South Florida Office Brokers Association

Tag: one town center

  • Gatsby Florida Unveils Luxury Office Tower In Palm Beach Gardens

    Gatsby Florida Unveils Luxury Office Tower In Palm Beach Gardens

    Gatsby Florida, a premier developer of high-profile commercial and residential properties across South Florida, announced the details and plan for The Modern at Palm Beach Gardens, a 220,000 square-foot office tower designed to meet unprecedented demand from relocating financial, legal and Fortune 500 institutions.

    The Modern, strategically located in Palm Beach Gardens, represents Gatsby Florida’s continued commitment to providing best-in-class assets in the state’s most desirable markets. The project is specifically engineered to cater to the discerning tastes of corporate tenants migrating from high-tax, high-cost environments, with a particular focus on companies exiting New York following the recent election of Mayor Mamdani.

    Gatsby Florida has already completed construction plans and looks to begin construction in January 2026. The project is scheduled to turn over spaces for tenant buildouts by the first quarter of 2027, with a projected grand opening in late 2027.

    “We already have about 25% of the building’s space committed to and look forward to rapid lease-up,” said Isaac Shalom, Vice President of Gatsby Florida.  “As the only new Class AA office building under development in Palm Beach Gardens, we recognize the large, unfilled tenant demand in the marketplace and look forward to welcoming top National and International companies to our new tower.”

     

    “The consistent corporate exodus from New York City and surrounding areas has been amplified by the recent election, increasing the urgency for firms seeking a more favorable and stable business climate,” said Babak “Bobby” Ebrahimzadeh, Co-Founder of Gatsby Florida. “The Modern is specifically tailored to the high-end standards these top-tier New York corporations expect. We’ve seen that New Yorkers prefer the established, exclusive environment of Palm Beach Gardens, and this building will provide a spectacular work environment—top-of-the-line in all aspects, including ease of access, proximity to housing, and quality of construction.”

    The Modern will provide the next generation of premier, secure and amenity-rich office space necessary to accommodate this heavy influx of financial and corporate capital. The 8-story tower’s Class A 25,000 square-foot office floorplates are complemented by a vibrant array of culinary options. The ground floor will house a proposed 10,000-square-foot fine-dining restaurant and a 4,000-square-foot casual dining concept, with an additional 7,000 square feet of quick service and retail uses conveniently situated under the adjacent parking garage.

    Palm Beach Gardens offers exceptional demographics and has already proven to be a magnet for corporate relocations, evidenced by the success of Gatsby Florida’s nearby DiVosta Towers project, which is currently 100% leased and hosts financial giants like J.P. Morgan and Stifel Investment Banking.

    The Modern is designed to capture the accelerated demand from financial institutions, private equity firms, law firms, and Fortune 500 companies with a strong affinity for Palm Beach Gardens high quality of life. The area is home to world-class golf course communities, including the PGA National Golf Club & Resort, and is seeing massive residential growth with 1,000 new apartments opening in the immediate vicinity.

    The Modern at Palm Beach Gardens joins Gatsby Florida’s distinguished portfolio of landmark properties throughout South Florida, which includes DiVosta Towers in Palm Beach Gardens, 800 Brickell in Miami’s Financial District, One Town Center in Boca Raton and 550 Okeechobee in West Palm Beach.

    Darryl Kaplan of Darryl R. Kaplan Company is handling the leasing of the project.

  • Boca Office Building Trades At $18 Million Loss

    Boca Office Building Trades At $18 Million Loss

    Gatsby Enterprises has purchased One Town Center, located at 1 Town Center Road in Boca Raton, for $82 million.

    The asset last sold for $99.5 million.

    In July 2021, KBS acquired the property from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which traded on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS served as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

    The 1991-built 10-story building totals 191,294 square feet and features a 151,392-square-foot parking structure. The building is one of the market’s tallest office buildings and was developed before annexation into the City, thus avoiding Boca Raton’s four-story height restrictions.

    Wells Fargo provided a $51 million acquisition loan to Gatsby Enterprises.

  • New Office Building Coming To Boca Raton

    New Office Building Coming To Boca Raton

    Plans for a Class A office building close to the Town Center at Boca Raton mall have been filed by CP Group.

    The city received designs for the five-acre site on the west side of North Military Trail, directly south of the One Town Center office complex, from the local developer via affiliate CP Group via CP OTC LLC. Two Town Center is still owned by CP Group, who also constructed and sold One Town Center.

    Under the proposal, Three Town Center will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories. It was designed by Tampa-based TVS Florida Architecture.

    Angelo Bianco, managing partner of CP Group, said Boca Raton has missed out on many of the big office tenant relocation deals that headed to West Palm Beach in recent years, but Boca Raton hasn’t had a Class A building developed in many years. He aims to change that.

    Three Town Center is slated for smaller floor plates, around 12,000 square feet each, and likely a restaurant on the ground floor.

    Mike Erickson and Laurel Oswald with TCRE have been tapped to lease the new office building, according to a marketing brochure.

     

    Source:  SFBJ

     

  • Class A Office Building In Boca Fetches $99.5 Million

    Class A Office Building In Boca Fetches $99.5 Million

    KBS assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton.

    The property was acquired from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits ticker as: OXMU. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on PRIME’s behalf.

    One Town Center is a Class A property consisting of a 10-story office building and an adjacent parking deck. CP Group has been retained as on-site property management.

    “This is one of three acquisition for the portfolio since listing on the Singapore Exchange in 2019,” says Marc DeLuca, Eastern regional president for KBS. “Acquiring One Town Center marks another strategic investment into a prime location and a premier asset. At 95% occupancy, One Town Center is one of the most desirable office properties in the Boca Raton market with strong in-place cash flow and a diverse base of creditworthy tenants.”

    Boca Raton is increasingly drawing in residents due to its proximity to Fort Lauderdale and West Palm Beach, appealing climate and lifestyle, lower taxes and relative affordability, added DeLuca.

    “Palm Beach County has seen a higher-than-normal influx of new residents as a result of the pandemic, and Boca Raton has become one of the nation’s most attractive markets for wealthy decision makers,” said DeLuca. “Companies such as Elliott Management, Citadel and Moelis have been encouraged to open satellite offices in Florida or allow their employees to be based there, and office tenants are drawn to the Boca Raton West submarket for its high connectivity, surrounding residential areas and access to great talent.”

    According to Newmark, leasing activity was up 29% from deals seen a year ago and South Florida’s unemployment rate fell to 6.3% during the first quarter of 2021, with Palm Beach County, where Boca Raton is located, remaining the lowest unemployment rate in the region at 4.5%.

    Boca Raton’s office market also features significant barriers to entry with prohibitive construction costs and no buildings currently under construction.

    As one of the premier office properties in Boca Raton, One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces, resulting in a parking ratio of 3.7 per 1,000 square feet. The property is well positioned in the Midtown Boca Raton corridor, close to upscale executive housing and 1.2 miles from I-95. The asset also features close proximity to Florida’s Turnpike, the Boca Raton Airport, executive country clubs and housing communities, hotels and retail and dining options.

    “KBS worked with PRIME to acquire a top-quality, well-located asset in a growing submarket of one of the strongest regions in the country,” says Allen Aldridge, asset manager for One Town Center and senior vice president of KBS. “This acquisition, which is within a five-minute stroll of 2.1 million square feet of dining and retail options, is in the best location in Midtown Boca Raton. It gives us another opportunity to apply our hands-on management strategy to deliver best-in-class, well-amenitized office space and services that exceed tenants’ expectations.”

    Built in 1991 by Thomas Crocker, One Town Center features one of the two tallest buildings in the market. The property offers a plethora of on-site amenities including a high-end café, a restaurant, a fitness center and upgraded landscaping. The building is also within walking distance of numerous dining, shopping, fitness, salon and hotel amenities, with additional amenities accessible within a short drive. One of the most notable walkable amenities is the Town Center at Boca Raton, South Florida’s third-largest mall.

    KBS is planning to implement several upgrades to the property, including a lobby refresh, restroom renovations, front-entry enhancements, building out a management office, updating the fitness center and locker rooms, and bringing vacant suites up to spec suite condition.

    Chris Lee, vice chairman and Jose Lobón, executive vice president of CBRE brokered the sales transaction.

    “KBS once again leveraged its deep understanding of the market and relevant fundamentals to purchase one of the most sought-after high-quality office towers in the South Florida market,” says Lee.

    Attorneys Bruce Fischer, Tatyana Litovsky, Chrisdo Fan and Howard Chu, and paralegal Amanda Kennedy,  of global law firm Greenberg Traurig, LLP’s Orange County office, attorney  Jody Saltzman in Greenberg Traurig’s New Jersey office, and attorney Steven Landy in Greenberg Traurig’s Miami office,  represented PRIME as legal counsel in the acquisition.

    “We were very pleased to represent KBS in this significant strategic transaction on behalf of PRIME,” says Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, who led the Greenberg Traurig team and represented KBS.

    One Town Center is located at One Town Center Road in Boca Raton.

     

  • Crocker Picks Up 339,000 SF In Boca

    Crocker Picks Up 339,000 SF In Boca

    Crocker Partners has acquired two high-profile office towers in Boca Raton from MetLife Real Estate Investors, adding 339,000 square feet of Class A space to its growing South Florida portfolio.

    Crocker paid $81 million for the Boca office complexes.

    The two buildings, both originally developed by Crocker entities, are One Town Center and The Plaza, located just south of Glades Road.

    The two buildings are currently 42 percent leased and major tenants include Wells Fargo and Kayne Anderson Real Estate Advisors.  This latest acquisition, in partnership with Siguler Guff, brings Crocker Partners’ holdings in Boca Raton to more than 616,000 square feet. Earlier this year, Crocker Partners acquired the 277,390-square-foot One Boca Place office center, and the company expects to finalize another major acquisition by year-end that will bring its Boca Raton portfolio to more than one million square feet.

    “Buying Class A vacancy in one of South Florida’s most desirable office markets is central to our investment strategy,” said Thomas J. Crocker, Founder and Managing Partner. “Our basis in these assets is a fraction of the cost it would take to replace them and we have significant upside potential as both buildings come with extensive development opportunities.”

    Crocker Partners will manage the properties and has engaged CBRE for leasing, according to Angelo J. Bianco, Partner. He said Crocker Partners sees upside potential from development of surplus land surrounding the projects. The company, Bianco noted, has deep roots in the Boca Raton market, where it is headquartered and has developed many of the city’s most prominent buildings.  In addition to The Plaza, built as Boca Raton’s first Class A office tower, and One Town Center, home to W.R. Grace and later Tyco, Crocker introduced the City’s two major mixed-use centers, Downtown Boca Raton’s Mizner Park, and suburban Boca Center.

    Overall, Crocker Partners’ portfolio now includes more than 8.0 million square feet of office real estate in the Southeast U.S. and Texas, representing more than $1.5 billion invested.

  • Boca’s One Town Center Signs First Tenant

    Boca’s One Town Center Signs First Tenant

    On the heels of its conversion to a multi-tenant office building, One Town Center has signed its first tenant, Kayne Anderson Real Estate Advisors (KAREA).

    The private equity firm, which is the real estate arm of Los Angeles-based Kayne Anderson Capital Advisors, has signed a lease for 12,637 square feet.  Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife and CBRE’s Senior Vice President, Jeff Kelly, represented the tenant with the assistance of John Jaspert, Senior Associate.

    “We’re excited to make the move to Palm Beach County and to set up offices in a Class A building like One Town Center,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors. “We thank the Palm Beach County Business Development Board, MetLife and CBRE for their efforts to make this a seamless transition for us.”

    Instrumental in the deal were the efforts of the Palm Beach County Business Development Board who have been working to bring hedge-fund and private-equity firms to Palm Beach County.

    “There has been a significant amount of interest from hedge fund and private equity companies looking to set up offices in Palm Beach County. Approximately 15 have relocated to the area over the past two years,” said Kelly Smallridge, the BDB’s President and CEO.

    “We are especially pleased that One Town Center has helped attract new business to the area,” stated Chuck Davis, regional director of MetLife’s Tampa real estate investment office.  “It is an exceptional building that has the high-profile, Class A office space needed to accommodate all of Kayne Anderson’s needs.”

    Earlier this year One Town Center, formerly known as the Tyco Building, reentered the Boca Raton leasing market with the largest block of Class A office space in the Glades/West Boca submarket.  The building has undergone a conversion from a single-use Class A office building to a multi-tenant office building.  In addition to amenity upgrades and renovations to the lobby and common areas, the third floor was renovated as a multi-tenant office floor to showcase the building’s flexibility to meet market demand for tenant spaces of all sizes.  Kayne Anderson is taking over half of the third floor space.

    “This marks the first time in 21 years that tenants have the opportunity to lease space at this address since the property was in a single tenant’s hands for most of its history,” said  Michael Erickson, CBRE Senior Vice President. “The renovations have ensured the building maintains its iconic status, drawing interest from prospective tenants both within and outside of the Boca Raton market.”