Tag Archive for: pebb enterprises

Butters Construction, PEBB Enterprises, Konsker Development Join Forces To Develop New Class A Office Project In Midtown Boca

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Butters Construction & Development, Inc. (Butters), and PEBB Enterprises, two Boca Raton–based real estate firms with deep roots in the community, along with Konsker Development, are partnering to develop One Midtown, a brand-new Class A office project in one of the city’s most sought-after commercial districts.

Designed to accommodate today’s evolving workplace needs, One Midtown will feature efficient floor plates, high-end finishes and street-level retail that enhances the walkability and vibrancy of the surrounding neighborhood.

One Midtown will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail, designed to meet the growing demand for modern, high-quality office environments in Boca Raton. The development offers a central, highly accessible alternative to West Palm Beach and Miami’s urban core markets.

In a strong signal of that demand, One Midtown is already approximately 35% pre-leased.

Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. Its notable Boca Raton developments include Boca Village, Boca Ice and Boca Logistics Park.

PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a significant portfolio and history of successful projects throughout Boca Raton and beyond. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value. It is currently partnering with BH Group on The Eclipse (redevelopment of the former Office Depot headquarters in Boca Raton) and owns several additional office assets in the city.

“Boca Raton has been our home for decades, and we believe strongly in its future as a premier office market,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “One Midtown reflects the reemergence we are seeing in office real estate across Palm Beach County and pent-up demand for new Class A office space in the city.”

The joint venture comes at a time when office leasing activity is gaining momentum throughout Palm Beach County. In Boca Raton, the demand for new, well-located office space is already evident. The Aletto, a new office project in East Boca, is currently 70% pre-leased.

Butters and PEBB are already in active negotiations with prospective office tenants.

“One Midtown is simply the best office location in the city,” said Ian Weiner, CEO of PEBB Enterprises. “It offers the same quality, connectivity and amenities companies are seeking in West Palm Beach or Miami, but at a far more compelling value. New office leases in those urban core markets are reaching $150 per square foot triple-net, while Boca provides comparable product at substantially discounted rents.”

Christina Jolley, Kevin Carrasco, Tere Blanca, and Danet Linares of Blanca Commercial Real Estate are the leasing representatives for One Midtown. Zach Feldman of PEBB is overseeing retail leasing on the venture’s behalf.

 

Butters, PEBB Enterprises Acquire Boca Raton Office Buildings

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Butters Construction & Development, Inc. and PEBB Enterprises announced the successful acquisition of two office buildings located at 2000 Glades Road and 1951 Wyndham Way in Boca Raton for $26.15 million, equating to more than $438 per square foot.

The transaction marks the first partnership between the two firms.

The two multi-tenant office buildings total 59,667 square feet in one of Boca Raton’s busiest business corridors. The buildings are currently 75% occupied, presenting significant upside potential through a targeted capital improvement program and a focused, aggressive leasing strategy aimed at capturing mark-to-market opportunities.

Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants and elevate the overall tenant experience. The partnership will leverage both firms’ deep local expertise and operational capabilities to maximize the value of the asset.

Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. The company has developed a wide range of office, industrial and mixed-use projects throughout South Florida and beyond.

“Partnering with PEBB on this acquisition represents a natural alignment between two firms that share a long-term vision for Boca Raton,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “This is a well-located asset with strong fundamentals and compelling upside. We see a clear opportunity to enhance the property and capture demand from tenants seeking high-quality office space in this market.”

PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a long track record of acquiring, repositioning and developing assets throughout Boca Raton and the broader South Florida market. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value.

“This acquisition shows our continued conviction in Boca Raton as a premier office market,” said Ian Weiner, CEO of PEBB Enterprises. “With strong demographics, limited new supply and increased leasing activity, we believe this property is well-positioned for long-term growth. We are excited to partner with Butters on our first transaction together and unlock the full potential of this asset.”

 

“This is exactly the type of opportunity we are focused on – well-located assets where we can apply a disciplined capital program and leasing strategy to create value,” said Eric Hochman, Chief Investment Officer of PEBB Enterprises. “Boca Raton continues to show strong demand fundamentals, and we see a clear path to improving both tenancy and overall performance at the property.”

Abanca provided acquisition financing for the transaction, supporting the partnership’s business plan.

Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors division, along with Zach Levine and Cody Hershey, brokered the sale on behalf of the seller, BOA 520 LLC. Christopher Staller of Nelson Mullins Riley & Scarborough LLP represented the buyers in the transaction.

PEBB Enterprises Closes Office Property Sale In Fort Lauderdale’s Cypress Creek

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PEBB Enterprises completed the disposition of the 6400 Building in Fort Lauderdale’s Cypress Creek neighborhood.

The $11.93 million transaction closed on Dec. 17.

JS Florida Ventures, LLC and HS Florida Ventures, LLC purchased the 55,241-square-foot office building at 6400 N. Andrews Ave. The building is 89% leased and is situated adjacent to a Marriott hotel and in close proximity to I-95.

Cypress Creek is a highly desirable office submarket due to its central location, connectivity to major highways and critical mass of retail and dining.

“This sale concludes a successful long-term investment for our company, as we owned the asset for more than 20 years,” PEBB CEO Ian Weiner said. “We are actively pursuing several new office acquisition opportunities in South Florida, and this was the right time to execute the 6400 Building disposition. PEBB remains bullish about the region’s office market and continues to target opportunities aligned with its long-term strategy of acquiring well-located commercial assets with repositioning and/or redevelopment potential.”

Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar represented PEBB in the 6400 Building sale.

PEBB’s portfolio of office assets includes, among others, The Eclipse (formerly known as the Office Depot headquarters), in partnership with BH Group, and the Research Park at FAU, in partnership with Banyan Development. Those properties are representative of several office assets that the company owns in its home base of Boca Raton and throughout South Florida.

Blanca CRE Expands South Florida Office Portfolio Into Boca Raton, Greater Fort Lauderdale

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Blanca Commercial Real Estate announced its expansion in Boca Raton as the exclusive leasing agent for three PEBB Enterprises office properties in Boca Raton and Greater Fort Lauderdale’s Cypress Creek submarket. This new office portfolio marks Blanca CRE’s agency leasing team’s Boca Raton debut and enhances its already significant role in advising investors and developers across the South Florida region.

Totaling more than 200,000 square feet, the properties are located in two of South Florida’s most sought-after business hubs, where demand for office space continues to grow.

“Boca Raton and Greater Ft. Lauderdale remains a magnet for companies in finance, healthcare, research and technology,” said Christina Stine Jolley, Senior Vice President at Blanca Commercial Real Estate. “Our expanded presence into Boca Raton and continued growth in Greater Fort Lauderdale are made possible by our commitment to strategic investments designed to support our clients—as well as our growing, dedicated and collaborative brokerage and property management team—with innovative strategies, tools, and proprietary data .”

The PEBB Enterprises portfolio properties awarded to Blanca CRE include:

  • Boca Corporate Plaza, 7900 Glades Road, Boca Raton, FL 33434
    • Size: 88,763 SF, 6 stories
    • Key Tenants: PEBB Enterprises (owner), Caulfield Wheeler, Kogan & DiSalvo, Ulysse    Nardin, and several legal and financial services firms
  • Eighteen Zero One, 1801 North Military Trail, Boca Raton, FL 33431
    • Size: 61,188 SF, 3 stories
    • Key Tenants: Morgan Stanley, Cozen O’Connor, Newmark, First Horizon Bank
  • 6400 Building, 6400 North Andrews Avenue, Fort Lauderdale, FL 33309
    • Size: 54,697 SF, 5 stories
    • Key Tenants: RingCentral, SaferWatch, and a diverse mix of medical, legal, and professional services firms

“Our expansion to include Boca Raton and further our reach into the Greater Fort Lauderdale area represents a significant milestone for Blanca Commercial Real Estate as we continue to grow our presence in South Florida’s most dynamic business hubs,” said Tere Blanca, Chairman, Founder and CEO of Blanca Commercial Real Estate.

 

“Partnering with PEBB Enterprises is another example of Blanca CRE’s long-standing commitment to building long term relationships with our clients and to deliver exceptional outcomes on their behalf. The Boca Raton and Greater Ft. Lauderdale office sectors are continuing to prove the appeal this region has as a destination for various business sectors,” she said. 

PEBB Enterprises’ Boca Raton and Cypress Creek assets continue to attract companies drawn by these markets’ deep talent pool, accessibility, academic partnerships, and exceptional connectivity.

The leasing team overseeing these assignments includes Christina Stine Jolley,  Senior Vice President and Broward Market Leader, Andrew Ackerman, Senior Vice President, and Chris Gallagher, Senior Vice President at Blanca CRE.

 

PEBB Enterprises Completes Four Law Firm Office Leases In Boca Raton

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PEBB Enterprises, the private equity real estate investment company, finalized new lease agreements with four law firms at two Boca Raton office buildings. DarrowEverett LLP and Hersh Kirtman, PLLC leased office space at PEBB’s Eighteen Zero One, while Kogan & DiSalvo and Troy Legal, PA signed leases at Boca Corporate Plaza.

DarrowEverett, a full-service business law firm headquartered in New York, expanded to Boca Raton with its 2,866-square-foot lease at Eighteen Zero One. Hersh Kirtman, a Boca Raton-based personal injury and medical malpractice law firm, leased 2,296 square feet at the building.

Personal injury law firm Kogan & DiSalvo, which has more than 10 offices across South Florida, the Treasure Coast and Southwest Florida, leased 4,707 square feet at Boca Corporate Plaza. Troy Legal, which specializes in family law, leased 1,720 square feet at the building.

“We enthusiastically welcome these law firms to two important buildings within our overall Boca Raton office portfolio,” PEBB Vice President, Leasing – Senior Director Adam Starr said. “South Florida continues to see notable growth from the legal sector, as law firms enjoy increased demand for their services here. With these buildings and significant projects such as 6600 North Military Trail, we are uniquely suited to accommodate law firm tenants of all sizes and needs.” 

Located at 1801 N. Military Trail, Eighteen Zero One is a three-story, 61,188-square-foot multi-tenant office building with one of the area’s highest parking ratios at 5.43 spaces per 1,000 square feet. The property features a 280-space structured parking garage, which is one of the few such amenities in Midtown Boca. It also has 52 surface parking spaces.

PEBB acquired Eighteen Zero One in 2021 and has since substantially renovated the building’s lobby, common areas, bathrooms and landscaping. Built in 1999, Eighteen Zero One’s tenancy also includes Cozen O’Connor, P.C., First Horizon National Bank and Morgan Stanley.

Boca Corporate Plaza is a six-story, 86,132-square-foot Class A office building with easy access to Glades Road and Florida’s Turnpike. The building’s lobby and common areas were extensively upgraded, and the property is conveniently located next to the Hilton Hotel, restaurants and shops.

 

BH Group, PEBB Enterprises Secure New 20,000 SF Office Tenant

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BH Group and PEBB Enterprises finalized a 20,388-square-foot office lease with MN8 Energy at The Offices at 6600 N Military Trail in Boca Raton.

The transaction comes as the joint venture advances its substantial capital improvements program to unlock the vast potential of the site.

MN8 Energy is one of the largest and most sophisticated renewable energy companies in the U.S. It serves large organizations with renewable power generation, battery storage solutions, EV charging and more.

“We are thrilled to welcome MN8 Energy to The Offices at 6600 N Military Trail,” PEBB President and CEO Ian Weiner said. “This lease is a testament to the unique appeal of the site and our joint venture’s track record for enhancing such properties.”

BH Group and PEBB are currently converting one existing floor into spec office suites to create up to seven move-in ready offices for prospective tenants. The joint venture already is negotiating several letters of intent for the spec spaces. It has also started making upgrades to lobbies, common areas and amenity spaces.

Joe Freitas and John Criddle of CBRE are handling leasing at The Offices at 6600 N Military Trail (formerly known as the Office Depot headquarters) on behalf of BH Group and PEBB.

BH Group and PEBB acquired The Offices at 6600 N Military Trail site in April 2023. The joint venture was honored with the South Florida Business Journal’s Terry Stiles Deal of the Year Award during the publication’s annual Structures Awards event in recognition of the impactful acquisition.

The Offices at 6600 N Military Trail includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking.

“Our partnership is already seeing strong demand for the existing office space,” Isaac Toledano of BH Group said.  “We look forward to unveiling our long-term plans for the overall site very soon. The Offices at 6600 N Military Trail can be a crown jewel for the City of Boca Raton and accommodate the incredible growth it is experiencing.”