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Related Cos. Breaks Ground On 300,000 SF Office Building In WPB

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Related Cos. has broken ground on 360 Rosemary, a planned 300,000-square-foot office building within West Palm Beach’s Rosemary Square neighborhood.

It will stand as the newest Class A office space constructed since the CityPlace Office Tower was built in 2008.

The new office building will stand 20 stories and offer 10,000 square feet of amenity space, two indoor/outdoor terraces, seven levels of parking, shared car parking, onsite bike racks, a fitness center and an onsite conference facility.

Rosemary Square is undergoing a $550 million transformation from a retail and entertainment center to a vibrant community and destination featuring commercial office space, green spaces, residences, experiential retail and culinary offerings. Rosemary Square sits on 72 acres and is located three miles from Palm Beach International Airport, and adjacent to the West Palm Beach Virgin Trains USA high-speed rail station, which connects West Palm Beach to Miami and Fort Lauderdale.

360 Rosemary is expected to be complete by early 2021.

Related also unveiled plans for 575 Rosemary, an upcoming mixed-use development, and One Flagler, a Class-A office tower that will anchor Okeechobee Business District and the Flagler Financial District.

Located at the northeast corner of Rosemary Square, 575 Rosemary is a 21-story mixed-use tower which will include 325 state-of-the-art luxury residences, with 15% of units dedicated to workforce housing. The building will also include approximately 95,000 square feet of commercial office and retail space at the base. 575 Rosemary is expected to be complete in late 2021.

One Flagler is a 25-story Class-A office building that will anchor West Palm Beach’s Okeechobee Business District and the Flagler Financial District. It will include 270,000 square feet of flexible office space, 4,100 square feet of retail space, a restaurant, and a reading room open to both the public and members of the adjacent First Church of Christ, Scientist. The church, designed by architect Julian Abele in 1928, is considered one of the most architecturally significant buildings in all of Palm Beach County and would be preserved in perpetuity by One Flagler. The project will also feature a living green wall adorning its parking garage and include 1.25 acres of green space extending the waterfront greenbelt. The building is expected to be complete in late 2023.

 

Source:  RE Business

Hong Kong-Based Company Moving US Headquarters To South Florida

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Techtronic Industries — the maker of many tools and popular appliance brands — is moving its U.S. headquarters to Fort Lauderdale, which business development officials say is another corporate headquarters win for the region.

The Hong Kong-based company is behind brands such as Ryobi and Milwaukee power tools, as well as Hoover, Oreck and Dirt Devil vacuum cleaners.

The company, which employs more than 20,000 worldwide, has leased offices at 450 E. Las Olas Blvd. and plans to create 75 jobs, according to the Greater Fort Lauderdale Alliance, the county’s economic development group. Techtronic, which was previously based outside Baltimore, is moving some top executives to Fort Lauderdale and hiring for finance, human resources, audit, legal and other professional jobs.

Techtronic’s biggest customer is Home Depot. The company also makes and sells brands including Vax, AEG, Stiletto, HomeLite and Empire.

Kristine Zenkewicz, assistant general counsel for Techtronic Industries North America, said the Fort Lauderdale office will be a corporate one overseeing U. S. operations. The global company has more than 40 locations around the world including the U.S., Canada, Asia, Europe and South America.

“We thought Fort Lauderdale would be a fabulous place to host clients, investors and team members,” she said.

Techtronic is a “powerhouse group of companies,” said Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance.

He said attracting a corporate headquarters is “incredibly important” to Broward because it brings high-paying jobs and tends to invest in the community.

Swindell said Broward County was competing with Miami and New England to attract the headquarters. One factor was hangar space for the company’s corporate aircraft, which it secured at the Fort Lauderdale Executive Airport. The company’s top executives frequently travel overseas, he said.

The company is renovating and will be moving into the 15th floor of 450 E. Las Olas Blvd., the same building where the late entrepreneur H. Wayne Huizenga once had his office.

In November, state and local government incentive awards totaling $210,000 were approved for the company, if it meets job and investment requirements. In October, the Fort Lauderdale Commission agreed to provide tax refunds of $7,000 per job for at least 30 jobs with average annual salaries of $97,374, according to a memo from City Manager Lee Feldman.

The incentives were awarded to help ensure the company relocation wouldn’t be lost to New England, where Techtronic has its current U.S. headquarters, or Miami, according to the memo.

Techtronic was founded in 1985 by Horst Julius Pudwill and Roy Chi Ping Chung with the goal of building a portfolio of globally recognized brands, according to the company’s site. It opened its first factory in 1988 in Dongguan, China.

Based in Hong Kong, Techtronic reported 2018 revenue of more than $7 billion, up from $6 billion a year earlier. The CEO is Joseph Galli Jr., who is renting while he builds a home in the Fort Lauderdale area, according to Zenkewicz.

The company is listed on the Hong Kong Stock Exchange. Techtronic’s stock also is traded in the U.S. over-the-counter market, where it has a 52-week stock price range of $22.52 to $38.72 a share.

 

Source:  SunSentinel

Office Developers Seek Approval For West Palm Beach Project

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A former educational building in West Palm Beach could be converted into an office building and expanded, with a second office constructed next door.

On May 6, the City Commission heard a first reading for the site plan for 2400 Metrocentre Blvd. by TAM-CAT 45th ST LLC, managed by developers Daniel S. Catalfumo and Richard Tambone. The 4-acre property currently has a 26,959-square-foot office building constructed in 1992. It is now vacant.

In 2018, the developers filed plans to build a self-storage facility on the site. That plan has since been amended to the current proposal, in which all new construction would be office space.

The existing building, where a culinary institute previously operated, would be converted into traditional office space and expanded by 35,085 square feet. The developer would also build a two-story, 20,000-square-foot office building on the northeast corner of the site.

The project would have 246 parking spaces.

City staff recommended approval of the site plan, however, it must be approved on second reading at a later date.

 

Source:  SFBJ

Jaime Sturgis Tapped To Market New 24,000-SF Project In Flagler Village

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Jaime Sturgis, Founder and CEO of Fort Lauderdale commercial real estate firm Native Realty, is expanding his placemaking efforts in the city’s Flagler Village neighborhood with a prestigious new assignment.

Real estate developer and investor BH3 has hired Native to exclusively market its Fabrick adaptive re-use project in Flagler Village.

BH3, led by principals Gregory Freedman and Daniel Lebensohn, is converting an industrial building at 801-819 NE Second Ave. into 24,000 square feet of creative office, retail and restaurant space. The site is conveniently located next to Fort Lauderdale’s Central Business District and within walking distance to several thousand apartments either recently completed or in the pipeline.

The building is designed with open floor plans and will be delivered with new impact doors and windows and polished concrete floors. The property includes ample on-site parking and strong signage opportunities – with visibility to the Virgin Trains USA (formerly Brightline) passenger trains.

Fabrick is the latest example of BH3’s significant investment into Fort Lauderdale’s urban core. The company’s portfolio in the city includes FATCity, a transit-oriented development on 2.69 acres at 300 N. Andrews Ave., and Flagler 1.0, a creative office and retail building at 702-704 NE First Ave. that is home to Chops + Hops Axe Throwing Lodge and Rank & File Social Club.

Demand from prospective tenants is strong, according to Sturgis. The first tenant is expected to be announced in the coming weeks.

“It is an honor to partner with a visionary developer like BH3,” Sturgis said. “We consider this assignment to be a testament to the significant results Native Realty consistently generates and our passion for curating the neighborhoods within and beyond Fort Lauderdale’s urban core. For restaurants, bars, retailers and creative office operators, Fabrick represents an unparalleled opportunity to secure prime space in Broward County’s most popular neighborhood.”

The assignment follows a pair of record-breaking transactions closed by Sturgis in Flagler Village in January 2019. The $13.25 million sale of the Flagler Uptown and Hive mixed-use buildings set neighborhood records on both a price per building square foot and land square foot basis.

Stiles Represents Behavioral Health Firm In New 30,000-SF Lease Signing In Lauderdale Lakes

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Stiles Realty, a division of the full-service commercial real estate firm, Stiles, announced that Infinity Behavioral Health Services, a behavioral healthcare management provider, signed a long-term lease for 30,000 square feet in Lauderdale Lakes at Headway Office Park.

Stiles Realty Senior Vice President Madelayne Garcia represented Infinity Behavioral Health Services. Donna Korn and Beau Ladwig of Cushman & Wakefield represented the landlord.

Inifinity’s new office includes two contiguous floors that are fully renovated, including updated tenant spaces, common areas and building systems. Stiles Realty worked closely with the building management to meet the tenant’s build-out needs, which include personal call rooms and conference areas.

“Infinity was seeking a unique space to expand their operations and remain in Broward County” Garcia said. “Infinity is a very employee-friendly company with a serene working environment, including a casual dress code and the ability to bring pets to work. With our knowledge of the market, and great working relationship with the management team, we were able to create the environment Infinity was seeking.”

Since 2011, Infinity Behavioral Health Services has been providing revenue cycle management services to behavioral healthcare providers. Infinity centers its process around industry-leading consulting services and an extensive account management system.

 

Avison Young Secures First Pre-Lease Agreement At Brand New Office Project, Facilitates 29,000 SF Lease Deal

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Avison Young completed the first pre-lease agreement at The Edison Pembroke Pines, a brand-new suburban office project.

Aquila Software, a group of leading software companies, will occupy 28,890 square feet at the South Florida development where Avison Young Principals Greg Martin and Justin Cope exclusively spearhead leasing services. Aquila Software was represented by Jason Carros of Stoltz Realty Florida.

Located along Interstate 75 on S.W. 145th Avenue between Pines Boulevard and Pembroke Road in Pembroke Pines, Florida, The Edison is comprised of more than 330,000-square-feet of class A office space, spanning two three-story buildings and a 5,000-square-foot central amenity building.

“The lease represents a relocation in South Florida, as Aquila Software will consolidate offices from Fort Lauderdale and Medley into its new space at The Edison,” said Martin. “The premier development caters to today’s workforce with its creative design and close proximity to the 400,000-square foot upscale lifestyle center, The Shops at Pembroke Gardens.”

“Aquila Software completed a full market survey and was ultimately drawn to The Edison’s efficient floor plates, high ceilings, large window lines, abundant surface parking, and indoor and outdoor collaboration areas,” said Carros.

According to research by Avison Young, Southwest Broward, where The Edison is situated, posted the lowest office submarket vacancy rate in Broward County at 6.66 percent as of fourth-quarter 2018. The Edison represents one of the few new suburban construction projects in the county, thus attracting tenants looking beyond the urban core for centrally-located space.

“The market continues to show robust interest in the quality product The Edison offers, particularly the unique design and large floorplate opportunities we are able to present to larger space users,” said Cope. “As construction draws closer to completion, we expect to announce additional lease agreements.”