Tag Archive for: palmetto park city center

Grover Corlew Acquires Downtown Boca Office Building

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The South Florida-based real estate investment management group, Grover Corlew, has acquired Palmetto Park City Center, a 66,606-square-foot office building in downtown Boca Raton for $25.2 million.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in Palmetto Park City Center with upgrades to tenant space, common areas, landscaping and the façade.

Located at 120 East Palmetto Park Road, Palmetto Park City Center is a five-story, Class A office building that sits adjacent to the 109,497-sq.-ft. Bank of America Tower, purchased by Grover Corlew in July 2021.

Less than a year after acquiring the eight-story Bank of America Tower, Grover Corlew has already made major strides toward revitalizing the property. During that time, both tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a 7,800-square-foot lease and will open on the ground floor later this year. Plans are also underway for substantial renovations and development of the Bank of America Tower, which will take advantage of the building’s significant retail frontage along the burgeoning East Palmetto Park Road.

“We have been making continuous investments in Boca Raton since 2016 when we originally purchased 1499 West Palmetto Park Road and subsequently purchased the adjacent 1489 building,” said partner Mark Corlew.  “Our headquarters are here, and we’re raising our children here. We see these two properties as an ideal opportunity to invest in our hometown.”

Originally built in 1996, Palmetto Park City Center is located in the heart of downtown Boca Raton, with direct access on Palmetto Park Rd and just east of US-I.  The property is within walking distance of Mizner Park, is less than a mile from the Boca Raton Resort & Club and is within close proximity to Royal Palm Place, countless restaurants and shops, and the soon to be completed Brightline station. The building was awarded an Energy Star label in 2015 and features a renovated lobby, lush landscaping and ample covered and free surface parking.

In addition to Fort Lauderdale International and Palm Beach International airports, Palmetto Park City Center is also in close proximity to Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi and Scott O’Donnell brokered the transaction, and financing was provided by Wells Fargo facilitated by Patrick Ramge.

“Because of their recent purchase of the adjacent building, Grover Corlew was uniquely positioned to benefit from scale and synergy that buying 120 E. Palmetto Park provides,” said Dominic Montazemi of Cushman & Wakefield.

In November 2021, Grover Corlew sold Sabre Centre I, a Class A office building also located in Boca Raton, after investing significantly in common area and tenant upgrades while re-tenanting the building in its entirety. The building received considerable attention when Gift of Life, a bone marrow and stem cell registry, moved its corporate headquarters there.

Most recently, Grover Corlew launched Mayla Residences, a new ground-up multifamily brand and celebrated the groundbreaking of the 355-luxury residence, Mayla Pompano, located on East Atlantic Boulevard in Pompano Beach.

“This is a strategic move for us as we continue to set our sights on underrealized areas of South Florida,” noted partner Anuj Grover. “This stretch of the East Palmetto Park corridor has tremendous long-term potential as a lifestyle friendly location to do business. We look forward to repositioning and rebranding this exceptionally well-situated property.”

 

Law Firm Relocates, Inks Big Lease Deal

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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.