Tag Archive for: tom kates

NKF Brokers Three Office Deals Totaling More Than 98,000 SF

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Newmark Knight Frank (NKF) announced the completion of three high-profile office deals in South Florida totaling more than 98,000 square feet.

The flurry of activity illustrates a recent NKF research report showing vacant office space in South Florida dropping to its lowest level since the Great Recession began more than a decade ago.

In the first deal, Oakland Sun Partners, LLC purchased 1 Dambrackas Way, a 48,671-square-foot Class B office building located in Sunrise. Originally built in 1985, 1 Dambrackas Way is also within a short drive to several nearby retail and dining destinations. The new owners purchased the building for $4.02 million.

NKF Executive Managing Director Mitchell Millowitz, NKF Senior Managing Director Ryan Rosalsky and Associate R.J. Ward represented the buyer.

Millowitz also executed a new lease agreement for e-commerce company Vitacost at 4700 Exchange Court at Boca Raton Innovation Campus. The 35,438-square-foot deal is part of an ongoing transformation for the online vitamin and healthy product supplier, which is a subsidiary of Kroger. Vitacost will relocate from its current headquarters at a one-story building in The Park at Broken Sound in August.

A former IBM corporate hub, Boca Raton Innovation Campus features an impressive array of onsite amenities that include a state-of-the-art fitness center, high-tech conference center, food hall, on-site accredited day care center and numerous walking trails. CBRE Executive Vice President Jeff Kelly represented the landlord, Crocker Partners.

“Vitacost conducted an extensive search of amenity-laden office properties in the region to fulfill its charge of finding a modernized, collaborative workplace environment with an abundance of natural light,” said Millowitz. “Boca Raton Innovation Center is the Southeast’s premier science and technology hub, and its proximity to talent and walkable amenities will provide Vitacost with a significant recruiting advantage in the years to come.”

In the third deal, Millowitz, Rosalsky and Ward represented AlphaStaff, a HR outsourcing firm, in its office relocation from Cypress Creek to Sunrise Corporate Plaza. AlphaStaff will occupy 14,604 square feet of space at the Class A office building in Sunrise beginning in January 2020. Built in 1999, Sunrise Corporate Plaza totals 107,748 square feet and is 100% occupied. Madelayne Garcia and Tom Kates represented the landlord, Stiles.

Two of the three transactions occurred in Broward County, which recorded 191 lease deals totaling more than 563,000 square feet in the first quarter of 2019. Broward also accounted for more than 58% of all Class B leasing activity across South Florida in Q1 2019, as limited blocks of availability in Class A buildings continued to aid the Class B sector.

International Digital Consultant Firm Inks 20,000 SF Lease

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Stiles Realty is pleased to announce a new lease signing as well as a pair of lease renewals at Sawgrass International Corporate Park in Sunrise.

Synechron, Inc., a $500 million international digital consulting firm, signed a lease for 19,683 square feet while insurance firm MacNeill Group renewed its lease for 37,818 square feet at Sunrise Corporate Plaza. Additionally, Emerson renewed its lease for its 17,065-square-foot Latin American headquarters at Lake Shore Plaza II.

Senior Vice Presidents Madelayne Garcia and Tom Kates handled the leasing for Stiles Realty, a division of the full-service real estate development firm, Stiles.

Sunrise Corporate Plaza (107,748 SF) and Lake Shore Plaza II (128,470 SF) are Class A office buildings featuring impact-resistant windows, lakefront views and outdoor courtyards. Both are located within Sawgrass International Corporate Park, just one mile from the Sawgrass Mills Mall and BB&T Center with convenient access to I-75, the Sawgrass Expressway and I-595.

“The addition of Synechron as well as the renewals of MacNeill and Emerson continue to affirm Sunrise Corporate Plaza and Lake Shore Plaza II as attractive office locations for top national technology and professional service firms,” Garcia said.

Headquartered in New York City, Synechron has more than 8,000 employees operating in 18 countries. Synechron provides a wide range of digital consulting services from strategy and UX to marketing science and development. The 89-month lease is valued at $4.6 million. Tenant representative was Tony Jones of Cushman & Wakefield.

A member of the Team Focus Insurance Group, MacNeill Group’s 130-month renewal is worth $40 million. MacNeill was established in 1946 and works exclusively with top-rated property and casualty (P&C) insurance companies specializing in commercial, personal, transportation and flood lines, and provides independent agents throughout the Southeast. Robert Listokin of Colliers lnternationalrepresented the tenant in the lease negotiations.

A 128-year-old global automation technology and software company, Emerson provides technologies and strategies for customers in manufacturing industries such as oil and gas, power, chemical, life sciences and others. The company has 76,500 employees across the globe and revenues over $25 billion. The renewal is for 65 months at a value of $3.1 million. The national tenant representative was Patrick Fitzgerald of Axiom Advisory Group while Zach Talbot of Cresa South Florida was the local tenant representative.

Maddy Garcia, Tom Kates Filling Up 800 Fairway With 36,000 SF Of Lease Deals

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Stiles Realty executed 35,734 square feet of leases in the past six months at the repositioned 800 Fairway office building in Deerfield Beach.

Stiles worked in concert on this property assignment with Virginia-based Divaris Real Estate, who is a CORE Network Partner.

Notably, Experian Information Solutions signed the second largest new lease in the building for 13,550 square feet over a 5-year term and United Schools Association signed a lease for 4,149 square feet over a 5-year term.

Comprised of 172,323 square feet amidst four floors, 800 Fairway is the largest multi-tenant office building in Deerfield Beach. The building is owned by American General Life Insurance Company and Stiles provides both leasing and management services on the property for the landlord.

“Tenants seeking quality, flexible space and a large amenity base have few options in Deerfield Beach,” said Stiles Realty Director Madelayne Garcia. “800 Fairway has found an effective market niche with its on-site amenities and is drawing attention from large and midsize users that find value in these services.”

Madelayne GarciaTom KatesAccording to Garcia, who represented the landlord along with Broker Associate Tom Kates in all of the transactions, leasing activity accelerated in response to the owner’s extensive renovation in mid-2013.

“800 Fairway’s reputation as the ideal option for larger users in Deerfield Beach is further augmented by its recent renovations, which have been a catalyst for additional leasing activity,” commented Garcia. “This building now offers tenants better quality amenities and a more dynamic business environment.”

800 Fairway-Lobby Renovation800 Fairway underwent extensive interior and exterior upgrades that enriched its amenity base and differentiated it in the market. Notable features include a renovated fitness center with state-of-the-art equipment, lockers and showers, as well as a remodeled atrium lobby, expansive conference center, on-site café, secured parking, lit walking paths, and picnic shaded area.

In addition, renewals and expansions in recent months have accounted for much of the activity at 800 Fairway. Jonathan Brooks, P.A. expanded their lease by 2,401 square feet to occupy a total 8,298 square feet. Three lease renewals totaling 15,635 square feet were also executed, with two closing as recently as July 2014. Renewed tenants include Jacobs Engineering Group for 6,256 square feet, engineering firm Tildin, Lobnitz, Cooper for 4,743 square feet, and nurse employment agency Onward Healthcare for 4,636 square feet.

“We’re pleased with the strong leasing activity that has resulted from our successful repositioning of 800 Fairway,” said Garcia. “The building continues to attract high-quality businesses, which is a direct reflection of the ownership’s commitment to enhancing its quality and marketability.”

800 Fairway is located at 800 Fairway Drive – adjacent to I-95 and in between Hillsboro Blvd and SW 18th Street in Boca Raton.

 

Stiles Realty Appoints New President

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Stiles Realty, the brokerage and leasing division of Stiles, today announced the appointment of industry veteran Paul Marko as president.

In this role, Mr. Marko will assume leadership of the division, directing its market expansion throughout Florida as well as its strategic effort to grow third-party business. Mr. Marko will take over for Stiles’ current president of Realty, Tom Kates, who is retiring after 27 years with the Company.

As president, Mr. Marko will play an integral role in helping Stiles to execute on its strategy to increase Stiles’ footprint across the state while further penetrating its core South Florida markets. In addition to increasing third-party leasing business, he will be responsible for enhancing operations, broker retention, recruiting and professional development. Mr. Marko will also focus on driving growth by leveraging client relationships across the Stiles’ various service divisions, including Property Management, Construction, Architecture, Tenant Improvement and Development.

“Paul’s tremendous expertise combined with the unique structure of Stiles will enable Stiles Realty to achieve the growth we expect in the short-and long-term,” said Stiles Chief Executive Officer, Terry Stiles.  “Paul has a deep knowledge of the local market, proven ability to build long-term relationships with clients and track record of success in the leasing and brokerage arena. With him on the team we will be better positioned to take advantage of new market opportunities while also maintaining our reputation as the leading provider of commercial real estate spaces throughout Florida.”

Prior to joining Stiles, Mr. Marko served for 12 years as First Vice President at CBRE (NYSE: CBG), the world’s largest commercial real estate services firm, according to the company. He also served for six years with Codina Group/Codina Realty Services in a similar capacity.

Mr. Marko will be based in Fort Lauderdale, FL. He is active in the community, and has served on the Board of Directors of the Broward Alliance, the local chapter of CoreNet Global, and Junior Achievement of South Florida. He is a native of Fort Lauderdale and holds a bachelor’s degree in Business Administration from Florida Atlantic University, Boca Raton, FL.

About Stiles

Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include leasing and brokerage, property management, development, construction, architecture, acquisitions and financing.  Headquartered in Fort Lauderdale, Stiles also has regional offices in Miami, Fort Myers, Tampa and Orlando, Florida. Stiles is responsible for more than 37 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.

Stiles Realty Launches Search For Its Next President

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A regional search is underway for Stiles Realty’s next leader, according to Stiles Chairman and CEO Terry Stiles.

“After 27 years heading our Realty operations, Tom Kates informed us he wants to shed his executive responsibilities and focus on what he loves doing – the transactional side of the business,” Stiles said.  “He’ll help us find Stiles Realty’s next President and take some time off for himself, then return here to concentrate on negotiating major transactions.  Tom’s legacy sets the bar high.”

Kates led Stiles Realty’s expansion as a premier commercial real estate brokerage firm from Miami-Dade throughPalm Beach counties.  The Stiles organization’s strategic plan calls for continued dynamic growth of its third-party brokerage business, Stiles added.

For the right top executive, this is an outstanding opportunity to be a key player in one of Florida’s largest, most respected private real estate development firms – and one of the state’s few full-service commercial real estate companies.

Kates assured us that while he may briefly be out of sight, he intends to continue interacting with friends and colleagues in the brokerage community. His message to brokers: “I’ve already had a great run, Stiles is a great company, and I’ll be back and eager to work with you on future opportunities”