Tag Archive for: the press

Financial Services Giant To Occupy 25,000 Square Feet In Boca With Additional Expansion Rights

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Tricera Capital secured a prominent new tenant at its 1675 Midtown office building in Boca Raton.

Wells Fargo signed a lease for approximately 25,000 square feet with options to expand at the building.

The Ben Mandell-led Tricera also kicked off an extensive capital improvements program at the 1675 N. Military Trail property, with Kravit Architecture retained to assist with the upgrades. The building’s lobbies, common corridors, restrooms and building systems will be renovated.

The Wells Fargo lease allows Tricera to seamlessly backfill space to be vacated by Comerica Bank, which is moving out of 1675 Midtown when its lease expires in June 2023.

Tricera Executive Vice President | Head of Office Leasing Dustin Ballard began discussions with Wells Fargo in advance of the firm’s November 2021 acquisition of the building. Wells Fargo had an expiring lease at a nearby property, so 1675 Midtown gives it a premier location for its new Boca Raton corporate office.

“We are thrilled to finalize a lease with Wells Fargo – a flagship tenant for a trophy Boca Raton office building,” Ballard said. “Our team continues to receive substantial interest from potential corporate tenants of all sizes, including new-to-market companies and those with an established presence in Palm Beach County.”

The seven-story 1675 Midtown has approximately 70,000 square feet and ample parking in the four-story podium parking garage. Built in 2008, the building features hurricane resistant windows, heavy back-up power, expansive conference rooms and valet parking.

Tricera is extremely active in Palm Beach County.

The firm is part of a joint venture that owns office building One Clearlake in downtown West Palm Beach. Tricera is also nearing completion of The Press, a transformative mixed-use redevelopment of the former Palm Beach Post campus on West Palm Beach’s South Dixie corridor. The Press includes a fully redesigned and renovated office building occupied by the Post and numerous additional tenants.

“We remain bullish on Palm Beach County’s core markets, especially Boca Raton and downtown West Palm Beach,” Mandell said. “These areas have benefitted greatly from the domestic and corporate migration of the last few years. That activity has not slowed down, and we continue to pursue investment opportunities to address the pent-up demand for quality office and retail space in these markets.”

CBRE’s John Criddle, Joe Freitas and Chris Smith oversee leasing of 1675 Midtown on behalf of Tricera.

 

Tricera Capital Signs Nearly 50,000 SF Of Office Leases At The Press

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Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., completed a substantial refinancing and secured numerous exciting leases at its pioneering mixed-use project – The Press – in West Palm Beach.

The new office leases account for a combined total of more than 68,000 rentable square feet.

The refinancing, which closed on July 29, adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue the buildout of the ±136,000-square-foot Workspaces at the Press and the ±120,000-square-foot Shops at the Press.

Recently signed leases at the Workspaces at the Press include: SROA Capital – a self-storage real estate investment firm that leased ±25,900 square feet, Knotel – the global flexible office platform that leased 18,000 square feet, and Blue Sky Financial – a mortgage brokerage firm that finalized a ±5,200-square-foot lease renewal and relocation within the office building

“We are proud of the successful execution to date,” Tricera Managing Partner and CEO Ben Mandell said. “The product offering will fill a void for high-quality retail and office along the South Dixie corridor. The Tricera team also would like to thank Monroe Capital for its continued belief in our ambitious project.”

Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.

The firm found a way to modernize the asset while still maintaining the site’s integrity; paying homage to an important piece of the city’s history.

The Press also includes a newly constructed Starbucks, which opened in June 2021 and has upscale features and a drive thru.

Other members of the project team include:

  • Miami-based Red Door Construction, led by Gal Bensaadon
  • St. Petersburg-based Storyn Studio for Architecture, led by Everald Colas
  • St. Petersburg-based Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade