Tag Archive for: north 40

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.

 

Avison Young Wins Leasing Assignment For The North 40

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Avison Young was awarded the exclusive leasing assignment of “North 40,” a 350,616-square-foot two-building complex recently acquired by Mainstreet Capital Partners Inc. and Carval Investors in the largest investment sale transaction to date in Palm Beach County in 2014.

Located at 901 Yamato Road and 5201 Congress Avenue in Boca Raton, North 40 is comprised of two class B buildings with a total of 350,616 square feet that have direct access to Interstate 95. The property will undergo a $2 million destination rebranding, positioning its buildings as unique, campus-like offerings in the market. Emphasizing its expansive floor plate design and open atrium amenities, renovations will include the implementation of collaborative spaces, natural light, soft seating, and Wi-Fi.

“Our team was selected to represent ownership in the marketing and leasing initiatives due to our in-depth knowledge and proactive approach within the market as well as our deal creativity, which has resulted in some of the largest transactions completed in South Florida,” said Keith O’Donnell, Principal with Avison Young’s Boca Raton office.

O’Donnell, along with his team Gary Gottlieb, Principal, and Jonathan Senn, Associate, will initiate a North Boca-centric leasing and marketing strategy.

According to second quarter 2014 office market reports, the financial services, healthcare and technology sectors are leading office demand and lease transactions in Palm Beach County, contributing to steadily decreasing vacancy rates.

“Taking advantage of the new mixed-use environment that is fueling the resurgence of the Arvida Park of Commerce (APOC) area, the area’s office market is thriving with a number of companies expanding and total vacancy seeing a decrease,” according to Gottlieb. “North 40 is one of the only office campuses which offers quality blocks of office space currently available for lease for large-scale tenants seeking efficient and collaborative spaces.”

Bringing valuable expertise in these industries to the North 40 leasing project, O’Donnell is an established “placemaker” in Boca Raton and co-founder of MedUTech, a community-led initiative to showcase success, innovation and growth in healthcare, education and technology in the area. In addition, he co-authored the groundbreaking Planned Mobility overlay district for the northwest sector along with Jamie Danburg of Danburg Management.

“The activity level we are seeing at North 40 is validated by over 220,000 square feet of absorption in the first half of this year,” continued O’Donnell.

Mainstreet Picks Up North 40 Office Buildings

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A pair of office buildings in Boca Raton were acquired at a 44-percent discount to their previous sale.

TIAA took a hit on both properties.

After paying $62.15 million the North 40 pair in 2006, it sold the office buildings at 5201 Congress Ave. and 901 W. Yamato Road for a combined $35 million.

They were acquired by Mainstreet CV North 40 LLC, an affiliate of Fort Lauderdale-based Mainstreet Capital Partners, led by Paul J. Kilgallon. Bank of America provided a $26 million mortgage to the buyer.

According to Mainstreet Capital Partners’ website, it owns more than 6.2 million square feet of offices across the country.

The building on Congress Avenue totals 222,136 square feet on 17.1 acres. An online listing says 101,316 square feet is available for lease there with an asking rate of $13.50 per square foot.

Sitting on 10 acres, the building on West Yamato Road totals 160,817 square feet. According to an online listing, it has 12,500 square feet available for lease with an asking rate of $13.50 per square foot. The building was formerly the headquarters of Medical Staffing Network, which was recently acquired by Cross Country Healthcare.