Tag Archive for: slider

Streets Of Gold: Palm Beach, Fort Lauderdale Among Priciest Office Rents

/in /by

Three South Florida streets rank among the 20 most expensive spots nationwide for office rents, a recent study shows.

Royal Palm Way on the island of Palm Beach was ninth with an average gross per square foot asking price of $58.52, according to Jones Lang LaSalle. The price was up about 1 percent from 2011, the last time Jones Lang LaSalle conducted the study.

Meanwhile, East Las Olas Boulevard in Fort Lauderdale  came in at No. 19, with a gross price per square foot of $36.84, down about 5 percent since 2011.

Brickell Avenue in Miami was the only other Florida street on the list. It ranked 14th at $39.09 per square foot.

The Royal Palm Way, Las Olas and Brickell submarkets command top rents because they attract businesses that serve affluent residents in South Florida, said Peter Reed, broker at Commercial Florida Realty Services. “Those locations are convenient,” Reed said. “People like to know their money is close.”

Royal Palm Way is known as “banker’s row” because of the contingent of wealth management and financial services firms, Jones Lang LaSalle said.

Sand Hill Road in Menlo Park, Calif. has the nation’s highest average office rent at $111. Fifth Avenue in Midtown Manhattan had the nation’s second-highest average rent at $102.

 

Source: Sun-Sentinel

Spirit Stays Grounded, Signs Broward County’s Largest Office Lease This Year

/in , /by

Spirit Airlines Inc. has agreed to stay put at the Miramar Park of Commerce, where the company has based its South Florida operations since 1999.

The company announced Friday that it signed a 70,819-square-foot lease renewal at the 2844 and 2854 Corporate Way facility it calls the Spirit Support Center. The discount airline is expanding its presence at the facility by 14,625 square feet of office space. Financial terms of the 10-year lease were not disclosed.

Spirit moved its headquarters from Detroit to Miramar 14 years ago. The low-cost carrier now has more than 1,300 employees in South Florida.

Miramar Park of Commerce was developed by Sunbeam Properties Inc. Sunbeam vice presidents Andrew Ansin and Maridee Bell represented the park in the transaction. Studley Inc. senior managing director Chris Lovell, executive vice president Greg Katz and senior managing director Roy Abernathy represented Spirit.

The transaction is Broward County’s largest office lease in 2013, according to Studley.

“Our team spent over a year evaluating multiple cities and options,” Lovell said in a statement. “We are pleased that the employment and economic opportunities in South Florida and the partnership approach of Miramar Park of Commerce provided such convincing reasons for Spirit’s long-term commitment to this region.”

 

Source: DBR

 

 

Colliers’ Listokin, Casey Broker $4M Lease

/in , /by

Colliers International South Florida brokers Robert Listokin and Clinton Casey represented landlord State Teachers Retirement System of Ohio in a 51,500-square-foot lease at Quadrant Business Center located at 600 SW 12th Avenue in Deerfield Beach.

The new tenant, Florida Backyard by Fortunoff, will use the space as a warehouse and distribution center for its retail outlets in South Florida.  The lease transaction is valued at $4 million. Florida Backyard was represented by New York-based Julius M. Feinblum Real Estate.

“The I-95 exposure of Quadrant Business Center, its location, and opportunities for expansion drew Florida Backyard to the space,” Listokin said. The family-owned manufacturer of casual furniture and accessories is based in Long Island, New York.

“Florida has always been at the top of our list,” said Bernard Sensale, CEO of the Fortunoff Backyard Store. “Our first retail stores are planned for Stuart, Boca Raton and Palm Beach Gardens. They will open between September and October of this year.  Florida is a great outdoor market and many people here are from the Northeast and are already familiar with our brand and what we offer. We are receiving merchandise in our Deerfield Beach distribution center now, and we are training new staff and associates with the goal of expanding throughout Florida in the next three to four years. This location on I-95 gives us easy north-south access, and to Florida’s west coast.”

 

 

Avison Young Inks 17,000 SF Office Lease Deal

/in , /by

Online Vacation Center Holdings Corp., one of the country’s largest cruise retailers, has signed a new long-term lease for 17,225 square feet at Riverbend Corporate Park Building B, located at 2307 W. Broward Boulevard in Fort Lauderdale.

Greg Martin, Principal with Avison Young, worked with True North Management Group and Delma Properties, Inc., the new ownership of Riverbend Corporate Park, to complete the transaction.

The addition of Online Vacation Center increases the occupancy at the 66,917 square foot office building to 75 percent, a gain of more than 25 percent.

“The notable lease transaction with Online Vacation Center is an example of increased corporate optimism overall in the Broward market, specifically in Fort Lauderdale,” said Martin. “With plans for further office space development plus new retail in the area, Riverbend Corporate Park is the ideal place to locate and grow a business for years to come, with room to expand.”

“Online Vacation Center was seeking an impressive new location with convenient access to transportation and major thoroughfares for employees,” noted Martin. “At the nexus of the region’s existing transportation network and emerging transit hub, Riverbend Corporate Park presented a valuable solution to the office space needs of the company.”

Online Vacation Center was represented by Julie Berry, Broker Associate with Stiles Realty.

Businesses Seek State Cuts In Commercial Lease Taxes

/in /by

Gov. Rick Scott met with business leaders in Broward and Palm Beach counties on Tuesday to get their input on what tax cuts he should propose to the legislature since the state will have a budget surplus in 2014.

Their biggest concerns included rising personal property taxes and insurance costs, and taxes that affect businesses moving to the state or startups trying to grow.

The stops were part of Scott’s tax-cut tour across the state. Scott has pledged to cut taxes and fees for the state by $500 million in the 2014-2015 budget, the same year he would run for re-election.

“How do we give the money back to you, the taxpayers? I’m putting it back in your hands,” Scott told the group at the Palm Beach County Convention Center Tuesday morning.

Kelly Smallridge, president of the Business Development Board, the economic development agency for Palm Beach County, said when recruiting businesses to the area, Florida’s tax on commercial leases is an issue in being competitive with other states.

“We’re one of the only states that has a tax on commercial leases,” she said.

Real estate broker Robert Goldstein suggested to the governor the commercial leasing tax be reduced by 1 percent each year until it is phased out. “We’re at a competitive disadvantage,” he said. The current tax is 6 percent.

He said the impact on economic and job growth from eliminating the tax would far outweigh the tax revenues.

Several small business owners, including one who provided a sample of his company’s popcorn to the governor, attended the meeting at Broward College in Fort Lauderdale.

Rosana Santos Calambichis, owner of Davie catering company Big Chef, said she would like to see a reduction in the tax on fuel — her business has seven trucks — as well as the state tax included in insurance coverage and the commercial lease tax. “It adds up quickly,” she said.

Broward College radiology student Shelda Simon, 19, got her 15 seconds of fame — and a photo with the governor — after asking him why so many young graduates are unemployed.

“There are plenty of jobs around the state. But you have to get the right degree,” Scott told her.

Life science business owner Ken Kirby said the governor should consider proposing a new life science fund for startup businesses in the sector now that it has invested millions of dollars in Scripps Florida, in Jupiter, and other institutes.

“It seems a shame to waste the momentum,” said Kirby, whose company TransDermal Delivery Solutions Corp., which has developed alternative systems to deliver drugs to patients, opened a new headquarters in Palm Beach Gardens last year.

Florida expects a budget surplus by the time lawmakers draft the 2014-15 budget. A new forecast released Sept. 4 shows a surplus of $845 million in fiscal 2014, even after meeting current enrollment needs for schools and health care programs such as Medicaid and setting aside $1 billion in reserves, according to a draft report released Sept. 4 by legislative appropriation committees and researchers.

The surplus is mostly due to a recovering economy, said Amy Baker, state chief economist. “People here have more money to spend and more tourists are spending money here,” she said.

While general revenues are increasing due to pulling in more sales tax, the budget constraints have shrunk as some state programs were eliminated or reduced during the recession.

But forecasters warn that more than half of the surplus — $449 million — is a one-time windfall.

In recent weeks, Scott has promised to spend an additional $70 million on environmental projects dealing with the Everglades and Lake Okeechobee in the coming year, which could come out of the surplus.

Another target could be auto tag fees that were raised in 2009 when Gov. Charlie Crist was in office. Crist, now a Democrat, is expected to challenge Scott in the governor’s race in 2014.

Gov. Scott made a pledge in 2010 to eliminate the corporate income tax, which generates about $2.1 billion a year. But Florida lawmakers have steered away from the massive tax break, which would benefit mostly larger companies.

The “It’s Your Money” tour continues over the next three days in Jacksonville, Tampa and Orlando.

 

Source:  Sun-Sentinel

Brenner Tapped To Lease, Manage West Palm Office Building

/in /by

Brenner Real Estate Group’s Roxanna Collins, RPA, Regional Asset Manager, and Wendy Collins, Property Manager/Leasing Agent, have been selected to provide leasing and property management services for Courthouse Commons, a 93,000 SF Class “A” office building at 444 West Railroad Avenue in West Palm Beach.

The duo is representing the building for lease on behalf of Great Florida Bank, the property owner.

Courthouse Commons is located at the intersection of Quadrille Avenue and 3rd Street just two miles east of I-95. It is minutes from Palm Beach International Airport, and is walking distance from Clematis Street and City Place.

Courthouse Commons was built in 2007, and its four floors are currently 52% occupied with notable tenants including US Legal Services, Inc. and Burlington & Rockenback, P.A.  A full floor lease of 23,482 SF is available. The building has an attached five-story parking garage and features a 5.0.

According to Roxanna Collins, the property is appropriate for professional service firms, particularly attorneys due to its direct access to the West Palm Beach County Courthouse through a covered pedestrian skywalk. The building also offers opportunity for a bank branch with three drive-thru lanes.