Tag Archive for: nai merin hunter codman

Historic Downtown WPB Office Building Sells For Over $600 PSF In Under 65 Days

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NAI Merin Hunter Codman, Inc. successfully closed a high-priced office building sale in Downtown West Palm Beach.

NAI Merin Hunter Codman Managing Directors Lesley Sheinberg and Barbara LeBrun represented the owner, Thaler and Thaler, PA, in the $5,950,000 sale of the historic 9,446-square-foot Thaler & Thaler building, located at 700 N Olive Avenue.

The transaction equated to $630 per square foot, one of the highest sales per square foot for an office building in the West Palm Beach Central Business District submarket within the last year.

The two-story property, situated on 0.3 acres in the heart of downtown, went under contract within seven (7) days of listing and closed in just 65 days. Constance T. Thomas and David J. Thomas IV of TCRE represented the buyer, Palm Equity LLC.

According to CoStar Group’s September 2025 West Palm Beach CBD Office Submarket Report, the 12-month average sales price per square foot is $422, well below 700 N Olive’s $630 per square foot sale price. Downtown West Palm Beach, often dubbed “Wall Street South,” has benefited from tremendous development and growth over the past five years. It is no wonder that a property at the northeast corner of N Olive Avenue and N 7th Street, just blocks from N Flagler Drive and N Quadrille Boulevard, would achieve above-market pricing in what could be record time.

Thaler & Thaler P.A., a local law firm, engaged Sheinberg and LeBrun to bring their longtime property to market after owning the property for almost 40 years. Originally built in 1961, the property was purchased by Thaler & Thaler in 1987. In 2001 the firm built a new two-story office building on site comprised of a ground floor gated parking garage and larger, upper-level office space.

Thaler and Thaler praised the NAI Merin Hunter Codman team by stating, “Barbara LeBrun and Lesley Sheinberg are incredible. We went from listing to contract to closing at the speed of light and they went the extra mile on every detail. I’ve never had a transaction go so smoothly and I would recommend NAI/Merin Hunter Codman and these ladies in particular to anyone looking for a high rate of professionalism and effectiveness.”

 

Barbara LeBrun, Managing Director of NAI/Merin Hunter Codman commented, “It was an honor for my partner, Lesley Sheinberg, and me to exceed the goals and expectations of our client. Our constant and thorough evaluation of local market conditions allows us to properly advise our clients on timing. And as they say, timing is everything.”

 

“Lesley and Barbara are a powerhouse duo. Their professionalism and exceptional market knowledge, coupled with their superior negotiation skills are the secrets to their success. It is my honor to have them on the NAI Merin Hunter Codman brokerage team,” stated Jordan Paul, CEO, NAI Merin Hunter Codman.

 

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.”

 

NAI/Merin Hunter Codman Announces 2022 Broker of the Year

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NAI/Merin Hunter Codman, Inc., announced that Managing Director Lesley Sheinberg has been named its 2022 Broker of the Year.

This is the fourth Broker of the Year award for Sheinberg, a well-recognized office sales and leasing broker representing both landlords and tenants with a strong expertise in medical clients and properties. In addition, she has had significant experience in retail and industrial markets throughout Florida and has used her affiliation with NAI Global’s broad network to assist her clients throughout the United States.

In 2022, Sheinberg completed nearly 60 transactions representing over 245,000 square feet with approximately half of her transactions involving medical properties. Over the course of her career with the firm, Sheinberg has completed over 2,000,000 square feet of leasing and disposition transactions totaling in excess of $200 million in transaction volume.

Sheinberg is a long-time member of the Palm Beach County Medical Society and was appointed to the Board of Directors at the Bak Middle School of the Arts Foundation (MSOA) in 2021. Sheinberg additionally serves as a member of Albert Jewish Family Service and the PGA Corridor Association.

“Lesley’s market expertise, professionalism, and innovative problem-solving and negotiation skills make her one of the top brokers in South Florida year in and year out. You won’t meet anyone more determined to find successful solutions to meet her client’s goals. We are honored to have her on our team and to again name her as our 2022 Broker of the Year,” stated Jordan Paul, CEO of NAI/Merin Hunter Codman.

 

Lesley Sheinberg added, “I am truly honored to be named NAI/Merin Hunter Codman’s 2022 Broker of the Year. Over the past 18 years, NAI/Merin Hunter Codman has become more than a place of employment; it has become a family. With their drive, expertise, and passion, my colleagues and partners inspire me to work harder each day. It is a privilege to work alongside each of them. This award doesn’t just represent the work that I do, but also is a testament to the support of my co-workers and the successes of my clients. Perhaps one of the favorite parts of my career is the ability to witness my clients grow and expand their businesses. I certainly grow alongside them. My South Florida market focus is always exciting and engaging, as the area market is ever-changing and vibrant. Working with the influx of new businesses and expanding customers has been immensely rewarding, I can’t wait to see where the market takes us next year.”

 

West Marine Relocates HQ From Cali, Inks 50,000 SF Lease Deal

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NAI/Merin Hunter Codman, the property leasing and management company of 1 East Broward, an iconic 19-story, 350,000-square-foot office building in Fort Lauderdale, welcomed West Marine, the nation’s leading retailer for the sailing, boating, fishing and watersports markets, to its new 50,000-square-foot corporate headquarters at 1 East Broward.

1 East Broward, one of Fort Lauderdale’s leading Class A office buildings, is centrally located on the northeast corner of Broward Boulevard and Andrews Avenue, just a short walk from Fort Lauderdale’s many amenities including the Brightline Train station, the fast-growing Flagler Village residential neighborhood, and Las Olas Boulevard.

West Marine’s relocation of their corporate headquarters from Santa Cruz, California to Fort Lauderdale will create approximately 225 corporate jobs over time and tallied an $800,000 capital investment into the property and community according to the Greater Fort Lauderdale Alliance. Thursday, October 27th marked the ribbon cutting ceremony at their new 1 East Broward headquarter location. Ribbon cutting attendees included West Marine Chief Executive Officer Eric Kufel and Chief Commercial Officer Stacey Renfro, as well as Broward County Mayor Michael Udine, Greater Fort Lauderdale Alliance President and CEO Bob Swindell, Fort Lauderdale Chamber President and CEO Dan Lindblade, and top members of Downtown Fort Lauderdale. Mr. Kufel along with the City of Fort Lauderdale’s Vice Mayor Sorensen, and City Commissioner, District 2 Steven Glassman cut the ribbon at the ceremony.

The city of Fort Lauderdale, which has over 300 miles of inland waterways and is home to about 50,000 yachts, is known as the Yachting Capital of the World. It’s no wonder this South Florida city attracted West Marine.

West Marine CEO, Eric Kufel, recently stated, “Our relocation to Fort Lauderdale means we can better serve the sailing and boating communities. We want to be where the boaters are, not only to support the existing community, but welcome newcomers to the industry.”

 

NAI/Merin Hunter Codman Chief Executive Officer Jordan Paul stated, “We are thrilled that West Marine has chosen 1 East Broward for its corporate headquarters. West Marine is an iconic brand that meshes perfectly with the outdoor lifestyle that makes Fort Lauderdale a unique city to live, work and play. We are honored that West Marine has selected 1 East Broward as its new corporate home and look forward to working with them for many years as they continue to grow their market leading business.”

 

Law Firm Inks 11-Year Lease Deal In Downtown Fort Lauderdale

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NAI/Merin Hunter Codman, Inc. announced that Chairman Neil E. Merin, SIOR, CCIM and Managing Director Adam Starr have finalized an 11-year, 9,285-square-foot lease transaction with Stok Kon + Braverman at 1 East Broward on behalf of the landlord, 1 East Broward Owner, LLC. Stok Kon + Braverman is a full-service law firm with offices in Fort Lauderdale and Boynton Beach.

“We are excited to welcome Stok Kon + Braverman to 1 East Broward. Stok who explored many of downtown’s most exclusive office properties, ultimately chose 1 East Broward due to the landlord’s continuing commitment to an extensive property improvement program as well as the suite’s existing high-end features and efficiency. Creating a welcoming, safe, and convenient office space experience for their employees was of utmost importance, as most of the firm’s employees returned to in-person work post initial lockdowns,” stated Starr.

1 East Broward is a 19-story, 350,000-square-foot, Class-A, office building located at the northeast corner of Broward Boulevard and Andrews Avenue in downtown Fort Lauderdale.

1 East Broward Owner, LLC, who purchased the property in 2018, immediately implemented a multi-million-dollar property improvement program which has included lobby, common area, lighting, and bathroom upgrades. A new security access card and visitor management system as well as a complete state-of-the-art elevator modernization have recently been completed. The property is known for its grand lobby, impressive views, state-of-the-art fitness center including Peloton bikes, manned 24/7 security, and a variety of on-site dining and concierge services. Tenants also enjoy plentiful parking in the garage, connected by an air-conditioned skywalk.

1 East Broward is downtown Fort Lauderdale’s closest office building to the Brightline, and the property offers superb walkability to dining and retail destinations including Flagler Village’s Arts and Technology Village (FATVillage), Music & Arts South of Sunrise District (MASS), the renowned Las Olas Boulevard and The Warf at Riverfront. 1 East Broward additionally offers fantastic access to I-95, I-595 and the Hollywood/Fort Lauderdale International Airport.

Robert A. Stok, Esquire Managing Principal of Stok Kon + Braverman stated, “We surveyed the entire Fort Lauderdale office market and determined that 1 East Broward Boulevard is the ideal office building to establish a permanent home for our for firm. It’s location, convenient to the federal and Broward courthouses in the heart of downtown Fort Lauderdale’s commercial center, with easy access to rail and highway transportation, high end hotels and restaurants, meshes perfectly with the firm’s suite of business services and is appealing to our clientele and employees.”

 

NAI/Merin Hunter Codman’s Chairman Neil Merin stated, “Stok Kon + Braverman has a long history as one of Broward County’s premier boutique law firms and we are proud that they have made a long-term commitment to make 1 East Broward their home. Ownership has recently invested significant capital upgrading and modernizing the building’s elevators, security systems, common areas and amenities, and are committed to continuing to improve the property to attract high quality tenants like Stok, Kon and Braverman.”

 

JV Purchases 100,525 SF Office Building In West Palm Beach For $32.5 Million

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A joint venture between affiliates of West Palm Beach-based MHCommercial Real Estate Fund II (“MHCREF”), a discretionary real estate private equity fund formed by NAI/Merin Hunter Codman principals Dung Lam, Neil E. Merin and Jordan Paul, and Waterfall Asset Management (“Waterfall”), a New York-based SEC-registered institutional asset manager with approximately $9.8 billion in assets including committed capital under management, has closed on the $32.5 million purchase of the fee simple interest in EcoPlex®, a 100,525-square-foot office building located at 1641 Worthington Road in West Palm Beach.

Built in 2008, EcoPlex® is 87 percent leased to a diversified tenant roster with five or more years of weighted average lease term. EcoPlex® was the first speculative office building in West Palm Beach and only the second in South Florida to achieve the LEED® Gold Certification. It is designed to withstand winds of a Category 4 hurricane and is equipped with three generators with integrated, above ground diesel fuel tanks, and rainwater recycling system. The four-story property also features a fitness center with showers and lockers, a lush outdoor plaza, an attached five-story parking structure, and fiber optic service. EcoPlex® rewards businesses with a healthier workplace, maximum energy efficiency, minimal environmental impact, significant cost savings, and increased productivity.

EcoPlex® is located in the Centrepark Office District, a 69-acre mixed-use project strategically located just off Australian Avenue across from Drive Shack and directly adjacent to the Hampton Inn and Garden Inn hotels. EcoPlex® offers convenient access to downtown West Palm Beach’s amenity base including high-profile restaurants and business destinations including Rosemary Square and the Palm Beach County Convention Center.

Additionally, the property’s location offers strategic access onto the region’s major transportation infrastructure, including Interstate 95 (less than 1 mile away), Palm Beach County International Airport (1 mile away), Tri-Rail, Brightline Florida Trains (2 miles away), and the Florida Turnpike (4.6 miles away).

The acquisition represents the second Palm Beach County joint venture between MHCREF and Waterfall following their successful acquisition of the Golden Bear Plaza in Palm Beach Gardens in May 2020. The project also represents the first purchase for MHCREF’s new fund which is projected to acquire between $200 and $250 million of commercial property throughout the Southeastern United States over the next 18-24 months, following the successful acquisition of approximately $115 million of property in its initial fund which was fully invested in December 2021.

MHCREF principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very pleased to kick off our second fund by purchasing one of the premier office buildings in our hometown of West Palm Beach.  West Palm Beach has emerged as one of the premier office locations in the United States and EcoPlex® provides its tenants with outstanding access to all the area has to offer. As the only LEED® Gold Certified building in the city with a full backup generator system and construction engineered to withstand a category 4 hurricane, EcoPlex® offers its tenants a unique value proposition in the highly sought-after West Palm Beach market.”  

Patti Unti, Managing Director at Waterfall stated, “We are excited to be partnering with MHCREF on our second transaction in southeast Florida. The MHCREF team brings a deep bench of talent to our partnership along with a long history of operating within the West Palm Beach market. The EcoPlex® project offers a differentiated office approach to a sub-market we believe is well-positioned for future growth.” 

Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of the MHCRF/Waterfall JV. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President, structured the financing transaction on behalf of LoanCore Capital.

Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property with the team of Managing Directors Lesley Sheinberg and Barbara LeBrun, SIOR.