Tag Archive for: the plaza

Crocker Picks Up 339,000 SF In Boca

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Crocker Partners has acquired two high-profile office towers in Boca Raton from MetLife Real Estate Investors, adding 339,000 square feet of Class A space to its growing South Florida portfolio.

Crocker paid $81 million for the Boca office complexes.

The two buildings, both originally developed by Crocker entities, are One Town Center and The Plaza, located just south of Glades Road.

The two buildings are currently 42 percent leased and major tenants include Wells Fargo and Kayne Anderson Real Estate Advisors.  This latest acquisition, in partnership with Siguler Guff, brings Crocker Partners’ holdings in Boca Raton to more than 616,000 square feet. Earlier this year, Crocker Partners acquired the 277,390-square-foot One Boca Place office center, and the company expects to finalize another major acquisition by year-end that will bring its Boca Raton portfolio to more than one million square feet.

“Buying Class A vacancy in one of South Florida’s most desirable office markets is central to our investment strategy,” said Thomas J. Crocker, Founder and Managing Partner. “Our basis in these assets is a fraction of the cost it would take to replace them and we have significant upside potential as both buildings come with extensive development opportunities.”

Crocker Partners will manage the properties and has engaged CBRE for leasing, according to Angelo J. Bianco, Partner. He said Crocker Partners sees upside potential from development of surplus land surrounding the projects. The company, Bianco noted, has deep roots in the Boca Raton market, where it is headquartered and has developed many of the city’s most prominent buildings.  In addition to The Plaza, built as Boca Raton’s first Class A office tower, and One Town Center, home to W.R. Grace and later Tyco, Crocker introduced the City’s two major mixed-use centers, Downtown Boca Raton’s Mizner Park, and suburban Boca Center.

Overall, Crocker Partners’ portfolio now includes more than 8.0 million square feet of office real estate in the Southeast U.S. and Texas, representing more than $1.5 billion invested.

CBRE Recognized With Four TOBY® Awards

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CBRE received four The Outstanding Building of the Year® (TOBY®) Awards by the 2014 Building Owners and Managers Association (BOMA) of Fort Lauderdale and the Palm Beaches.

The TOBY Awards are the most prestigious and comprehensive programs in the commercial real estate industry, recognizing outstanding performance and rewarding excellence in building management.

“This is an important honor as it recognizes CBRE’s commitment to excellence and our Asset Services team’s professionalism and outstanding client service delivery capabilities,” said Patty Nooney, Senior Managing Director, CBRE Investor Services.

The awards recognize four office properties that CBRE manages on behalf of its clients and were presented in the following categories:

  • Renovated Building: Sabadell Financial Center, Plantation (Client – Clarion Partners)
  • Suburban Office Park (Low Rise): International Plaza, Boca Raton (Client – Clarion Partners)
  • 100,000 – 249,999 SF Building: The Plaza, Boca Raton (Client – MetLife)
  • 250,000 – 499,999 SF Building: Coastal Tower, Fort Lauderdale (Client – CBRE Global Investors)

 

CBRE Closes 16,000 SF At The Plaza

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CBRE has signed Imperial Finance & Trading, LLC, a subsidiary of specialty finance company Imperial Holdings, Inc. (NYSE: IFT),  to an 11,000 square foot lease at MetLife’s newly renovated, 11-story office tower, The Plaza in Boca Raton.

The firm moved into their new office space this month.

Antony Mitchell, CEO of Imperial, commented, “We are thrilled to move to our new Boca Raton location at The Plaza. This new space satisfies our operating needs while meaningfully lowering our annualized rental costs.”

Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife. Imperial was represented by co-brokers Ryan Nunes, Scott Allen and Shay Pope of CBRE’s South Florida Occupier Services Group.

Imperial provides customized liquidity solutions to owners of illiquid financial assets.

Other recent leases included Weingarten Realty Investors (NYSE: WRI) 5,000 square foot lease for the company’s South Florida regional office.