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Will Colliers International South Florida Soon Be Going By A New Name?

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Well, dang!  It’s been far too long since we’ve had a good rumor to chew on!
Well, your wait is over…

Rumor has it that Avison Young is acquiring Colliers International South Florida.
There… it’s out. (We were told, however, that it’s not the best-kept secret.)

Sources stated that an announcement was expected to be made last Thursday afternoon, but no official word as of yet has been released.

AY acquired Flagler Real Estate Services in October 2012 and acquired Florida-based WG Compass Realty Companies and opened a new office in West Palm Beach last June.

Stay tuned…

RWNK’s Castoro Negotiates Las Olas Building Sale

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Frank Castoro of Ft. Lauderdale-based NAI Rauch Weaver Norfleet Kurtz & Co. represented the Seller, Villaggio di Las Olas, Inc., in the recent sale of a prestigious mixed-use property located at 1103-1111 E. Las Olas Boulevard.

The property, which includes retail and office space and a parking garage, sold for $6,033,000.

1103-1111E.Las OlasBoulevardThe Buyer, Lauderdale Portfolio Corp., assigned from: 88 Warnes, LLC, was represented by Morgan Whitney.

Castoro was involved in the sale of the same building last September.

 

 

It’s A Great Time To Be An Office Landlord

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A new report from Newmark Grubb Knight Frank shows positive net absorption for 18 consecutive quarters in Miami, an occupancy rate of nearly 85 percent and a market where demand continues to outpace supply.

“The rents have finally escalated enough that they can justify new construction,” said Patrick Duffy, a vice chairman in Newmark Grubb Knight Frank’s Miami office. “Usually in the past, new construction compressed pricing a little bit because we had new supply. But I don’t think we’ll see that this cycle.”

In Broward County, the resurgence rested on a spike in investment transactions. Buyers picked up 1 million square feet in the sale of six major office complexes, including the $119.5 million trade of the Royal Palm at Southpointe complex in Plantation and the $32.55 million sale of the Cypress Financial Center to Steelbridge Capital in September.

“Investment activity was in full swing,” Newmark Grubb reported.

Palm Beach County‘s office sector is at its strongest in two years with falling vacancy rates and rising demand. Tenants leased more than 405,000 square feet in 131 transactions at average asking rents of $28.12 per square foot. That pushed the vacancy rate to 19.2 percent, down from 20.3 percent a year earlier.

To download Newmark Grubb Knight Frank‘s complete reports, click on the following links:

 

Newmark Grubb Knight Frank-3Q14 Fort Lauderdale Office Market Report

Newmark Grubb Knight Frank-3Q14 Palm Beach Office Market Report

Newmark Grubb Knight Frank-3Q14 Miami Office Market Report

 

Source: DBR

JLL Wins Leasing And Management For Courthouse Commons

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JLL has been tapped as the leasing and management agency of Courthouse Commons, a premium, Class A 93,000 square-foot office building with direct access to the West Palm Beach County Courthouse and walking distance to Clematis Street and CityPlace.

Located at 444 West Railroad Avenue, Courthouse Commons is the last building in downtown West Palm to offer 20,000 contiguous square feet on one floor and boasts the highest parking ratio in the Central Business District (CBD) at a ratio of 5.4 per 1,000 SF.

JLL’s Vice Presidents Kevin McCarthy and Kevin Probel will spearhead the leasing efforts and management at the building. With this assignment, JLL continues to expand its agency leasing portfolio to nearly 1 million square feet of office space in Palm Beach County.

 

“The building’s convenient access to the courthouse and all of the amenities downtown, including restaurants, shops and vibrant work, play environment, makes it the perfect location for attorneys, accountants, and other professional agencies,” said McCarthy.

 

The building, which has a covered pedestrian skywalk to the West Palm Beach County Courthouse and City Hall, was originally built for law firms but has attracted an eclectic mix of tenants, including a US government agency. The building’s new owner, Florida Community Bank (FCB), selected JLL to help maximize the property’s value and secure additional tenants.

 

“Over the last two years, we’ve really increased our presence in Palm Beach County and established JLL as one of the area’s leading commercial real estate firms,” said Probel “Courthouse Commons is one of the leading properties downtown. JLL is looking forward to working with FCB to secure additional tenants looking for a high profile location, unmatched amenities and competitive leasing terms.”

 

“We are excited to have JLL lead our leasing and management of the building,” said Florida Community Bank’s Director of REO, Larry Benton.  “They have a proven track record in South Florida and national reputation that will attract the right mix of tenants to increase the property’s value. With the highest parking ratio downtown, and the largest contiguous space remaining on one floor, Courthouse Commons is strategically placed for tenants seeking a downtown address with ample parking.”

 

The building is located less than two miles east of I-95 from the Okeechobee Boulevard exit.

 

Brett Rowley Joins RWNK

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NAI Rauch Weaver Norfleet Kurtz & Co. is pleased to announce the addition of Brett Rowley who specializes in the sale and leasing of commercial office and industrial properties in both Broward and Palm Beach counties, and serves as a Senior Commercial Associate.

His considerable talent in identifying and satisfying client needs culminated in over 1 million square feet of closed volume just in the past few years.

Prior to joining the firm, Brett was the exclusive owner’s representative and leasing executive for the “SunTrust Center” a 220,000 SF Class “A” office building located in the Fort Lauderdale CBD. Emerson Power relied on Mr. Rowley for counsel and assistance when relocating their Latin America headquarters office to Sawgrass Park in Sunrise, Florida.

He also represented the Alber Corporation, an Emerson business, in the renegotiation of their industrial lease for their facility in Pompano Beach, Florida.

Past clients quickly turn to Mr. Rowley to resolve large space requirements whenever they occur. Brett’s selected clients include ING Clarion, CW Capital, TA Associates Realty, GL Homes, SunTrust Bank, and Emerson Network Power a business of Emerson Electric.

Mr. Rowley’s considerable knowledge of local markets and his best practice approach to resolving complex real estate matters make him a trusted ally of both large corporate and individual real estate owners and users. Brett is a tenacious advocate for his client’s best interests and it shows in the results he achieves.

Brett is a native of Fort Lauderdale, and an avid tennis player. He was the recipient of tennis athletic scholarships at both Tyler Junior College and East Carolina University where he lettered twice. He is an active member in the South Florida Office Brokers Association, and NAI Global Office Council.

Avison Young Wins Leasing Assignment For The North 40

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Avison Young was awarded the exclusive leasing assignment of “North 40,” a 350,616-square-foot two-building complex recently acquired by Mainstreet Capital Partners Inc. and Carval Investors in the largest investment sale transaction to date in Palm Beach County in 2014.

Located at 901 Yamato Road and 5201 Congress Avenue in Boca Raton, North 40 is comprised of two class B buildings with a total of 350,616 square feet that have direct access to Interstate 95. The property will undergo a $2 million destination rebranding, positioning its buildings as unique, campus-like offerings in the market. Emphasizing its expansive floor plate design and open atrium amenities, renovations will include the implementation of collaborative spaces, natural light, soft seating, and Wi-Fi.

“Our team was selected to represent ownership in the marketing and leasing initiatives due to our in-depth knowledge and proactive approach within the market as well as our deal creativity, which has resulted in some of the largest transactions completed in South Florida,” said Keith O’Donnell, Principal with Avison Young’s Boca Raton office.

O’Donnell, along with his team Gary Gottlieb, Principal, and Jonathan Senn, Associate, will initiate a North Boca-centric leasing and marketing strategy.

According to second quarter 2014 office market reports, the financial services, healthcare and technology sectors are leading office demand and lease transactions in Palm Beach County, contributing to steadily decreasing vacancy rates.

“Taking advantage of the new mixed-use environment that is fueling the resurgence of the Arvida Park of Commerce (APOC) area, the area’s office market is thriving with a number of companies expanding and total vacancy seeing a decrease,” according to Gottlieb. “North 40 is one of the only office campuses which offers quality blocks of office space currently available for lease for large-scale tenants seeking efficient and collaborative spaces.”

Bringing valuable expertise in these industries to the North 40 leasing project, O’Donnell is an established “placemaker” in Boca Raton and co-founder of MedUTech, a community-led initiative to showcase success, innovation and growth in healthcare, education and technology in the area. In addition, he co-authored the groundbreaking Planned Mobility overlay district for the northwest sector along with Jamie Danburg of Danburg Management.

“The activity level we are seeing at North 40 is validated by over 220,000 square feet of absorption in the first half of this year,” continued O’Donnell.