Tag Archive for: Wells Fargo

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.

 

Grover Corlew Acquires Downtown Boca Office Building

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The South Florida-based real estate investment management group, Grover Corlew, has acquired Palmetto Park City Center, a 66,606-square-foot office building in downtown Boca Raton for $25.2 million.

Having earned the reputation in Florida and the southeastern U.S. for reimagining infill office properties in prime locations, Grover Corlew plans to invest in Palmetto Park City Center with upgrades to tenant space, common areas, landscaping and the façade.

Located at 120 East Palmetto Park Road, Palmetto Park City Center is a five-story, Class A office building that sits adjacent to the 109,497-sq.-ft. Bank of America Tower, purchased by Grover Corlew in July 2021.

Less than a year after acquiring the eight-story Bank of America Tower, Grover Corlew has already made major strides toward revitalizing the property. During that time, both tenant occupancy levels and rental rates have risen by 30%. A high-end and well-known restaurant has also signed a 7,800-square-foot lease and will open on the ground floor later this year. Plans are also underway for substantial renovations and development of the Bank of America Tower, which will take advantage of the building’s significant retail frontage along the burgeoning East Palmetto Park Road.

“We have been making continuous investments in Boca Raton since 2016 when we originally purchased 1499 West Palmetto Park Road and subsequently purchased the adjacent 1489 building,” said partner Mark Corlew.  “Our headquarters are here, and we’re raising our children here. We see these two properties as an ideal opportunity to invest in our hometown.”

Originally built in 1996, Palmetto Park City Center is located in the heart of downtown Boca Raton, with direct access on Palmetto Park Rd and just east of US-I.  The property is within walking distance of Mizner Park, is less than a mile from the Boca Raton Resort & Club and is within close proximity to Royal Palm Place, countless restaurants and shops, and the soon to be completed Brightline station. The building was awarded an Energy Star label in 2015 and features a renovated lobby, lush landscaping and ample covered and free surface parking.

In addition to Fort Lauderdale International and Palm Beach International airports, Palmetto Park City Center is also in close proximity to Boca Raton and Fort Lauderdale executive airports.

The Cushman & Wakefield Capital Markets team led by Dominic Montazemi and Scott O’Donnell brokered the transaction, and financing was provided by Wells Fargo facilitated by Patrick Ramge.

“Because of their recent purchase of the adjacent building, Grover Corlew was uniquely positioned to benefit from scale and synergy that buying 120 E. Palmetto Park provides,” said Dominic Montazemi of Cushman & Wakefield.

In November 2021, Grover Corlew sold Sabre Centre I, a Class A office building also located in Boca Raton, after investing significantly in common area and tenant upgrades while re-tenanting the building in its entirety. The building received considerable attention when Gift of Life, a bone marrow and stem cell registry, moved its corporate headquarters there.

Most recently, Grover Corlew launched Mayla Residences, a new ground-up multifamily brand and celebrated the groundbreaking of the 355-luxury residence, Mayla Pompano, located on East Atlantic Boulevard in Pompano Beach.

“This is a strategic move for us as we continue to set our sights on underrealized areas of South Florida,” noted partner Anuj Grover. “This stretch of the East Palmetto Park corridor has tremendous long-term potential as a lifestyle friendly location to do business. We look forward to repositioning and rebranding this exceptionally well-situated property.”