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  • Butters Construction, PEBB Enterprises, Konsker Development Join Forces To Develop New Class A Office Project In Midtown Boca

    Butters Construction, PEBB Enterprises, Konsker Development Join Forces To Develop New Class A Office Project In Midtown Boca

    Butters Construction & Development, Inc. (Butters), and PEBB Enterprises, two Boca Raton–based real estate firms with deep roots in the community, along with Konsker Development, are partnering to develop One Midtown, a brand-new Class A office project in one of the city’s most sought-after commercial districts.

    Designed to accommodate today’s evolving workplace needs, One Midtown will feature efficient floor plates, high-end finishes and street-level retail that enhances the walkability and vibrancy of the surrounding neighborhood.

    One Midtown will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail, designed to meet the growing demand for modern, high-quality office environments in Boca Raton. The development offers a central, highly accessible alternative to West Palm Beach and Miami’s urban core markets.

    In a strong signal of that demand, One Midtown is already approximately 35% pre-leased.

    Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. Its notable Boca Raton developments include Boca Village, Boca Ice and Boca Logistics Park.

    PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a significant portfolio and history of successful projects throughout Boca Raton and beyond. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value. It is currently partnering with BH Group on The Eclipse (redevelopment of the former Office Depot headquarters in Boca Raton) and owns several additional office assets in the city.

    “Boca Raton has been our home for decades, and we believe strongly in its future as a premier office market,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “One Midtown reflects the reemergence we are seeing in office real estate across Palm Beach County and pent-up demand for new Class A office space in the city.”

    The joint venture comes at a time when office leasing activity is gaining momentum throughout Palm Beach County. In Boca Raton, the demand for new, well-located office space is already evident. The Aletto, a new office project in East Boca, is currently 70% pre-leased.

    Butters and PEBB are already in active negotiations with prospective office tenants.

    “One Midtown is simply the best office location in the city,” said Ian Weiner, CEO of PEBB Enterprises. “It offers the same quality, connectivity and amenities companies are seeking in West Palm Beach or Miami, but at a far more compelling value. New office leases in those urban core markets are reaching $150 per square foot triple-net, while Boca provides comparable product at substantially discounted rents.”

    Christina Jolley, Kevin Carrasco, Tere Blanca, and Danet Linares of Blanca Commercial Real Estate are the leasing representatives for One Midtown. Zach Feldman of PEBB is overseeing retail leasing on the venture’s behalf.

     

  • Travelpro Signs 30,000-SF Boca Raton Office Lease

    Travelpro Signs 30,000-SF Boca Raton Office Lease

    Travelpro has signed a 30,000-square-foot office lease at 6500 Park of Commerce Boulevard in Boca Raton.

    The property is owned by Faropoint, and the lease was structured as a triple-net agreement. Financial terms were not disclosed.

    Eric Cantor of Cushman & Wakefield represented Faropoint in the transaction. Dean Katz, Adam Bernstein and Greg Katz of Stream Realty Partners represented Travelpro.

    The lease adds to ongoing activity in Boca Raton’s Park of Commerce area, a business district that continues to attract office, flex and industrial users seeking access to South Florida’s executive workforce, highway network and regional transportation infrastructure.

    Located within the broader Broken Sound/Park of Commerce corridor, 6500 Park of Commerce Boulevard offers proximity to Interstate 95, Florida’s Turnpike, Tri-Rail service and major South Florida airports, making it a strategic location for companies with regional and national operations.

    Travelpro, known for its luggage, bags and travel accessories, was founded in 1987 and is headquartered in Boca Raton.

  • Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

    Berkadia Arranges $100.4M Refinancing Of Palm Beach Gardens Trophy Office Asset

    Berkadia has facilitated an $100.4 million loan for Gatsby Florida to refinance DiVosta Towers, a 220,000-square-foot Class A office campus in Palm Beach Gardens.

    One of the newest trophy office towers in Palm Beach County, DiVosta Towers consists of two 11-story office towers and a connected structured parking facility. The property is fully leased and home to a diverse roster of national and global tenants.

    Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the sponsor, Gatsby Florida.

    Cirrus Real Estate Partners provided a three-year, floating-rate, interest-only loan. Proceeds will refinance the existing loan Berkadia arranged in 2022 and position the asset for continued performance.

    “In today’s lending environment, office is the most scrutinized asset class, and refinancing even high-quality properties has become increasingly selective,” said Foschini. “DiVosta Towers stands apart. With full occupancy, institutional-caliber tenancy, and a location where new supply is effectively constrained, this was exactly the type of asset lenders are still willing to back.”

     

    “Palm Beach Gardens has emerged as one of the strongest office submarkets in the country, supported by strong in-migration and massive corporate investments in and around West Palm Beach,” added Wadler. “Office rents are up more than 90% over the past decade, and that growth is being driven by real fundamentals. The building’s location and performance coupled with best-in-class ownership and management made this deal possible. The Gatsby Florida team has employed a class-leading tenant program in the building and continues to outperform in the state.”

     

    “Since taking ownership of the properties in 2020 and completing the full lease-up and construction of the towers we have been able to attract, and continue to attract, some of the best global firms to our property,” added Isaac Schalom, Vice President, Gatsby Florida. “By having a hands-on approach to the management, leasing and all other aspects we continue to add value to this strategic asset in Palm Beach County.”

    Located at 3825 and 3835 PGA Boulevard, DiVosta Towers was completed in 2019 and 2020 and is a highly visible landmark along I-95, distinguished by its two Louvre pyramid-inspired architectural frameworks. It was the first new office development delivered in the submarket in more than a decade. Tenants include JP Morgan, Wealthspire Advisors, Virtu Financial, and others.

    The campus features floor-to-ceiling glass, 10-foot ceiling heights, and a best-in-class amenity package, including structured parking with direct lobby access, tenant conference and event space, high-speed elevators, EV charging stations, and outdoor gathering areas. DiVosta towers in the newest office building in the submarket in over 15 years.

    “These buildings are visible 24/7 from I-95, A1A, PGA Boulevard, and other streets throughout Palm Beach Gardens. They are iconic in design and an example of our firm’s brand. We are very happy with their performance and look forward to maintaining this standard across all of our properties. We are excited to begin construction this year on the newest office tower in this underserved market—The Modern. This building will complement what we have achieved at DiVosta Towers and serve best-in-class global tenants relocating to Palm Beach County,” said Babak Ebrahimzadeh, President of Gatsby Florida.

    Tenants benefit from immediate access to more than 2.5 million square feet of surrounding retail, including The Gardens Mall, as well as a 130,000-square-foot Life Time fitness facility directly across the street. The property is prominently positioned along PGA Boulevard and State Road A1A, one of the region’s most sought-after commercial corridors.

  • July SFOBA Meeting

    July SFOBA Meeting

    NOTE:  SFOBA meetings are open to active South Florida office brokers only.

    (Links in image below are not hyperlinked.)

    SFOBA July 9 2026

     

     

    RSVP:
    khartofolis@whelchelpartners.com

     

     

  • Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

    Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

    Related Ross is looking beyond West Palm Beach as it weighs a major move into Boca Raton.

    The West Palm Beach-based development firm, led by billionaire Stephen M. Ross, is in active discussions to acquire Boca Raton Innovation Campus, commonly known as BRIC. The 123-acre office campus is located at 5000 T-Rex Avenue, though no purchase agreement has been finalized.

    The potential deal would give Related Ross control of one of Palm Beach County’s largest office properties and a site already positioned for a broader mixed-use future. BRIC, once home to IBM operations and known as the birthplace of the personal computer, has long been one of Boca Raton’s most recognizable business campuses.

    Jordan Bargas, executive vice president at Related Ross, confirmed the firm’s interest in the property, calling BRIC a significant asset with a strong history. He said the company sees an opportunity to create a mixed-use destination that supports innovation, employment and long-term economic growth in Boca Raton and Palm Beach County.

    The interest follows several years of major investment by Related Ross in West Palm Beach, where the company has delivered new office towers, luxury residential projects and retail improvements at CityPlace. Ross has repeatedly identified Palm Beach County as one of the strongest growth opportunities in South Florida, and Boca Raton appears to be an increasingly important part of that strategy.

    Related Ross previously pursued Boca Raton’s government center redevelopment, proposing a plan that included office space. Although another developer was selected and the broader proposal was later rejected by voters, the process underscored the firm’s interest in the city’s office market.

    BRIC has also been gaining traction with tenants. D-Wave Quantum, a Palo Alto, California-based quantum computing company, announced in January that it would relocate its headquarters to the campus. All Star Healthcare Solutions followed in February, moving its headquarters from Deerfield Beach to BRIC.

    The property is currently owned by CP Group, Rialto, DRA Advisors and Las Olas Capital Advisors. Since acquiring the campus, ownership has invested in upgrades intended to modernize the property and improve tenant appeal, including new amenity areas, a food market, conference facilities and a fitness center. Those improvements have helped raise occupancy and rental rates.

    The city has already approved a broader redevelopment vision for BRIC. The plan would preserve most of the existing office space while adding new uses on the campus’ large parking areas. Proposed additions include 1,243 residential units, 125,000 square feet of retail, a 55,000-square-foot entertainment component, 85,000 square feet of medical office space and a 140-room hotel.

    Terra, based in Miami, has been brought in as the residential development partner. The project has not yet broken ground, as final site plan approvals are still moving through the city process.

    If Related Ross completes the acquisition, BRIC could become the firm’s most significant platform yet for expanding its Palm Beach County development strategy outside of downtown West Palm Beach.

     

    Source:  SFBJ

  • Cushman & Wakefield Arranges Investment Sale Of Fort Lauderdale Office Center

    Cushman & Wakefield Arranges Investment Sale Of Fort Lauderdale Office Center

    Cushman & Wakefield represented Coral Ridge Office Center LLC in its $7 million disposition of Coral Ridge Office Center to NRNS Acquisition 3696 Federal Highway LLC.

    Cushman & Wakefield’s Scott O’Donnell, Mike Ciadella, Greg Miller and Miguel Alcivar structured this transaction “off market.”

    Located at 3696 N. Federal Highway, Coral Ridge Office Center totals 32,445 square feet on approximately 1.4 acres. The building was completed in 1989 and is nearly 55% leased to five professional services tenants. The property is well-suited for professional and service-oriented occupiers seeking high exposure in a well-trafficked corridor.

    “With occupancy at 55% and in-place rents significantly below market, Coral Ridge Office Center represents a compelling value-add opportunity. The buyer’s planned capital improvements create a rare opportunity to acquire a quality, highly visible South Florida office asset at an attractive basis, with meaningful upside through increased occupancy and rent growth,” said O’Donnell, Executive Managing Director at Cushman & Wakefield.

     

  • Interface Properties Acquires 15-Acre Mixed-Use Office, Medical Campus In Boca

    Interface Properties Acquires 15-Acre Mixed-Use Office, Medical Campus In Boca

    Interface Properties, a Boca Raton-based real estate investment firm specializing in the acquisition, redevelopment and repositioning of value-add properties, has acquired Fountains Center, a 189,542-square-foot mixed-use office, medical and retail campus located at the intersection of Powerline Road and W. Camino Real in Boca Raton.

    The seven-building property has served Boca Raton businesses, healthcare providers and residents for decades and today is 95% leased to a diverse mix of banking, medical, retail and professional services tenants. The campus also includes excess land approved for the future development of a 21,000-square-foot office building.

    Interface intends to initiate a multimillion-dollar capital improvement program designed to modernize the property and enhance the tenant experience, including façade and landscaping enhancements and restoration of the property’s signature fountains.

    “Fountains Center embodies the type of opportunity we look for as investors,” said Zac Goodman, Managing Partner of Interface Properties. “It combines strong in-place cash flow, meaningful redevelopment potential and an attractive basis in one of South Florida’s strongest real estate markets. Just as importantly, it’s a property with deep roots in the community and a longstanding roster of tenants who serve Boca Raton residents every day. We see an opportunity to build on that foundation through active ownership, thoughtful reinvestment and a long-term commitment to the asset.”

     

    Added Ken Goodman, Founding Partner of Interface Properties, “As a Boca Raton-based company, we’re especially excited to invest in a property in our own backyard. Fountains Center has been an important part of the local business community for decades, and our goal is to be responsible stewards of that legacy while enhancing the experience for tenants, visitors and the surrounding community. We believe the property’s best days are still ahead.”

    Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.

    Located at 7000–7700 W. Camino Real, Fountains Center was built between 1980 and 1990, and features direct frontage along Powerline Road, one of Boca Raton’s primary north-south corridors. Seven buildings serve a mix of office, medical, retail, and service-oriented tenants with on-site amenities like abundant parking and drive-thru banking. Current tenants include Citi Bank, Truist Bank, University of Miami Miller School of Medicine, Salt Academy, Traditions South and numerous independent healthcare providers. Approximately 54% of the property is leased to medical office users, many of whom have served Boca Raton residents for years.

    Situated in one of South Florida’s most affluent residential communities, the property is just five minutes from the Florida Turnpike and I-95, and a short 10 minute drive to Town Center at Boca Raton, Florida Atlantic University, Downtown Boca Raton, and Boca Raton Airport, and just minutes from the Boca Raton Synagogue, four golf and country clubs, and a dense concentration of executive and luxury housing.

    Over the past three decades, Interface has built its business around identifying well-located properties where hands-on management, capital investment and long-term ownership creates lasting value. Past acquisitions in Palm Beach County include the Haverhill Business Park in Riviera Beach, El Clair Medical Center in Boynton Beach, and Burma Commerce Park in Palm Beach Gardens. In 2020, Interface entered the multifamily sector with the acquisition of two sites in Boca Raton which it redeveloped into student housing – The Yard University Apartments I and II. Interface also owns and operates affordable and market rate apartment communities in Tampa, Fort Myers and Naples.

  • Hollywood Office Proposal Grows As Developer Seeks Rezoning

    Hollywood Office Proposal Grows As Developer Seeks Rezoning

    A nearly one-acre site near Interstate 95 in Hollywood could be repositioned for a larger office project as BSD 23 Development LLC pursues rezoning and site plan approvals from the city.

    The property at 2910 Polk Street, just north of Hollywood Boulevard, was purchased by the Aventura-based developer for $2.5 million in 2023. The site currently contains a billboard, which would be moved to the top of the planned parking garage if the project advances.

    BSD 23 Development, managed by Avihu Nahari, previously submitted plans for a four-story, 61,492-square-foot office building on the site. The latest proposal is larger, calling for a six-story, 92,000-square-foot office building with a lobby cafeteria and an attached 293-space parking garage.

    To move forward, the developer is requesting that the city rezone the site from the transitional core zoning district to the retail core zoning district. The application also seeks a variance to allow a five-foot front setback instead of the required 10 feet.

    The Hollywood Planning and Development Board is scheduled to review the rezoning and site plan applications on June 9.

    As part of the proposal, BSD 23 Development would convey a small portion of the property to the Florida Department of Transportation for use as a passive park. The project team’s application describes the building as a modern glass-forward design with an art wall façade and a ground-floor connection to green space and pedestrian walkways.

    Attorney Rosemarie Bacallao and Itamar Goldenholtz of Sunrise-based Goldenholtz & Associates Architects & Planners are working with the developer on the project.

    The proposal comes at a time when new office development in Broward remains limited compared with Miami-Dade and Palm Beach counties. According to Colliers’ first-quarter report, Broward had about 350,000 square feet of office space under construction, all of it in downtown Fort Lauderdale. In Hollywood, office vacancy was 9.4%, while Class A vacancy stood at 12%. Average asking rents for Class A office space in the submarket were $40.72 per square foot.

  • Citizens Private Bank Expands West Palm Beach Presence As Wealth Firms Continue To Target Downtown

    Citizens Private Bank Expands West Palm Beach Presence As Wealth Firms Continue To Target Downtown

    Citizens Private Bank is deepening its presence in Palm Beach County with a West Palm Beach office, adding another financial services name to a downtown market that has become increasingly attractive to private banking, wealth management and investment firms.

    The bank’s West Palm Beach office is located at 190 Lakeview Ave., where Citizens says its local team provides private banking support, customized client service and access to relationship managers, private wealth managers and advisory professionals. The office operates Monday through Friday and is led locally by Regional Market Executive James B. Meany, with Augie Vulaj serving as private bank office manager.

    Citizens Private Bank signed a 10-year lease for a 2,700-square-foot private banking office on the ground floor of the newly built office tower, plus 9,300 square feet of office space on the 12th floor. Move-in was earlier this month.

    Cushman & Wakefield represented the bank, while Tower Commercial Real Estate represented the landlord.

    The move follows Citizens Private Bank’s earlier Palm Beach expansion. In October 2025, Citizens announced the opening of its Palm Beach regional office at 400 Royal Palm Way, calling it part of a broader South Florida growth strategy driven by rising client demand. At the time, Citizens said it had added wealth teams in Palm Beach, Boca Raton and Naples over the prior year.

    For West Palm Beach, the expansion is another signal that the city’s office market continues to benefit from the growth of South Florida’s financial sector. New and renovated Class A office space has helped attract firms seeking proximity to Palm Beach’s high-net-worth residents, corporate executives and family offices. One Flagler, one of the city’s most visible new office towers, has been positioned as part of the next wave of high-end downtown office development.

    Citizens’ growth also reflects a broader shift in how financial institutions are serving clients in Palm Beach County. Rather than relying only on traditional branch networks, private banks are investing in relationship-driven offices designed around advisory services, wealth planning, lending, deposits and personalized client support.

    Citizens Financial Group, based in Providence, Rhode Island, reported $222.7 billion in assets as of Sept. 30, 2025. The company offers retail, small business, commercial banking, lending, treasury management, wealth management, capital markets and related financial services.

    For office brokers and landlords, Citizens’ expansion reinforces a key theme in the West Palm Beach market: financial services tenants continue to view the city as a strategic location for client-facing operations. As more wealth, banking and investment firms establish offices in the area, demand for well-located, high-quality office space is likely to remain closely tied to Palm Beach County’s growing role as a financial services hub.

    Source:  SFBJ

  • 189,000-SF Broward Office Building Back In Play

    189,000-SF Broward Office Building Back In Play

    A 189,000-square-foot office building in Sunrise is being offered to prospective tenants, adding another large block of available space to Broward County.

    Chetu Inc., a global software development company headquartered in Sunrise, has retained Avison Young brokers Justin Cope, Greg Martin and Lisa Blumer to market the five-story building at 1500 Concord Terrace. The property sits within the 22-acre Sawgrass International Corporate Park, a location near Sawgrass Mills and the broader Sawgrass business district.

    Chetu currently occupies one full floor totaling about 36,000 square feet. The remaining four floors have reportedly been vacant for several years, creating a rare opportunity for a tenant seeking a full-building presence or a large contiguous office footprint. The owner has indicated it would consider relocating if a user wanted to lease the entire property.

    The space is being marketed at roughly $30 per square foot on a triple-net basis and is described as fully built out and immediately available. The property also includes a 7,500-square-foot data center on the first floor, which could appeal to users with technology, operations or infrastructure needs.

    Chetu has said it is not leaving the market and remains in growth mode. A company spokesperson stated that the firm is expanding and hiring.

    The building is owned by Bansi Properties, the real estate development company led by Chetu CEO Atal Bansal. Bansi Properties acquired the asset for $25 million in 2021, with plans at the time for Chetu to anchor the building while leasing the balance to outside tenants.

    The Sunrise property followed Chetu’s earlier development of a 63,000-square-foot headquarters in Plantation, which opened in 2019. The company later said its growth required additional space. Bansi Properties also secured a long-term IRS lease at the Plantation building for the agency’s Broward County office.

    The listing comes as Chetu continues to deal with legal fallout from customer disputes. In October, the company was ordered to pay more than $500,000, including punitive damages, in a fraud case involving a Washington state barbershop chain that alleged the company failed to deliver promised software while continuing to collect fees. Chetu appealed the decision in January.

    Source: Bisnow