JLL announced the completion of several new leases, including new-to-market, expansions and renewals, at Northbridge Centre in Downtown West Palm Beach that drive total occupancy in the trophy office complex to 95 percent.
Situated at 515 North Flagler Drive in the city’s urban core, the four story, 294,493-square-foot trophy office property will see new and existing tenants ranging in size from approximately 1,800 to over 13,300 square feet.
JLL Senior Managing Directors Kevin Probel and Kevin McCarthy along with Sales Coordinator Leigh Lingo represented the building’s ownership group, Vanderbilt Office Properties, who recently invested over $18 million into capital improvements, including multi-tenant floor renovations, speculative suite buildouts, elevator and lobby renovations, and exterior upgrades.
“Palm Beach County remains a hotspot for corporate headquarter relocations and expansions due to its growing and highly educated labor force, unmatched quality of life and economic strength,” said JLL’s Probel. “With only a handful of available spaces left, Northbridge Centre remains the premiere choice for companies looking to expand or enter the region and take advantage of the property’s employee friendly amenities and strategic location in the heart of Downtown West Palm Beach.”
Among the new additions to Northbridge Centre’s distinguished roster of tenants are:
- Duracell Distributing, which offers office administrative and support services, is expanding from 1,955 square feet to occupy 6,113 square feet of space. Duracell Distributing was represented by Mitchell Millowitz at Newmark.
- General Services Administration (GSA), an independent agency of the United States government established to help manage and support the basic functioning of federal agencies, will occupy 13,135 square feet. GSA was represented by Scott Powell with Public Properties.
- Serengeti Asset Management, a New York-based boutique financial firm specializing in investment management services that will be taking 4,119 square feet. Serengeti Asset Management was represented by Connie Thomas with TCRE.
- Smart Source LLC, a new-to-market global company that offers print, promotional and digital marketing services and will occupy 4,140 square feet. John Criddle with CBRE represented Smart Source LLC.
- Shoreham Capital,a privately-held real estate firm focused on the acquisition, development, ownership, and management of best-in-class real estate properties spanning the East Coast, signed a new lease for 3,455 square feet of space;
- Fifth Third Bank, a financial institution offering a range of banking services to individuals and businesses, has renewed its spots on the first and seventh floor for a total of 7,984 square feet. Will Portfolio and Chris Smith with CBRE represented Fifth Third Bank.
- Lightview Capital, a lower middle market private equity firm, has renewed its 1,825 square feet of space on the fifth floor. Lightview Capital was represented by Jason Sundook and Lesley Sheinberg with NAI Merin Hunter Codman.
- DC Capital Partners, a private equity investment firm, has renewed and expanded its lease from 3,150 square feet to now occupy 6,560 square feet. Brad Davis with CBRE represented DC Capital Partners.
Located in the heart of Downtown West Palm Beach and the central business district, Northbridge Centre offers convenient access to Palm Beach Island, Interstate 95 & Okeechobee Blvd and is less than a mile away from the first private US passenger rail Brightline station. The trophy office building features panoramic water views of the intercoastal waterway, the Atlantic Ocean, and Clear Lake as well as spectacular views of Palm Beach Island and the West Palm Beach skyline. Additionally, the property offers tenants three on-site dining venues, rooftop amenity deck, full-service banking, executive valet parking with direct building access, a Paul James salon, a fitness center with extensive programming, and a state-of-the-art conference facility.
According to JLL’s latest office insight report for Palm Beach County, flight-to-quality remains an important driver of activity as demonstrated by rents and vacancy rates in Palm Beach’s most exclusive submarket – Palm Beach Island. Overall direct rents reached an impressive $70.69 per square foot, full service (FS) this quarter, representing a staggering 31.3% increase year over year.
