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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

Berger Commercial Realty’s Keith Graves, CCIM Negotiates 12,000-SF Lease Renewal For YMCA

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Berger Commercial Realty/Corfac International Senior Vice President Keith R. Graves, CCIM negotiated a lease renewal on behalf of the landlord, 900 SE 3rd Ave L.P., with Young Men’s Christian Association of Florida, Inc. (YMCA).

YMCA renewed its lease for 11,954 square feet for its corporate office at 900 SE 3rd Avenue, a boutique/professional office building in the Fort Lauderdale Central Business District.

“The landlord and the YMCA have enjoyed a long-standing relationship,” commented Graves. “This was a mutually beneficial transaction, and we are all thrilled that YMCA’s corporate office will maintain it’s presence in Downtown Fort Lauderdale.”

Located immediately next door to the new U.S. Federal Courthouse, the 3-story, 46,800-square-foot building offers convenient access to downtown area restaurants, the Broward County Courthouse, governmental offices, SR 84/I-595 and the Fort Lauderdale-Hollywood International Airport (FLL).

Cushman & Wakefield Arranges Acquisition Of Treasure Coast Class A Office Building

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Cushman & Wakefield has arranged the acquisition of Riverwalk Center, a 35,324-square-foot Class A office building located in Jupiter.

The final sale price was $12,250,000 million.

Anthony Librizzi of Cushman & Wakefield represented the buyer, RJM Jupiter Riverwalk LLC, in the transaction, and has been retained to oversee leasing at the property, recently completing a 10,930-square-foot lease renewal with Truist Wealth. ESJ Capital Partners sold the property.

“This transaction is another example of the ongoing trend of properties trading off-market,” Librizzi said. “I have a long history with Riverwalk Center and knew the existing tenant, who occupied the entire building, was planning to downsize their lease. This provided a prime opportunity for the buyer to occupy a portion of the building and lease out the balance.”

Located at 150 US Highway 1, the building sits within Jupiter Yacht Club, a master-planned, mixed-use development including five condominium buildings, a 23,150-square-foot retail/restaurant building and a protected marina.

 

Multi-Tenant Office Building In West Palm Beach Sells For $13.9 Million

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Colliers South Florida closed last week on the sale of Village Executive Offices, located at 560 Village Boulevard in West Palm Beach.

Executive Managing Director Mark M. Rubin and Director Bastian Laggerbauer of Colliers | South Florida Investment Services Team represented the seller, North King Apartments LLC & Royal King Apartments LLC, in the transaction along with Shlomo Chelminsky from King Real Estate. Colliers Executive Managing Director Michael Falk represented the buyer in the deal.  The building is currently 97% occupied and sold for $13.9 million.

“It was a unique opportunity for our team to execute a value-added plan that monetized the owner’s investment in a competitive market which resulted in multiple aggressive bids,” said Rubin.

The ±62,875-square-foot, three-story multi-tenant office building is meticulously maintained and recently underwent over $880,000 in capital improvements. The property is surrounded by a variety of amenities, including downtown West Palm Beach, and is within minutes from I-95, Florida’s Turnpike, and North Federal Highway/US-1.

“With no deferred maintenance, a solid tenant base and a strong commercial location, 560 Village Boulevard established itself as a solid long-term investment vehicle in the West Palm Beach marketplace,” said Laggerbauer.

Palm Beach County is located within the South Florida metropolis, just north of Miami-Dade and Broward Counties. Together, the tri-county region is the eighth-most populous metro area in the nation and the largest in the State of Florida, recording over 6.2 million residents and accounting for over one-third of the state’s population. According to Fitch reports, Palm Beach County is recognized as one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages and high ratings reflective of its diversifying economic base, sound financial position, and moderate debt levels. Furthermore, Palm Beach County is one of the nation’s leading tourist destinations offering white sand beaches, clear turquoise waters, and internationally acclaimed shopping, dining, and golfing venues that appeal to the masses.

 

Levy Realty Advisors, Cushman & Wakefield Arrange $482 PSF Sale Of Boutique Office Building

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Cushman & Wakefield has arranged the sale of Gardens Pointe, a boutique Class A office building totaling 34,867 square feet located in Palm Beach Gardens.

The final sale price was $16.8 million, or $482 per square foot.

Scott O’Donnell, Mike Ciadella, and Dominic Montazemi of Cushman & Wakefield represented the seller, Regency Gardens Pointe LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $9 million in acquisition financing through Principal Life on behalf of the buyer, Sunnyfield South LLC, which was represented by Alan Levy, President of Levy Realty Advisors.

“As South Florida continues to heat up, assets with long-term, credit-worthy tenants like Gardens Pointe are attracting record setting pricing,” O’Donnell said.

 

“Lenders continue to appreciate the Florida story, especially for generational assets such as this one,” Hochman added. “We were able to pair our client, an intelligent, long-term investor, with a fantastic lender for a low fixed-rate loan.”

Located at 3507 Kyoto Gardens Drive, Gardens Pointe includes lush landscaping and balconies with panoramic lake views and lakefront walking paths, as well as a boardwalk to Downtown Palm Beach Gardens which offers restaurants, retail and various entertainment options. The property was 95% leased to seven tenants including Merrill Lynch and KeyBank at the time of the sale.

 

CBRE Arranges $57.5 Million Sale Of Broward County Class A Office Building

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CBRE has facilitated the $57.5 million sale of Offices at Plantation Walk, a 173,193-square-foot, Class A office building in Plantation, to Vision Properties.

Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction. Adams also handles the leasing for the property.

Offices at Plantation Walk is a seven-story office building located within the recently delivered Plantation Walk, a $350 million, 27-acre mixed-use development that includes a full-service hotel, approximately 131,000 square feet of retail and 404 luxury multifamily units. The property, which is 92 percent leased, is supported by a five-story parking structure with a parking ratio of five spaces per every 1,000 square feet.

Offices at Plantation Walk recently underwent a $15 million renovation, which included a redesigned lobby, new windows, elevator modernization, new bathrooms, new corridors and modern tenant buildouts.

“The buyer is fortunate to acquire a high caliber desirable suburban office building in Broward County, considering the tremendous investor demand for high-quality assets in South Florida today,” said Lee, Vice Chairman at CBRE. “The seller completed an outstanding renovation project that helped to attract a strong list of national and regional tenants to the project. As a result, the property achieved a sale price well above $300 per square foot.”

 

Lobón, Executive Vice President with CBRE, added, “Offices at Plantation Walk is the best amenitized office building in Broward County. Its prime location offers its tenants with walkability to retail on par with South Florida’s densest metropolitan cores.”

Plantation Walk is situated 10 miles from downtown Fort Lauderdale and 30 miles from downtown Miami, with convenient access to Florida’s Turnpike, Interstate 595 and Fort Lauderdale-Hollywood International Airport.