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

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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.

 

Law Firm Inks 11-Year Lease Deal In Downtown Fort Lauderdale

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NAI/Merin Hunter Codman, Inc. announced that Chairman Neil E. Merin, SIOR, CCIM and Managing Director Adam Starr have finalized an 11-year, 9,285-square-foot lease transaction with Stok Kon + Braverman at 1 East Broward on behalf of the landlord, 1 East Broward Owner, LLC. Stok Kon + Braverman is a full-service law firm with offices in Fort Lauderdale and Boynton Beach.

“We are excited to welcome Stok Kon + Braverman to 1 East Broward. Stok who explored many of downtown’s most exclusive office properties, ultimately chose 1 East Broward due to the landlord’s continuing commitment to an extensive property improvement program as well as the suite’s existing high-end features and efficiency. Creating a welcoming, safe, and convenient office space experience for their employees was of utmost importance, as most of the firm’s employees returned to in-person work post initial lockdowns,” stated Starr.

1 East Broward is a 19-story, 350,000-square-foot, Class-A, office building located at the northeast corner of Broward Boulevard and Andrews Avenue in downtown Fort Lauderdale.

1 East Broward Owner, LLC, who purchased the property in 2018, immediately implemented a multi-million-dollar property improvement program which has included lobby, common area, lighting, and bathroom upgrades. A new security access card and visitor management system as well as a complete state-of-the-art elevator modernization have recently been completed. The property is known for its grand lobby, impressive views, state-of-the-art fitness center including Peloton bikes, manned 24/7 security, and a variety of on-site dining and concierge services. Tenants also enjoy plentiful parking in the garage, connected by an air-conditioned skywalk.

1 East Broward is downtown Fort Lauderdale’s closest office building to the Brightline, and the property offers superb walkability to dining and retail destinations including Flagler Village’s Arts and Technology Village (FATVillage), Music & Arts South of Sunrise District (MASS), the renowned Las Olas Boulevard and The Warf at Riverfront. 1 East Broward additionally offers fantastic access to I-95, I-595 and the Hollywood/Fort Lauderdale International Airport.

Robert A. Stok, Esquire Managing Principal of Stok Kon + Braverman stated, “We surveyed the entire Fort Lauderdale office market and determined that 1 East Broward Boulevard is the ideal office building to establish a permanent home for our for firm. It’s location, convenient to the federal and Broward courthouses in the heart of downtown Fort Lauderdale’s commercial center, with easy access to rail and highway transportation, high end hotels and restaurants, meshes perfectly with the firm’s suite of business services and is appealing to our clientele and employees.”

 

NAI/Merin Hunter Codman’s Chairman Neil Merin stated, “Stok Kon + Braverman has a long history as one of Broward County’s premier boutique law firms and we are proud that they have made a long-term commitment to make 1 East Broward their home. Ownership has recently invested significant capital upgrading and modernizing the building’s elevators, security systems, common areas and amenities, and are committed to continuing to improve the property to attract high quality tenants like Stok, Kon and Braverman.”

 

Personal Injury Lawyers Drop $337 PSF For Palm Beach Gardens Office Building

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A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County.

An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law firm with offices in 18 U.S. cities, including Coral Gables, Miami, Fort Lauderdale and West Palm Beach, according to the firm’s website.

The deal breaks down to $337 a square foot.

The seller, an affiliate of Palm Beach Gardens-based real estate development, investment and property management firm John C. Bills Properties, paid $1 million for the property in 2001, records show. Completed in 2005, the 25,496-square-foot building is part of Mirasol Town Square, a seven-building office park built by John C. Bills.

 

MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million

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MHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.

Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).

999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.

MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5 million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.

MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton.  Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”

Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.

Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.

Downtown Fort Lauderdale Boutique Office Building Trades For $480 PSF

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Berger Commercial Realty/Corfac International Vice President Brian Batchelder represented the seller in the purchase of a 5,204-square-foot office building located at 2100 South Andrews Avenue in Fort Lauderdale.

RFH 2100, LLC sold the 1972-built boutique office building, which is situated on .37 acres of land, for $2,500,000. Ron Osborne, Managing Director of Sperry Commercial Global Affiliates | RJ Realty represented the buyer, Consolidated Properties of Andrews Avenue, LLC, in the transaction.

The deal closed April 18.

Brian Batchelder-Berger Commercial Realty

Batchelder

“The downtown Fort Lauderdale office inventory is extremely low driving valuations at an all-time high,” commented Batchelder. “My client was able to take full advantage of the market climate and was able to ascertain their desirous price.”

2100 S. Andrews Ave. is a free-standing office building consisting with 21 parking spaces. It is situated on the SE corner of Andrews Ave and SE 21 St.  It is Ideally located within minutes from the courthouses, Broward General Hospital, Port Everglades and Fort Lauderdale-Hollywood International Airport. The building features signage capabilities with high curbside visibility facing Andrews Avenue.

 

Vanderbilt Office Properties Purchases The Offices At Boca Center, Awards Listing Assignment To CBRE

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CBRE announced that John Criddle and Joe Freitas have been awarded the exclusive listing assignment for The Offices at Boca Center, a three-building office complex totaling 368,046 square feet in Boca Raton, by Vanderbilt Office Properties and Macquarie Capital Principal Finance, who recently purchased the property.

CBRE is marketing spaces ranging from 2,500 square feet to 29,200 square feet for lease, including newly built Class A spec suites being delivered Q4 2022.

New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.

The Offices at Boca Center is home to diverse tenants from the banking/finance, real estate, and law industries, including Ameriprise Financial, Berkadia, Deloitte, EY, First Republic Bank, Sun Capital Partners Inc., and Waste Management.

The property is part of the greater Boca Center mixed-use project, which includes a 256-room Marriott hotel and 117,106-square-feet of upscale retail at The Shops at Boca Center with 13 open or soon-to-be open restaurants, including Tap 42, Rocco’s Tacos, Copperfish Kitchen, Narbona and Sixty Vines.

“Unrivaled access, amenities and walkability are top reasons why tenants choose Boca Center. The property is located at the epicenter of Boca Raton’s highest concentration of dining and retail amenities with over 50 restaurants, 100 retailers, and 762 hotel rooms within a one-mile radius,” said CBRE First Vice President Joe Freitas.

Centrally located between the Palm Beach and Fort Lauderdale International Airports, the property has excellent access to the Boca Raton Executive Airport, nearby hospital systems, Lynn University, and Florida Atlantic University via Interstate 95, the Florida Turnpike, and Glades Road. It is also located one half-mile away from The Town Center at Boca Raton, one of the nation’s highest volume, luxury-oriented, fortress super regional malls.

“In recent years, Palm Beach County has been the primary benefactor of tenant relocations in South Florida because of the top tier executive communities and favorable demographics. Vanderbilt Office Properties will be able to capitalize on the market’s exceptional momentum as leasing activity in Boca Raton continues to increase while the supply of quality office space continues to shrink,” added CBRE Executive Vice President John Criddle.

According to CBRE Research, Palm Beach County recorded more than 120,000 square feet of positive absorption in the first quarter of 2022. Total vacancy in the county dropped to 14.6 percent this quarter in line with pre-COVID (Q1 2020) levels.