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Esperanté Corporate Center Lands $145M Refinance As Related Ross Doubles Down On West Palm

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Related Ross and its investment partners have secured a $145 million refinancing for Esperanté Corporate Center, a downtown West Palm Beach office property.

The borrowing group—led by Steve Ross’ West Palm-based Related Ross and joined by JZ Capital Partners and Greenmont Group—obtained the new loan from Hudson Bay Capital Management, according to a company announcement. Eastdil Secured arranged the financing.

The 17-story Esperanté building, located at 222 Lakeview Avenue, totals 256,000 square feet and dates to 1989. The refinancing equates to roughly $566 per square foot.

The ownership team recently completed an $8 million upgrade to the property. The tower is fully leased, with a roster that includes Bank of America, Balyasny Asset Management, and Blue Sea Capital.

Ross first acquired an interest in Esperanté in 2021, early in his broader expansion strategy in downtown West Palm. The property sits next to One Flagler, Related Ross’s newly delivered office tower, and is also close to Phillips Point, the office complex Ross acquired in 2021 for $282 million.

Four West Developers Announces SQUARE Hallandale, First-Of-Its-Kind Wellness-Focused Office Condominium

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As Hallandale Beach continues its rapid economic expansion, a new landmark is rising to redefine the professional workspace. Four West Developers has announced SQUARE Hallandale, a new eight-story Class A office and retail condominium designed to bridge the gap between high-end real estate investment and move-in-ready convenience. Located at 400 W Hallandale Beach Boulevard, the nearly 360,000-square-foot project introduces a hospitality-inspired wellness philosophy to the traditional office environment.

Alejandro Chaberman, widely recognized for his transformative development work in Hallandale Beach, is co-developing SQUARE Hallandale in partnership with Asher Abadi, Arie Abadi, and Jonathan Eisenband. Together, they have formed Four West Developers, a privately held real estate development and investment firm created specifically to deliver this landmark project.

SQUARE Hallandale emphasizes a blend of private community exclusivity and the tangible value of property ownership. The building offers a diverse range of fully finished office suites starting from $199,000, with sizes ranging from 248 to 1,766 square feet. These light-filled spaces feature flexible layouts and premium finishes, designed by internationally renowned interior designer Adriana Hoyos. For owners seeking ultimate simplicity, optional furnishing packages are available to ensure a turnkey environment built for performance.

“SQUARE Hallandale was created around the evolution of work—toward a healthier, more balanced lifestyle,” said Asher Abadi, Principal at Four West Developers. “This is a workspace designed as an asset you own, not an expense you tolerate, where wellness, productivity, design, and long-term value are intentionally aligned.”

The development features 18,000 square feet of lifestyle amenities rarely seen in commercial properties, centered on a sixth-floor terrace and indoor recovery space. Outdoor highlights include pickleball and padel courts overlooking the city, and a social lounge. To support physical well-being, the project includes a wellness sanctuary with a cold plunge pool and sauna, an indoor fitness studio, and a recovery space with a bathroom and shower.

Strategically positioned with prominent frontage along Hallandale Beach Boulevard, SQUARE provides immediate access to major arteries like I-95 and US-1, as well as proximity to the Brightline, major international airports, and seaports. The ground floor will serve as a community hub, featuring a civic plaza, landscaped seating areas, and eight retail spaces ranging from 1,515 to 2,393 square feet.

Fortune Development Sales is the project’s exclusive sales and marketing partner.

“Hallandale has long lacked a high-quality, for-sale commercial product that caters to both the savvy investor and the end-user,” said Edgardo Defortuna, President & CEO of Fortune International Group. “By combining wellness-focused infrastructure with an accessible entry point starting at $199,000, SQUARE Hallandale lowers the barrier to entry in one of South Florida’s most competitive markets, offering a unique opportunity to own a piece of the region’s commercial future.”

Beyond the physical workspace, the property is engineered for modern productivity through robust infrastructure and professional support services. Business-specific amenities include multiple conference rooms equipped with smart presentation technology, a dedicated podcast studio, a library, and shared business support areas for printing and scanning. To accommodate various business needs, climate-controlled storage units with roll-up doors are available for purchase on the fifth floor.

The building also prioritizes seamless transit and security, featuring an in-building garage with valet parking, electric vehicle charging stations, and dedicated ground-floor parking for bicycles and scooters. Tenants will benefit from lobby concierge, package and mail management, and smart access security systems throughout the premises. Ownership is structured as a condominium, giving professionals and investors the flexibility to occupy, lease, or resell while maintaining full title rights.

Cushman & Wakefield Represents Denholtz In $34.5 Million Office Sale

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Cushman & Wakefield represented Denholtz Deerfield LLC in the $34.5 million sale of Deerfield Corporate Park Buildings 1 and 6, two single-story office buildings located in Deerfield Beach.

Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar represented the seller in the transaction, with the assets acquired by a private capital investment group.

Located at 602–668 and 776–858 S. Military Trail within the larger Deerfield Corporate Park, the two buildings total 157,510 square feet and are 87.6% leased to 26 tenants, many of whom have maintained long-term occupancy at the property for more than a decade. The campus spans 12.9 acres and was originally built in 1985, with a full renovation completed in 2017. Designed to accommodate office and office-service users, the property is more than 90% built out as office and is strategically positioned just west of the Interstate 95 and SW 10th Street interchange, offering strong regional connectivity.

Within the Deerfield Beach submarket, the single-story office market remains exceptionally tight, with an estimated 1.5% vacancy rate, underscoring the scarcity of comparable space and limited competitive supply.

“This premier location offers significant logistical advantages through direct access to South Florida’s key highway systems, particularly Interstate 95, while also benefiting from proximity to affluent residential communities such as Boca Raton, Parkland and eastern oceanfront neighborhoods that are home to many influential business decision-makers and executives,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.

 

“With the submarket’s low vacancy for single-story office and office-service product and no new construction on the horizon, Deerfield Corporate Park Buildings 1 and 6 present compelling upside through multiple value-add strategies, including mark-to-market rent growth and the potential conversion of existing office suites to more flex-oriented office-service space,” added Miller, Cushman & Wakefield Director.

 

Colliers Tapped To Lease Newly Renovated East Boca Office

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Fresh off the heels of its recent acquisition and a multimillion-dollar capital improvement infusion, 1200 North Federal Highway is getting a new leasing team and rebranding refresh.

The Colliers South Florida office leasing team, led by Senior Vice President Darcie Lunsford, has been chosen to handle leasing and marketing of the 137,000-square-foot, all-glass midrise, which spans nearly a city block at the T-intersection of Federal Highway and Glades Road.

The building was acquired in August by veteran South Florida office owner and operator Allen Chelminsky. Since his acquisition, Chelminsky has invested more than $3 million to renovate common areas, restrooms, landscaping, fountains and the building exterior, update mechanical systems, upgrade the roof, restore the parking lot and garage, and add state-of-the-art security systems and new property-wide LED lighting. The four-story building also offers a newly refurbished onsite café, lushly landscaped indoor courtyard and exterior dining areas, reserved under-building executive parking, and electric vehicle charging stations.

“When we buy an asset, we don’t waste time or spare any expense to rapidly bring it up to our high-quality portfolio standards,” said Chelminsky. “There is no part of the building that we have not carefully designed and curated to offer corporate tenants the best business environment in Boca Raton.”

The reposition ushers in a new wave of modernized office space and leasing opportunities for the residentially-dense and highly amenitized east Boca Raton market.

“The building now looks and feels wholly renewed and refreshed while offering that secret-sauce combination— contemporary space with economic value— that we find missing in the East Boca market,” says Lunsford. “Historically, tenants in East Boca could either pay up for modern space or trade down to older, dated buildings. Now you can find both quality and value in what is arguably one of the most prominent and easily accessible locations in the Federal Highway submarket.”

Chelminsky maintains a long-standing real estate presence across the South Florida and the Treasure Coast, owning and operating more than 2 million square feet of commercial buildings from Miami to Port St. Lucie.

Boca Raton Office Building Could Be Redeveloped

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A long-standing office property in Boca Raton may be repositioned as a mixed-use residential project under Florida’s Live Local Act.

ZNT LLC, led by Jeffrey Levitetz of Boca Raton-based Bark Property Management, has submitted an application to amend the master plan for an 8-acre site at 5300 Broken Sound Blvd. NW. The request would allow the existing office property to be redeveloped into a multifamily and retail project utilizing Live Local Act provisions.

The site is part of a broader master-planned area that previously included a neighboring 297-unit apartment community at 5400 Broken Sound Blvd. NW, now known as Amalta Broken Sound. ZNT LLC sold that parcel in 2019 to affiliates of Related Group and Rockpoint Group, which completed the development in 2022. The property was sold later that year for $194 million, underscoring the strength of the Boca Raton multifamily market.

ZNT LLC now controls the remaining parcel, which currently contains a 58,614-square-foot office building dating back to 1982. According to online listings, nearly all of the office space is presently available for lease.

Under the Live Local Act, developers may build multifamily projects at the maximum height and density allowed within a municipality if a portion of the units are designated as workforce housing. While the state law generally requires 40% of units to meet workforce housing thresholds, Boca Raton has adopted a local ordinance allowing projects to qualify with as little as 10%.

Plans for the Broken Sound Boulevard site call for a seven-story development with 191 residential units, supported by a five-story parking garage with 420 spaces. The proposal also includes two retail buildings totaling 31,000 square feet, along with 230 surface parking spaces dedicated to retail use. Of the residential units, 19 would be reserved for households earning up to 120% of area median income, and 10 units would serve households earning up to 140% of area median income.

Preliminary plans identify two retail spaces as potential grocery and emergency room uses, though no tenants have been formally announced. The project was designed by Boca Raton-based HDA Architects.

While several Live Local Act proposals have been submitted in Boca Raton, none have begun construction to date. The first Live Local Act project combining workforce and market-rate housing to break ground in the region is located in nearby Boynton Beach.

 

Source:  SFBJ

IPA Brokers Office Asset Sale In Palm Beach County

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Institutional Property Advisors (IPA) announced the sale of the PGA Design Center, a 43,878-square-foot professional building located within PGA Station, a mixed-use development in Palm Beach Gardens.

The property sold for $15.5 million.

“Located in one of South Florida’s most affluent and supply-constrained markets, the property benefits from long-term tenancy, strong lease commitments, and the demand drivers of a master-planned environment that integrates office, medical, retail and hospitality,” said Douglas Mandel, IPA executive managing director investments.

Mandel, along with Zach Levine and Cody Hershey of Marcus & Millichap represented the seller, PGA Design Partners LP, with support from the Falk Weprin team at Colliers. The Marcus & Millichap team, in collaboration with Colliers executive vice president Scott Weprin, sourced the purchaser, LRP Properties 3901 LLC.

The property is just off RCA Boulevard, close to PGA Boulevard, and Interstate 95. The Gardens Mall, Downtown at the Gardens, and the PGA National Resort and Spa are nearby.

Within a three-mile radius, the population is over 79,000 and the annual median income is more than $439,000.

Built in 2006, the PGA Design Center’s tenants are New Radiance Cosmetic Centers, Score At The Top Learning Centers and Schools, and Outside the Box Coastal Home Furnishings. At the time of the sale, the center was 100% occupied.