenants a wide-range of office solutions, all surrounded by a vibrant array of cultural, entertainment, dining and retail offerings in the heart of Downtown West Palm Beach. The corporate relocations will also spur economic and employment benefits for the City and region.”

Comvest Partners, a private investment firm providing equity and debt capital to middle-market companies across North America with $3.2 billion of assets under management, has signed a 26,000-square-foot lease to consolidate its offices in a cohesive space at 360 Rosemary supporting the firm’s anticipated growth for the next decade.

Levatas LLC, a leader in Artificial Intelligence solutions and named as one of the “Top 150 Company Cultures in America” by Entrepreneur Magazine, is relocating its headquarters from Palm Beach Gardens to a 16,000-square-foot space in Rosemary Square injecting an anticipated $1.2M into the local economy and adding 50 new jobs to Palm Beach County. The county’s Business Development Board assisted the Levatas team in the search for office space and assisted with a $350,000 Qualified Target Industry (QTI) Tax Refund from the State of Florida, based on the company’s commitment to create new jobs paying an average of $105,490.

 

Michael Falk, Chairman and Managing Partner of Comvest, said, “We look forward to our partnership with Related as we create an office space that supports Comvest’s continued growth. The move to a dynamic and collaborative space will allow us to foster better interaction among teams and promote innovation and forward thinking.”

 

“Our type of work requires a highly skilled group of engineers, data scientists, designers and project managers, so being accessible to the broadest possible pool of talent is critical,” said Chris Nielsen, Founder and Chairman of Levatas. “The proximity of Rosemary Square to the Brightline, which connects the residents of Miami and West Palm, and soon Orlando, opens up a lot of possibility we didn’t have before, both for employees and clients. It’s also nice to be in a creative, urban hub, close to where many of our employees live and play.”

Anticipated LEED Gold, 360 Rosemary is a 300,000-square-foot building designed by Elkus Manfredi Architects and Leo A. Daly that will bring state-of-the-art, connected and innovative workspaces to South Florida. The 20-story modern building will offer loft-style office space with expansive floor-to-ceiling windows that maximize natural light and 10,000 square feet of outdoor amenity space including two terraces that allow for an exceptional indoor/outdoor workplace environment. Located adjacent to the Brightline high-speed rail station which connects West Palm Beach with Miami and Fort Lauderdale, on 10 local bus routes and just 3 miles from the Palm Beach International airport, the building offers unparalleled access to local transportation hubs. Related Companies has retained construction management company Moss as contractor for 360 Rosemary. The building is expected to be complete in early 2021.

360 Rosemary is located in Rosemary Square, which is currently undergoing a $550 million transformation led by Related to become a vibrant community and destination featuring premiere commercial office space; rejuvenated green spaces; modern residences; diverse, experiential retail and culinary offerings; robust arts and cultural programming—culminating in an exceptional new district to live, work and visit in South Florida.

Jon Blunk, President of Tower Commercial Real Estate, is the exclusive leasing agent for 360 Rosemary and represented Related in both transactions. Comvest was represented by CBRE First Vice President Kevin Probel and First Vice President Kevin McCarthy. Levatas was represented by JLL Vice President Cameron Tallon.

 

Source:  CRE-sources