Tag Archive for: phillips point

Stephen Ross’s One Flagler Office Tower In West Palm Preserves 100-Year-Old Church, Scores Tenants

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In a modern-meets-classic project, Stephen Ross’ latest downtown West Palm Beach office tower will rise next to a nearly 100-year-old church that will be preserved.

Ross’ Related Companies embarked on the 25-story One Flagler, where two financial firms and a Greek restaurant signed leases. It will be on the western portion of a 2.5-acre site at the foot of the Royal Park Bridge and overlooking the Lake Worth Lagoon.

Private equity firm Siris Capital will move into One Flagler from nearby Phillips Point, also owned by Related. First Republic Bank will open a retail branch and office space at One Flagler, Gopal Rajegowda, partner at Related Southeast, told The Real Deal.

Chef Costas Spiliadis’ Greek seafood restaurant Estiatorio Milos, with its nearest location in Miami Beach, will open in a roughly 10,000-square-foot space on the ground floor and second level, with waterfront views, Rajegowda said.

The 275,000-square-foot One Flagler will be built west of the First Church of Christ Scientist and include a garage partly on the first floors of the tower and partly jutting out and rising eight stories, Rajegowda said.

Designed by Skidmore, Owings & Merrill’s David Childs, One Flagler will have floor-to-glass windows, according to a news release and project renderings.

By contrast, the church has a Classical Revival architectural style and was built in 1928. It was designed by architects Horace Trumbauer and Julian Abele, and will remain open.

The eastern half of the site will be preserved as green space with the roughly 1-acre public park named after Abele, a prominent Black architect according to the release.

 

Source: The Real Deal

Related To Pay $630 PSF For West Palm Beach’s Phillips Point Office Towers

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The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million.

AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks. Real Estate Alert and Bloomberg reported the deal.

A source confirmed details of the sale to The Real Deal.

Related will pay about $630 per square foot for the buildings at 777 South Flagler Drive and 201 Lakeview Avenue. Records show AEW paid $246 million for the two towers in 2015. They sit on more than 4 acres overlooking Palm Beach island.

JLL brokers Hermen Rodriguez, Ike Ojala and Matt McCormack were marketing the building for sale as of last month.

Phillips Point is about 90 percent occupied. Morgan Stanley, Gunster, and Akerman are among the tenants.

The sale comes as more financial and tech firms announce they are opening offices in South Florida. Goldman Sachs, which has a small office at Phillips Point, is considering moving its asset management division to South Florida, and reportedly has looked at spaces in Palm Beach County.

Related redeveloped CityPlace into Rosemary Square, and plans to build another office tower across from Phillips Point called One Flagler.

 

Source:  The Real Deal

Greenberg Traurig Renews 30,000 SF Lease For 10 Years

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Greenberg Traurig renewed its West Palm Beach office lease for another 10 years.

Taking into account the existing lease, Greenberg Traurig will stay put until November 2027. The firm is also planning a $1.5 million renovation that will modernize its 30,254-square-foot space, according to a written statement.

The law firm has been at the Phillips Point building on 777 South Flagler Drive in West Palm Beach since 1991.

“We are grateful to West Palm Beach for supporting our success in this community we have called home for the past 30 years,” said Mark Bideau, the office’s co-managing shareholder. “We are excited to continue to demonstrate our loyalty to our community by investing in office space that will help us realize our vision to transition to the law office of the future.”

 

Source: The Real Deal

Taylor & Mathis Inks 65,000 SF At Phillips Point

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Phillips Point continues to enjoy a historically high occupancy rate with $46.5 million in recent leasing transactions.

Taylor & Mathis Principal Brian Gale has secured four leases totaling 65,600 square feet, with additional deals in the works.

In a new to market deal, Connecticut based Wexford Capital signed a 7,400 lease.  The $4.5 million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman. The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford. “These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.

ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a one million dollar lease for 4,635 square feet. “Phillips Point continues to attract the highest quality tenants in the market, with its unparalleled views and quality of ownership,” said Gale.

The key testament to Phillips Point’s iconic stature in the market is the tenants choosing to stay at the property. In the last couple of years, Taylor & Mathis has reported nearly 150,000 square feet in renewals and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley.  This year has seen two notable renewals.  International law firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years at the property, signing a 30,254 square foot lease for their West Palm Beach office.  Co-broker Jon Bourbeau of Newmark Grubb Knight Frank represented the law firm in the deal valued at $23 million.

AMG Properties has more than doubled the size of their offices signing a 12,805 square foot expansion along with a 10,518 square foot renewal.  Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the 23,323 square foot, $18 million deal. “We anticipate seeing additional growth from them yet this year,” stated Gale.

“These tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Gale.

The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Akerman.