Leasing Activity
Several leases were signed in Class A buildings this quarter:
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1800 Boca Center, located at 1800 Military Trail in the Boca Raton West submarket, and expected to be delivered in the first quarter, 2008, signed two leases this quarter:
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Deloitte has taken 17,000 s.f. for ten years.
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Jarden Corporation pre-leased 14,000 s.f. for ten years.
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Campus Management Corporation signed a new 5,717 s.f., three-year lease at Boca Colonnade in the Boca Raton North submarket
In Class B building leasing news, leases signed this quarter included:
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Kimley-Horn signed a new 6,800 s.f., three-year lease at the Arbors in the Delray Beach submarket
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Morganti Group, Inc. signed a renewal for 5,774 s.f. at Centrepark Corporate Center in the West Palm Beach submarket.
Building Sales
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Schever International Plaza (100,049 s.f., Class A) located at 7280 W Palmetto Park Road in the Boca Raton West submarket traded hands this quarter. Schever International Holdings Inc. sold the property to ING Clarion Partners for $29.9 million ($299/s.f.). The building had previously sold to Schever in July 1985 for $3.4 million.
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Meridian Commercial (133,435 s.f., Class B), located at 6551 Park of Commerce Boulevard in the Boca Raton North submarket, also traded hands this quarter. Buyer, Blackrock Realty bought the asset for a reported $27.2 million from seller HSGS Inc. ($204/s.f.). The building previously sold for $2.6 million in September 1997.
Construction Activity
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CityPlace Tower (296,000 s.f., Class A) remains on track for a first quarter, 2008 completion and will be West Palm Beach’s first new true Class A office project since 1989. The building is currently 52.3 percent leased, including major tenants such as Carlton Fields, the Cleveland Clinic, Intech, and Shutts & Bowen, L.L.P who each have over 25,000 s.f.
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The newest project for Butters Realty & Management, LLC, Boca Village Corporate Centre I & II, is expected to deliver the South Tower in the second quarter of 2008. The twin Class A (109,839 s.f.) buildings will each be seven stories with the first three floors being parking. Butters is hoping to finish this project in time to claim them as the 1st LEED-certified buildings in Boca Raton.
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