Tag Archive for: Tower Commercial Real Estate

Citizens Private Bank Expands West Palm Beach Presence As Wealth Firms Continue To Target Downtown

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Citizens Private Bank is deepening its presence in Palm Beach County with a West Palm Beach office, adding another financial services name to a downtown market that has become increasingly attractive to private banking, wealth management and investment firms.

The bank’s West Palm Beach office is located at 190 Lakeview Ave., where Citizens says its local team provides private banking support, customized client service and access to relationship managers, private wealth managers and advisory professionals. The office operates Monday through Friday and is led locally by Regional Market Executive James B. Meany, with Augie Vulaj serving as private bank office manager.

Citizens Private Bank signed a 10-year lease for a 2,700-square-foot private banking office on the ground floor of the newly built office tower, plus 9,300 square feet of office space on the 12th floor. Move-in was earlier this month.

Cushman & Wakefield represented the bank, while Tower Commercial Real Estate represented the landlord.

The move follows Citizens Private Bank’s earlier Palm Beach expansion. In October 2025, Citizens announced the opening of its Palm Beach regional office at 400 Royal Palm Way, calling it part of a broader South Florida growth strategy driven by rising client demand. At the time, Citizens said it had added wealth teams in Palm Beach, Boca Raton and Naples over the prior year.

For West Palm Beach, the expansion is another signal that the city’s office market continues to benefit from the growth of South Florida’s financial sector. New and renovated Class A office space has helped attract firms seeking proximity to Palm Beach’s high-net-worth residents, corporate executives and family offices. One Flagler, one of the city’s most visible new office towers, has been positioned as part of the next wave of high-end downtown office development.

Citizens’ growth also reflects a broader shift in how financial institutions are serving clients in Palm Beach County. Rather than relying only on traditional branch networks, private banks are investing in relationship-driven offices designed around advisory services, wealth planning, lending, deposits and personalized client support.

Citizens Financial Group, based in Providence, Rhode Island, reported $222.7 billion in assets as of Sept. 30, 2025. The company offers retail, small business, commercial banking, lending, treasury management, wealth management, capital markets and related financial services.

For office brokers and landlords, Citizens’ expansion reinforces a key theme in the West Palm Beach market: financial services tenants continue to view the city as a strategic location for client-facing operations. As more wealth, banking and investment firms establish offices in the area, demand for well-located, high-quality office space is likely to remain closely tied to Palm Beach County’s growing role as a financial services hub.

Source:  SFBJ

Chicago Firm Picks Up West Palm Office Building

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Chicago-based Bradford Allen Investment Advisors has made its second splash in the South Florida office market with its purchase of One Clearlake Centre office tower from Rockpoint Group for $45 million, according to property records provided by Vizzda.

The company intends to invest an additional $10 million into refurbishing the property, which currently has a 62% occupancy rate, as part of a value-add strategy.

The 221,000-square-foot building was purchased in 2021 for $60.7 million by Rockpoint Group in partnership with Tricera Capital, NDT Development, and New England Development. Despite efforts, occupancy has remained stagnant, resulting in a nearly 26% loss on the recent sale.

Built in 1986 and located at 250 South Australian Avenue in downtown West Palm Beach, the building will receive a new roof, updated elevators, a renovated fitness and conference center, a tenant lounge, and food service upgrades. Bradford Allen also plans to introduce four move-in-ready spec suites in 2025.

Current tenants include Truist Bank, Ideal Nutrition, and Robert Half.

The leasing for the building will be managed by Tower Commercial Real Estate, led by Jon Blunk and Laurel Oswald.

While One Clearlake has struggled, newer properties like One Flagler — opened in February and 95% leased — reflect strong demand for modern office space. According to CBRE, Class A office buildings in the West Palm Beach central business district have a low direct vacancy rate of 2.8%.

“There is significant potential in repositioning One Clearlake,” said Blunk. “Like other urban cores, downtown West Palm Beach is seeing strong demand for premium office space as top-tier companies move in.”

Earlier this year, Bradford Allen made its entry into South Florida with a $208 million purchase of Las Olas Centre I and II in Fort Lauderdale, the city’s largest office sale in nearly ten years. That building was 69% occupied, and the firm plans a $25 million renovation.

CBRE’s Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa, and Mathew Lee represented the seller in the transaction.

 

Source:  Bisnow

CityPlace Tower Trades For $175 Million

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Related Cos. acquired the CityPlace Tower office building in downtown West Palm Beach for $175 million.

CPT Equity LLC, an affiliate of W.R. Berkley Corp., sold the 303,519-square-foot office tower at 525 Okeechobee Blvd. to 525 Okeechobee LLC, an affiliate of New York-based the Related Cos. The price equated to $577 per square foot.

CityPlace Tower last traded for $150 million in 2014.

Tenants at CityPlace Tower include Cleveland Clinic, Carlton Fields, Comvest Partners, Greenspoon Marder, Marcum LLP, Shutts & Bowen, and Cresset Wealth Advisors. A recent online listing by broker Tower Commercial Real Estate said 63,080 square feet in the building was available for lease, with rent ranging from $51 to $55 per square foot.

The site has benefitted from its close proximity to the Brightline passenger rail station, which will connect with Miami, Fort Lauderdale, Boca Raton, Aventura and Orlando once service resumes.

 

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Palm Beach Gardens Office Complex Trades For $80M

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New York-based real estate firm Gatsby Enterprises has acquired DiVosta Towers, a 220K-SF office complex in Palm Beach Gardens.

The sales price was $80 million.

Located at 3825-3835 PGA Blvd., the Class A office complex consists of two 11-story office buildings and 889 parking spaces. The South Tower was completed in 2019 and is approximately 70 percent leased to a tenant roster that consists of JP Morgan and Comiter, Singer, Baseman & Braun, LLP. The North Tower was completed in September.

Jon Blunk at Tower Commercial Real Estate has been tapped to oversee the leasing for both buildings.

The Seller, Gardens Corporate Center LLC, acquired the seven-acre site in early 2015 for $8.5 million and spent the past five years constructing both towers along with the four-level parking garage.

 

Source:  Connect Media

New Office Tenants Coming To 360 Rosemary, Rosemary Square

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Related Companies that prominent investment firm Comvest Partners and leading artificial intelligence firm Levatas LLC will locate their corporate headquarters in the Rosemary Square neighborhood in Downtown West Palm Beach.

Comvest will relocated to 360 Rosemary, a sustainable Class-A office building that features state-of-the-art, loft-style office space and broke ground on May 16. Levatas LLC, a digital transformation agency and leader in artificial intelligence software, will locate its corporate headquarters to Rosemary Square, expected to open in early 2020.

 

“Our vision for Rosemary Square as a true live, work, play neighborhood is resonating with a diverse roster of businesses that recognize the growing value of dynamic locations in building corporate culture, serving clients, and attracting and retaining great talent,” said Gopal Rajegowda, Senior Vice President of Related Companies. “We are proud to offer our tenants a wide-range of office solutions, all surrounded by a vibrant array of cultural, entertainment, dining and retail offerings in the heart of Downtown West Palm Beach. The corporate relocations will also spur economic and employment benefits for the City and region.”

Comvest Partners, a private investment firm providing equity and debt capital to middle-market companies across North America with $3.2 billion of assets under management, has signed a 26,000-square-foot lease to consolidate its offices in a cohesive space at 360 Rosemary supporting the firm’s anticipated growth for the next decade.

Levatas LLC, a leader in Artificial Intelligence solutions and named as one of the “Top 150 Company Cultures in America” by Entrepreneur Magazine, is relocating its headquarters from Palm Beach Gardens to a 16,000-square-foot space in Rosemary Square injecting an anticipated $1.2M into the local economy and adding 50 new jobs to Palm Beach County. The county’s Business Development Board assisted the Levatas team in the search for office space and assisted with a $350,000 Qualified Target Industry (QTI) Tax Refund from the State of Florida, based on the company’s commitment to create new jobs paying an average of $105,490.

 

Michael Falk, Chairman and Managing Partner of Comvest, said, “We look forward to our partnership with Related as we create an office space that supports Comvest’s continued growth. The move to a dynamic and collaborative space will allow us to foster better interaction among teams and promote innovation and forward thinking.”

 

“Our type of work requires a highly skilled group of engineers, data scientists, designers and project managers, so being accessible to the broadest possible pool of talent is critical,” said Chris Nielsen, Founder and Chairman of Levatas. “The proximity of Rosemary Square to the Brightline, which connects the residents of Miami and West Palm, and soon Orlando, opens up a lot of possibility we didn’t have before, both for employees and clients. It’s also nice to be in a creative, urban hub, close to where many of our employees live and play.”

Anticipated LEED Gold, 360 Rosemary is a 300,000-square-foot building designed by Elkus Manfredi Architects and Leo A. Daly that will bring state-of-the-art, connected and innovative workspaces to South Florida. The 20-story modern building will offer loft-style office space with expansive floor-to-ceiling windows that maximize natural light and 10,000 square feet of outdoor amenity space including two terraces that allow for an exceptional indoor/outdoor workplace environment. Located adjacent to the Brightline high-speed rail station which connects West Palm Beach with Miami and Fort Lauderdale, on 10 local bus routes and just 3 miles from the Palm Beach International airport, the building offers unparalleled access to local transportation hubs. Related Companies has retained construction management company Moss as contractor for 360 Rosemary. The building is expected to be complete in early 2021.

360 Rosemary is located in Rosemary Square, which is currently undergoing a $550 million transformation led by Related to become a vibrant community and destination featuring premiere commercial office space; rejuvenated green spaces; modern residences; diverse, experiential retail and culinary offerings; robust arts and cultural programming—culminating in an exceptional new district to live, work and visit in South Florida.

Jon Blunk, President of Tower Commercial Real Estate, is the exclusive leasing agent for 360 Rosemary and represented Related in both transactions. Comvest was represented by CBRE First Vice President Kevin Probel and First Vice President Kevin McCarthy. Levatas was represented by JLL Vice President Cameron Tallon.

 

Source:  CRE-sources

Tower Commercial Expands South Florida Team, Names Veteran Broker Senior Managing Director

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Stephen Smith, formerly vice president of the Hogan Group, has joined Tower Commercial Real Estate as Senior Managing Director serving the fast-growing commercial real estate brokerage’s clients in the Miami-Dade and Broward County markets.

Jon Blunk, Tower-CRE president, said, “With the projected growth of these markets, it’s timely to expand Tower-CRE’s team. Steve adds tremendous value for our clients, bringing insight into this region’s dynamics and deep real estate and investment expertise honed in working with leading institutional investors and trophy assets.”

Smith draws on 28 years of experience in leasing and marketing new development in Waterford at Blue Lagoon, a 250-acre office park adjacent to Miami International Airport.  During his tenure, the Hogan Group developed, leased and managed over 2.7 million square feet of multi-tenant and build-to-suit office buildings for Waterford’s joint venture owners, an affiliate of TIAA and Allianz Real Estate of America. Last year alone, Hogan’s team leased nearly 448 million square feet, and Smith was responsible for one of South Florida’s largest office transactions in recent years, a 150,000-square-foot build to suit lease for a major multinational corporation.

Earlier, Smith served as a Vice President at Carey, Kramer, Silvester Associates, loan correspondents for major insurance companies, and was a senior investment analyst for TIAA-CREF in New York, responsible for commercial mortgage investments in the Southeastern U.S.

A resident of Weston, Smith is a graduate of Hobart College and attended the Stern School of Business at New York University. He is a board member of NAIOP’s South Florida Chapter and is active in the Beacon Council and Greater Miami Chamber of Commerce. A community leader, Smith is currently Chairman of the Board of Trustees of the Southern Florida Chapter of the Leukemia and Lymphoma Society and is past Chair and currently serves on the Volunteer Leadership Council of the Miami-Dade Unit of the American Cancer Society.

“I’m excited to join the Tower Team and to help grow their Landlord Agency business. What Tower has achieved in three years since opening is remarkable. I look forward to leveraging my experience for Tower and its clients,” Smith said.

Blunk noted that Smith is the latest high-profile executive to join Tower-CRE as the boutique firm strengthens its presence throughout the Tri-county area. Most recently, Tower-CRE added a tenant representation group, expanded its Fort Lauderdale office, and added a research analyst.