Tag Archive for: laurel oswald

Chicago Firm Picks Up West Palm Office Building

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Chicago-based Bradford Allen Investment Advisors has made its second splash in the South Florida office market with its purchase of One Clearlake Centre office tower from Rockpoint Group for $45 million, according to property records provided by Vizzda.

The company intends to invest an additional $10 million into refurbishing the property, which currently has a 62% occupancy rate, as part of a value-add strategy.

The 221,000-square-foot building was purchased in 2021 for $60.7 million by Rockpoint Group in partnership with Tricera Capital, NDT Development, and New England Development. Despite efforts, occupancy has remained stagnant, resulting in a nearly 26% loss on the recent sale.

Built in 1986 and located at 250 South Australian Avenue in downtown West Palm Beach, the building will receive a new roof, updated elevators, a renovated fitness and conference center, a tenant lounge, and food service upgrades. Bradford Allen also plans to introduce four move-in-ready spec suites in 2025.

Current tenants include Truist Bank, Ideal Nutrition, and Robert Half.

The leasing for the building will be managed by Tower Commercial Real Estate, led by Jon Blunk and Laurel Oswald.

While One Clearlake has struggled, newer properties like One Flagler — opened in February and 95% leased — reflect strong demand for modern office space. According to CBRE, Class A office buildings in the West Palm Beach central business district have a low direct vacancy rate of 2.8%.

“There is significant potential in repositioning One Clearlake,” said Blunk. “Like other urban cores, downtown West Palm Beach is seeing strong demand for premium office space as top-tier companies move in.”

Earlier this year, Bradford Allen made its entry into South Florida with a $208 million purchase of Las Olas Centre I and II in Fort Lauderdale, the city’s largest office sale in nearly ten years. That building was 69% occupied, and the firm plans a $25 million renovation.

CBRE’s Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa, and Mathew Lee represented the seller in the transaction.

 

Source:  Bisnow

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

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On Thursday, CRE-sources reported the $208 million trade of 350/450 East Las Olas, the largest transaction in a decade… until Friday.

On Friday, Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, has acquired 401 East Las Olas Boulevard, marking the most significant office acquisition in Broward County in the past decade.

CBRE’s Institutional Office Group, led by Vice Chairman Christian Lee and Vice President Sean Kelly, represented the seller, a global investment manager. CBRE’s Debt & Structured Finance Group, led by Vice Chairmen Tom Traynor and Tom Rugg, Senior Vice President Amy Julian, and First Vice President Andrew Chilgren, represented the buyer in sourcing acquisition financing. The CBRE team also included Director Adam Spengler, Senior Associate Tom Rappa, Associate Henry Fenmore, and Financial Analyst Matthew Lee.

“Office properties in Fort Lauderdale’s CBD have thrived in the 2020’s, with strong absorption, sharp rent growth and declining vacancies. This is particularly true for top tier assets, which have outperformed because of an escalating flight to quality,” said Lee.

 

“With soaring construction costs and a dearth of remaining development sites in the Las Olas corridor, future supply will be tightly constrained and will result in continued strong rent growth for the area,” added Kelly.

The transaction closed February 13. While the terms were not disclosed, sources close to the deal reported the sale price to be in the neighborhood of $220 million, equating to more than $535 per square foot.

The 23-story, 410,561-square-foot Class AA office and retail tower—also known as Bank of America Plaza at Las Olas City Centre—sits on a full city block in the heart of Fort Lauderdale’s Las Olas Financial District. The property is home to a premier tenant roster, including Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions, and UBS.

“We see a unique opportunity to invest in high-quality office assets that are among the best in their competitive set,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “The South Florida office market has strong underlying fundamentals, driven in part by in-migration trends and return-to-work mandates. At the same time, since new developments have all but stopped in recent years, some markets are experiencing shortages of office space in quality assets.”

 

“This acquisition represents our confidence in high-quality, well-located office assets that continue to demonstrate strong leasing fundamentals,” said David Moret, President of Highline Real Estate Capital. “401 has maintained an average occupancy of 94 percent since its inception and is positioned to continue to benefit from the evolving office market.”

 

Jay Caplin, Principal at Square2 Capital, added “with our previous repositioning success at 501 & 515 Las Olas Boulevard, we are confident we can amplify 401’s position as one of the most sought-after office towers in the state. Planned improvements will build upon 401’s status as the most amenitized office property in downtown Fort Lauderdale, featuring six on-site restaurants, a fitness center, and full-service banking.” Square2 Capital will manage the property for the new owner under the direction of Principal Mike Manno.

 

TCRE Named Exclusive Leasing Agent For The Offices at the Press, Former PB Post HQ In West Palm Beach

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TCRE has been named the exclusive leasing agent for The Offices at The Press, the former headquarters of the Palm Beach Post and part of an 8-acre mixed-use adaptive reuse redevelopment located at 2751 S. Dixie Highway in West Palm Beach.

Tricera Capital acquired the four-storyPalm Beach Post office building and neighboring former printing facility in 2019 and completed a comprehensive renovation and repositioning of the properties. The printing press and distribution facility was retrofitted into the Shops at The Press, which now features 120,000 square feet of new retail space, and the existing office building has been transformed into The Offices at the Press, with 136,000 square feet of flexible workspaces.

Jon Blunk, Laurel Oswald, Constance Thomas and Cristina Glaria of TCRE are leading the office leasing efforts at the four-story office building. The Offices at The Press encompasses 40,000 square-foot floor plates that can be customized from 5,000 square feet and up with the potential for 80,000 square feet of contiguous space with building signage and branding opportunities.

“We are thrilled to represent this trophy-class office building so widely recognized for its rich history,” stated Blunk, president, TCRE. “Tricera’s transformation and revitalization of this property delivers the excitement of dynamic and upscale workspaces, paired with an exceptional environment that embraces innovation and allows businesses to thrive. The Offices offer sleek, modern interiors with an emphasis on functionality and efficiency. Businesses that locate here will benefit from sought-after amenities and meticulously designed workspaces that are as unique as they are adaptable, all set in a prime location.” 

The office building features a new tenant lounge with meeting space, newly renovated lobby, common areas and restrooms, and a full back-up generator. Tenants will enjoy an abundance of amenities including Starbucks, Joseph’s Classic Market, Raw Jūce, the 35,000-square-foot Amped Fitness, Restore Hyper Wellness, Salons by JC, Calico Interior Design, and Tipsy Salonbar, all housed in the neighboring Shops at The Press. The Shops’ second floor offers the unique opportunity to lease 32,000 square feet of office or retail space within a former printing press.

The Offices at The Press continues to attract top-flight firms seeking to relocate or expand their footprint in South Florida. Current tenants include self-storage investor SROA Capital, coworking concept Knotel and The Palm Beach Post, which occupies 30,000 square feet.

The building is conveniently located at the intersection of US-1 and Belvedere Road and within walking distance to many restaurants and daily conveniences including Pig Beach BBQ, Sushi Jo, PB Wraps, Publix and many others.  The property offers direct access to I-95 and is in close proximity to Downtown West Palm Beach and The Square, Brightline Station, and adjacent to the historic El Cid district.

 

TCRE And Alliance HP Complete 17 Office Leases At Fort Lauderdale’s One Financial Plaza

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TCRE, a full-service commercial real estate brokerage in South Florida, announced 17 lease transactions in 2022 totaling approximately 52,000 square feet at One Financial Plaza, a 283,000-square-foot, 28-story Class A office tower located at 100 SE 3rd Ave. in the Central Business District of Downtown Fort Lauderdale.

The leases, which include six new-to-market tenants, two market relocations and numerous lease renewals and expansions, bring the building to over 92 percent occupancy. Laurel Oswald, Jon Blunk and Cristina Glaria of TCRE exclusively represent the landlord, Alliance HP. The building is professionally managed by CP Group.

“The market is changing; With numerous new residential towers on the north side of downtown, the brokers in the market and their tenants are recognizing the convenience of our location, and the building’s top-notch amenities including the Tower Club continue to make One Financial Plaza the destination of choice,” stated Ira Bergstein, Director of Leasing, Alliance HP.

 

“Leasing activity was largely driven by the building’s extensive amenity offerings as well as the Landlord’s hands-on approach and focus on delivering the best possible tenant experience at the building,” added Laurel Oswald, executive director, TCRE.

The new-to-market leases include the following:

  • STEMCOR, a British steel trading and distribution company, has leased 3,465 RSF; Represented by Adam Talbot, CRESA.
  • AGI Capital has leased 2,091 RSF; Represented by AJ Belt and Jeff Holding, Cushman Wakefield.
  • RVM Enterprises has leased 3,465 RSF; Represented by Steve Hyatt, Berger Commercial.
  • Rockwave Capital, a New York-based investment firm, has leased 1,262 RSF.
  • Xplore Group, relocating from Miami, has leased 1,065 RSF; Represented by Walter Robinson, Robinson Commercial.
  • Meirowitz & Wasserberg, LLP, a New-York-based personal injury law firm, has leased 1,694 RSF.

 

Two notable in-market relocations include:

  • Oppenheimer, a global full-service brokerage and investment bank, has leased the full 21st floor totaling 11,213 RSF (in-market relocation); Represented by Adam Bernstein and Barbara Black, JLL.
  • Silverman Schermer law firm has moved its office at 401 E. Las Olas Blvd. to occupy 3,400 RSF; Represented by Kim Barbar, Stiles.

 

TCRE has also secured 22,452 RSF of renewals and expansions for existing tenants. These include:

  • Cohen Blostein & Ayala PA has expanded and renewed 5,414 RSF; Represented by Mark Goldstein, Jasper Realty.
  • Advanced Recovery Systems (ARS) has renewed 7,800 RSF; Represented by Thomas Capocefalo, Savills.
  • Insperity HR Solutions has renewed 4,725 RSF; Represented by Zach Wendelin, CBRE.

 

One Financial Plaza is a landmark building in the heart of downtown Fort Lauderdale. Originally constructed in 1972, the building has completed a multi-million-dollar renovation program. The ground floor lobby and retail spaces have been modernized, and the east building entrance was completely redesigned. A high-end fitness center and conferencing facilities add to the daily comforts and conveniences, and the exclusive Tower Club located on the top floor boasts sweeping views of downtown and the Atlantic Ocean, a fine dining restaurant, bar and lounge, meeting rooms and event space.

The office tower is conveniently located two blocks from Las Olas Boulevard, a shopping, dining and cultural destination with a plethora of restaurants within walking distance from the property. The building offers easy access to US-1, I-95 and I-595 and is minutes from the Fort Lauderdale/Hollywood International Airport and Fort Lauderdale’s Brightline train station.

 

Law Firm Doubles Palm Beach County Footprint, Leasing 12,138 Square Feet At Landmark Boca Raton Building

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The law firm of Weiss Serota Helfman Cole & Bierman is expanding in Boca Raton. The 30-year-old business and government law firm has signed a long-term lease for 12,138 square feet at One Boca Place, a 277,390-square-foot, Class A building on Glades Road near I-95.

The new lease will more than double the size of the firm’s Boca Raton office, setting the foundation for continued growth of staff, attorneys, and practice lines in Palm Beach County.

Butters Realty & Management office team of Caroline Fleischer, Darcie Lunsford and Sky Butters represented Weiss Serota in the lease transaction. Laurel Oswald of TCRE represented landlord, CP Group.

Butters Realty & Management-Caroline Fleischer, Darcie Lunsford and Sky Butters

“While many companies were shedding real estate and recalibrating staffing levels in the face of the pandemic, Weiss Serota seized the counter-cyclical opportunity to grow, turning uncertainty to its negotiating advantage,” said Butter’s Fleischer, who is executive vice president of occupier services. “One Boca Place, fresh off the heels of a multimillion renovation, offered the firm both the prestige and the physical infrastructure needed to meet its growth trajectory.”

Weiss Serota originally established a Boca Raton office in January 2017, with just five Palm Beach County-based attorneys there at the time. Since then, the firm has more than tripled the size of its team and anticipates having at least 17 attorneys working out of One Boca Place when it moves into the space in spring 2022. The new office gives the firm additional space to continue its expansion in Palm Beach County.

Notable recent additions to the firm’s Boca Raton office include The DuBosar Law Group, led by accomplished litigator Howard D. DuBosar, veteran construction attorney Ronald S. Nisonson and veteran municipal and real estate attorney David N. Tolces.

“Our Boca Raton office has proven to be a catalyst for growth for the entire firm, particularly with our private sector practice areas,” said Brett J. Schneider, Partner and Boca Raton Office Managing Director. “There is tremendous activity and expansion occurring throughout Palm Beach County. We believe our continued growth and new space will help us better serve this growing business community while also provided our employees with a vibrant and highly desirable place to work near where many of them live.”  

 

110 Tower Renovation Gaining Plenty Of Attention

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110 Tower, the LEED Gold certified class A office building in Downtown Fort Lauderdale’s Central Business District has recently closed 40,000 square feet of new office and lease deals with tenants including Lewis Brisbois Bisgaard + Smith, Fort Lauderdale Executive Office Suites, The Broward Safety Council, and Cole, Scott & Kissane, P.A., which has recently expanded.

Subway is also now open on the ground floor. And Trial Copy, a litigation consulting firm specializing in electronic data discovery, computer forensics custom trial graphics, and heavy litigation copy service, is now occupying space in the lobby level.

“We have seen a strong increase in leasing activity due to the completion of the building’s renovations, the progress of the new courthouse, the WAVE, which will stop directly in front of 110 Tower, and the improvements to the 6th Street areas,” stated Laurel Oswald (pictured above), a member of Cushman & Wakefield’s office leasing team for 110 Tower. “Downtown is experiencing tremendous growth in terms of new residential and other infrastructure projects. This has positioned it as a multinational hub of commercial and pedestrian business and 110 Tower is at its core.”

110 Tower was the first option for tenants seeking a LEED Gold-certified building within a multi-tenant high-rise office tower in Downtown Fort Lauderdale. Ownership won the U.S. Green Building Council of South Florida’s GalaVerde Award as Florida’s Best in LEED for Existing Building, as well as BOMA’s regional TOBY Award for Best Renovated Building.

Ownership recently completed a comprehensive $15 million interior and exterior renovation. That renovation included ground-floor retail, lobby and interior common area upgrades, primary mechanical systems enhancements, and installing a unique exterior lighting system.

 

Source:  GlobeSt.