Tag Archive for: newmark

Newmark To Spearhead Office Leasing At One Park Place

/in /by

Newmark has been retained as the exclusive leasing agent for One Park Place, a 237,331-square-foot office complex in Boca Raton.

The assignment follows the asset’s recent acquisition by Ontario-based investment firm AXIA GeoCapital, its first acquisition in Boca Raton. The Newmark team, led by Senior Managing Director Jeremy Hakala and including Managing Director Matt Himmelsbach and Director Brandon Shores, will lead leasing efforts on behalf of ownership.

“The market understands One Park Place has immense potential and we’re excited to be involved in its transformation,” said Hakala. “We welcomed this assignment based on our belief in AXIA GeoCapital and its vision for the property, which we feel aligns perfectly with the growing demand in Boca Raton.”

AXIA GeoCapital – the first new ownership at the property in 35 years – is implementing a full-scale repositioning of One Park Place, fueled by a $10 million capital investment aimed to realize its vision for a world-class office destination. Architectural firm HdA will design the project, which includes a remodeled façade, new drive port and entrance and 30,000 square feet of new amenities on the ground floor. The reinvestment signals a commitment to redefining the property’s identity, elevating both its physical environment and its role within the region’s evolving business landscape.

“One Park Place represents more than a milestone for our firm—it’s an opportunity to help shape the future of the live-work-play concept in Boca Raton,” said Nickolas Georghiades, Founder and Principal of AXIA GeoCapital. “This marks a turning point, and with meaningful capital and Newmark’s expertise, we’re committed to a thoughtful transformation that redefines its place in the market.”

Located at 621 Northwest 53rd Street, One Park Place comprises a seven-story office tower and an adjacent five-story parking facility at 601 Northwest 53rd Street, situated within the Park at Broken Sound development and offering immediate access to I-95, premier residential communities and retail destinations. The building features high-quality infrastructure, expansive floorplates and new planned onsite amenities including a professionally designed lobby, café, golf simulators, business theater, modern conference facilities and a furnished executive suite center.

 

Fort Lauderdale Office Building Nearly Fully Leased

/in , /by

A renovated 1980s-era Fort Lauderdale building is almost entirely occupied following the closure of five recent lease deals.

Cypress Financial Center at 5900 N. Andrews Ave. is now 92% leased, according to a release from the brokerage Cushman & Wakefield. Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the landlord, Tampa-based Vision Properties, in the negotiations.

  • Signature Consultants, an IT consulting firm, will be moving from its current office at 200 West Cypress Creek Road into a 7,038-square-foot space in the Cypress Financial Center in March 2023. Peter Reed of Commercial Florida Realty Services represented Signature Consultants in the lease negotiations.
  • Alpine, a division of Illinois Tool Works, will be relocating from another building in Broward County into a 6,065-square-foot space within Cypress in April 2023. A designer and manufacturer of roof, floor, and wall components, Alpine was also represented by Cushman & Wakefield.

The other three lease deals are with existing building tenants.

  • Prime Education, a research and education company, signed a new lease for the 5,817-square-feet of space it now occupies. The company had previously subleased the space from another tenant but the new lease is through landlord Vision Properties. Prime Education was represented by Mitchell Millowitz of Newmark.
  • Perfume manufacturer and distributor Parlux negotiated directly with Herring and Ridgway to renew the lease of its 2,062-square-foot office.
  • Scott Friedman, vice president of project management for The Morgan Companies, a full service commercial real estate firm, negotiated on behalf of his company to renew its 1,394-square-foot office lease.

South Florida office rents have been trending upward since the height of the pandemic as new-to-market and local companies seek out quality office space. In the third quarter of 2023, Broward County, office rents for Class A and Class B buildings averaged $37.84 a square foot, an increase of 2.9% from last year, a recent from Cushman & Wakefield stated. Within the Cypress Creek/Commercial Corridor rents averaged $34.09 a square foot.

Built in 1988, the 11-story Cypress Financial Center was purchased by a subsidiary of Vision Properties for $44.2 million in January 2021 after a previous deal to acquire the building by another real estate company fell through. The building has since been renovated and includes a cafe, a parking garage, on-site security, and “exclusive on-ramp access to Interstate 95 Southbound,” Cushman & Wakefield stated.

The limited office space available in the Cypress Financial Center is advertised at $24 a square foot on LoopNet.com. That rental rate does not include utilities, property expenses or building services.

 

Source:  SFBJ

CBRE Brings Mizner Office Tower & Mizner Park Plaza Real To Near Full Occupancy With 99,000 SF In Lease Deals

/in , /by

CBRE's John Criddle, Joe Freitas & Allie Lancashire vCBRE Executive Vice President John Criddle, First Vice President Joe Freitas and Transaction Manager Allie Lancashire announced the signing of 20 lease deals totaling 99,015 square feet at Mizner Office Tower & Plaza, bringing Mizner Park Office Tower to 96% occupied and Mizner Park Plaza Real to 93% occupied.

Mizner Park Office Tower_225 NE Mizner Blvd Boca RatonMizner Park Office Tower is a 7-story building centrally located in Boca Raton’s business district and offers sweeping views of the ocean. With 165,416 square feet of “Class A” office space, free garage parking and 24-hour security services, this premier office tower accommodates companies of all sizes with its superior location, design and service.

The prominent CBRE office team signed Robbins Geller Rudman & Dowd, one of the world’s leading complex class action firms representing plaintiffs in securities fraud, antitrust, breach of fiduciary duty, consumer fraud, and privacy cases, to 26,429 square feet. Headquartered in San Diego, CA, the lease deal marks a relocation and expansion for the law firm from 120 East Palmetto Park Road. Jeremy Hakala with Newmark represented the tenant in the deal.

The team secured new lease deals with Logitix, an advanced ticketing technology firm, for 6,116 square feet, which was represented by Barbara Black and Iker Belauste with JLL; Perr Knight, an actuarial firm, for 4,374 square feet, which was represented by Deborah Fink with CBRE;  ImMune Bio a clinical stage immuno-oncology company, for 5,165 square feet, represented by Tawny Moore with Commercial & Luxury Residential Specialist; and Cetera, a financial group, for 5,252 square feet, which was represented by Brad Armstrong with Vestian Global Workspace Services.

In addition, the team signed the following renewals:

  • Tobin & Reyes, a law office, for 9,380 square feet; represented by Clay Sidner and Jeremy Hakala with Newmark
  • Brockway Moran, a private equity firm, for 3,870 square feet
  • Mesirow, a financial services company, for 2,324 square feet; represented by Jonathan Barbar with Barbar & Associates
  • AGNC, a REIT, for 1,763 square feet; represented by Chase Deuscle with CBRE
  • DA Davidson, an investment banking company, for 1,405 square feet

Criddle and Freitas secured an additional 10,813 square feet in new deals at Mizner Park Plaza Real, located at 327 & 433 Plaza Real Boulevard in Boca Raton.

  • Element Packaging, a packaging solutions company within the beauty and skincare industry, for 3,185 square feet
  • iSella.com, is a real estate brokerage firm to assist out-of-state and international buyers, for 2,345 square feet
  • Tom Murphy (690/720 NE 5th Ave), a family office, for 2,166 square feet, who was represented by Jay Whelchel with Whelchel Partners
  • Palmetto Dental for 1,672 square feet, which was represented by Jonathan Eisenband with Onecore Realty
  • Interactive Offers, a marketing company, for 1,445 square feet

The following renewals were also signed:

  • Regus, a professional business center, for 16,624 square feet; represented by John Marshall with JLL
  • John Henry, for 4,414 square feet; represented by Peter Reed with Commercial Florida
  • Osborne Associates, a law firm, for 2,754 square feet
  • Goldman Felcoski, a law firm, for 2,360 square feet
  • Dr. George, a family practice physician, for 1,224 square feet

Mizner Park Plaza Real offers a total of 102,922 square feet of Class “A” luxury office space with spec suites offering immediate occupancy, featuring Plaza views, free garage parking, downtown convenience within walking distance to many shops, restaurants and amenities.

Both office properties are located within Mizner Park, a luxury landmark that includes retail, office, residential, and cultural space, as well as a 5,000-person-capacity amphitheater. In addition, Mizner Park offers luxury cinema iPic Theaters with their Tanzy dining and high-end bowling alley Strike 10. A collection of popular restaurants includes Loch Bar, Yard House, KaPow!, Max’s Grille, Villaggio Restaurant, and Ruth’s Chris Steak House.

Progress continues to be made on the Brightline Boca Raton station and parking garage located on a 1.8-acre site across from Mizner Park. Work is advancing on the 4.5 story, 455-space parking garage as well as the station’s platform foundations. The 38,000-square-foot station and garage are expected to be completed in the fall of this year. Once completed, the station will be Brightline’s fifth in the state, connecting Boca Raton travelers to Miami, Aventura, Fort Lauderdale, and West Palm Beach, with a forthcoming station in Orlando.

 

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

/in , /by

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.

 

Developer Announces Construction Plans For New Office Campus In Sunrise

/in /by

Developer Bansi Properties announced its plans for the creation of a new office campus and state-of-the-art office building in Sawgrass International Corporate Park. The facility, which will be one of the newest, leading office spaces in Sunrise, is scheduled for completion in 2023.

Located in Sawgrass International Corporate Park, one of Broward County’s largest office parks, Bansi Properties’ proposed office campus will be situated on 22 acres of land with current plans including two large-scale office facilities available for lease. Comprised of 1500 Concord Terrace – the company’s latest-acquired, 180,000 square-foot property – the campus will be adding a new four-floor, 140,000 square-foot office facility.

Designed by leading South Florida architectural firm FSMY, the building will feature a modern design with ample glass and natural light; large, efficient floor plates; design-build interiors; Energy Star and LEED-certified materials and designs; and the latest technological innovations. Additionally, the building will be strategically located right off the Sawgrass expressway for quick and easy commuting, as well as near the Sawgrass Mills Mall and other major retail destinations.

“South Florida continues to be a destination for businesses from all industries, and we are excited to be involved in developing and providing the facilities that these organizations need to operate in the modern era,” said Atal Bansal, CEO of Bansi Properties. “We are confident that our latest office campus and new building will be setting the tone for continued development and investment in the region for a long time to come. Our current growth is on a beautiful trajectory and with this new property addition, our South Florida portfolio will grow to 400,000 square feet of leasable area.”

Bansi Properties’ future office space is projected to be completed in 2023 and will be able to accommodate a large variety of clientele with single tenant potential. Leasing is being managed exclusively by Newmark’s Jay Adams.

 

Law Firm Relocates, Inks Big Lease Deal

/in , /by

Law firm Robbins Geller Rudman & Dowd LLP signed on for a 26,429- square-foot office lease at the Mizner Park Office Tower located at 225 NE Mizner Boulevard in Boca Raton.

Newmark Managing Director Jeremy Hakala and Managing Director Clay Sidner represented the tenant in the transaction. The team has worked with Robbins Geller Rudman & Dowd over the past two years, and this marks the first transaction they have completed together. The asset owner, Brookfield Properties, was represented by John Criddle and Joe Freitas of CBRE.

The firm moved from Palmetto Park City Center at 120 E. Palmetto Park Road in Boca Raton.

“After evaluating the firm’s options for several months, we were able to uncover a unique opportunity which included building-top signage on two sides of the Mizner Park Office Tower. The Robbins Geller Rudman & Dowd name will be on display for all of the Mizner area to see,” said Hakala. “We are grateful to have had the opportunity to work with a world-class law firm. We think they will be extremely happy in their new home for a very long time.”

The Mizner Park Office Tower is a seven-story, 167,440-square-foot, Class A office building located in the heart of Mizner Park, a landmark mixed-use development including retail, office, residential and cultural space. The 255,168 square feet of retail space at Mizner Park features luxury cinema iPic Theaters; national retailers such as Lord & Taylor, Tommy Bahama, Sur La Table and Z Gallerie; and popular restaurants Loch Bar, Yard House, Villaggio Restaurant and Ruth’s Chris Steak House. The property offers sweeping views of the ocean and Plaza Real.

According to Newmark Research, the South Florida region felt its first recovery since the impacts from the pandemic began, with over 283,000 square feet of positive net absorption recorded during the third quarter of 2021. This was the first time all three markets in South Florida, along with all three class segments, saw demand outpace supply since the effects from the global shutdown began to surface during the same period one year ago. The Broward County office sector saw leasing activity tick upward during the third quarter of 2021, with 645,000 square feet of leasing activity. Total year-to-date leasing activity in the Broward County office market registered 1.8 million square feet, double the activity seen at the same point in 2020.