Tag Archive for: jon blunk

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

Class AA Office Tower Trades Hands In Broward’s Second $200M+ Transaction In Two Days

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On Thursday, CRE-sources reported the $208 million trade of 350/450 East Las Olas, the largest transaction in a decade… until Friday.

On Friday, Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, has acquired 401 East Las Olas Boulevard, marking the most significant office acquisition in Broward County in the past decade.

CBRE’s Institutional Office Group, led by Vice Chairman Christian Lee and Vice President Sean Kelly, represented the seller, a global investment manager. CBRE’s Debt & Structured Finance Group, led by Vice Chairmen Tom Traynor and Tom Rugg, Senior Vice President Amy Julian, and First Vice President Andrew Chilgren, represented the buyer in sourcing acquisition financing. The CBRE team also included Director Adam Spengler, Senior Associate Tom Rappa, Associate Henry Fenmore, and Financial Analyst Matthew Lee.

“Office properties in Fort Lauderdale’s CBD have thrived in the 2020’s, with strong absorption, sharp rent growth and declining vacancies. This is particularly true for top tier assets, which have outperformed because of an escalating flight to quality,” said Lee.

 

“With soaring construction costs and a dearth of remaining development sites in the Las Olas corridor, future supply will be tightly constrained and will result in continued strong rent growth for the area,” added Kelly.

The transaction closed February 13. While the terms were not disclosed, sources close to the deal reported the sale price to be in the neighborhood of $220 million, equating to more than $535 per square foot.

The 23-story, 410,561-square-foot Class AA office and retail tower—also known as Bank of America Plaza at Las Olas City Centre—sits on a full city block in the heart of Fort Lauderdale’s Las Olas Financial District. The property is home to a premier tenant roster, including Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions, and UBS.

“We see a unique opportunity to invest in high-quality office assets that are among the best in their competitive set,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “The South Florida office market has strong underlying fundamentals, driven in part by in-migration trends and return-to-work mandates. At the same time, since new developments have all but stopped in recent years, some markets are experiencing shortages of office space in quality assets.”

 

“This acquisition represents our confidence in high-quality, well-located office assets that continue to demonstrate strong leasing fundamentals,” said David Moret, President of Highline Real Estate Capital. “401 has maintained an average occupancy of 94 percent since its inception and is positioned to continue to benefit from the evolving office market.”

 

Jay Caplin, Principal at Square2 Capital, added “with our previous repositioning success at 501 & 515 Las Olas Boulevard, we are confident we can amplify 401’s position as one of the most sought-after office towers in the state. Planned improvements will build upon 401’s status as the most amenitized office property in downtown Fort Lauderdale, featuring six on-site restaurants, a fitness center, and full-service banking.” Square2 Capital will manage the property for the new owner under the direction of Principal Mike Manno.

 

TCRE Named Exclusive Leasing Agent For The Offices at the Press, Former PB Post HQ In West Palm Beach

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TCRE has been named the exclusive leasing agent for The Offices at The Press, the former headquarters of the Palm Beach Post and part of an 8-acre mixed-use adaptive reuse redevelopment located at 2751 S. Dixie Highway in West Palm Beach.

Tricera Capital acquired the four-storyPalm Beach Post office building and neighboring former printing facility in 2019 and completed a comprehensive renovation and repositioning of the properties. The printing press and distribution facility was retrofitted into the Shops at The Press, which now features 120,000 square feet of new retail space, and the existing office building has been transformed into The Offices at the Press, with 136,000 square feet of flexible workspaces.

Jon Blunk, Laurel Oswald, Constance Thomas and Cristina Glaria of TCRE are leading the office leasing efforts at the four-story office building. The Offices at The Press encompasses 40,000 square-foot floor plates that can be customized from 5,000 square feet and up with the potential for 80,000 square feet of contiguous space with building signage and branding opportunities.

“We are thrilled to represent this trophy-class office building so widely recognized for its rich history,” stated Blunk, president, TCRE. “Tricera’s transformation and revitalization of this property delivers the excitement of dynamic and upscale workspaces, paired with an exceptional environment that embraces innovation and allows businesses to thrive. The Offices offer sleek, modern interiors with an emphasis on functionality and efficiency. Businesses that locate here will benefit from sought-after amenities and meticulously designed workspaces that are as unique as they are adaptable, all set in a prime location.” 

The office building features a new tenant lounge with meeting space, newly renovated lobby, common areas and restrooms, and a full back-up generator. Tenants will enjoy an abundance of amenities including Starbucks, Joseph’s Classic Market, Raw Jūce, the 35,000-square-foot Amped Fitness, Restore Hyper Wellness, Salons by JC, Calico Interior Design, and Tipsy Salonbar, all housed in the neighboring Shops at The Press. The Shops’ second floor offers the unique opportunity to lease 32,000 square feet of office or retail space within a former printing press.

The Offices at The Press continues to attract top-flight firms seeking to relocate or expand their footprint in South Florida. Current tenants include self-storage investor SROA Capital, coworking concept Knotel and The Palm Beach Post, which occupies 30,000 square feet.

The building is conveniently located at the intersection of US-1 and Belvedere Road and within walking distance to many restaurants and daily conveniences including Pig Beach BBQ, Sushi Jo, PB Wraps, Publix and many others.  The property offers direct access to I-95 and is in close proximity to Downtown West Palm Beach and The Square, Brightline Station, and adjacent to the historic El Cid district.

 

TCRE And Alliance HP Complete 17 Office Leases At Fort Lauderdale’s One Financial Plaza

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TCRE, a full-service commercial real estate brokerage in South Florida, announced 17 lease transactions in 2022 totaling approximately 52,000 square feet at One Financial Plaza, a 283,000-square-foot, 28-story Class A office tower located at 100 SE 3rd Ave. in the Central Business District of Downtown Fort Lauderdale.

The leases, which include six new-to-market tenants, two market relocations and numerous lease renewals and expansions, bring the building to over 92 percent occupancy. Laurel Oswald, Jon Blunk and Cristina Glaria of TCRE exclusively represent the landlord, Alliance HP. The building is professionally managed by CP Group.

“The market is changing; With numerous new residential towers on the north side of downtown, the brokers in the market and their tenants are recognizing the convenience of our location, and the building’s top-notch amenities including the Tower Club continue to make One Financial Plaza the destination of choice,” stated Ira Bergstein, Director of Leasing, Alliance HP.

 

“Leasing activity was largely driven by the building’s extensive amenity offerings as well as the Landlord’s hands-on approach and focus on delivering the best possible tenant experience at the building,” added Laurel Oswald, executive director, TCRE.

The new-to-market leases include the following:

  • STEMCOR, a British steel trading and distribution company, has leased 3,465 RSF; Represented by Adam Talbot, CRESA.
  • AGI Capital has leased 2,091 RSF; Represented by AJ Belt and Jeff Holding, Cushman Wakefield.
  • RVM Enterprises has leased 3,465 RSF; Represented by Steve Hyatt, Berger Commercial.
  • Rockwave Capital, a New York-based investment firm, has leased 1,262 RSF.
  • Xplore Group, relocating from Miami, has leased 1,065 RSF; Represented by Walter Robinson, Robinson Commercial.
  • Meirowitz & Wasserberg, LLP, a New-York-based personal injury law firm, has leased 1,694 RSF.

 

Two notable in-market relocations include:

  • Oppenheimer, a global full-service brokerage and investment bank, has leased the full 21st floor totaling 11,213 RSF (in-market relocation); Represented by Adam Bernstein and Barbara Black, JLL.
  • Silverman Schermer law firm has moved its office at 401 E. Las Olas Blvd. to occupy 3,400 RSF; Represented by Kim Barbar, Stiles.

 

TCRE has also secured 22,452 RSF of renewals and expansions for existing tenants. These include:

  • Cohen Blostein & Ayala PA has expanded and renewed 5,414 RSF; Represented by Mark Goldstein, Jasper Realty.
  • Advanced Recovery Systems (ARS) has renewed 7,800 RSF; Represented by Thomas Capocefalo, Savills.
  • Insperity HR Solutions has renewed 4,725 RSF; Represented by Zach Wendelin, CBRE.

 

One Financial Plaza is a landmark building in the heart of downtown Fort Lauderdale. Originally constructed in 1972, the building has completed a multi-million-dollar renovation program. The ground floor lobby and retail spaces have been modernized, and the east building entrance was completely redesigned. A high-end fitness center and conferencing facilities add to the daily comforts and conveniences, and the exclusive Tower Club located on the top floor boasts sweeping views of downtown and the Atlantic Ocean, a fine dining restaurant, bar and lounge, meeting rooms and event space.

The office tower is conveniently located two blocks from Las Olas Boulevard, a shopping, dining and cultural destination with a plethora of restaurants within walking distance from the property. The building offers easy access to US-1, I-95 and I-595 and is minutes from the Fort Lauderdale/Hollywood International Airport and Fort Lauderdale’s Brightline train station.

 

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