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Citigroup Leases 10,000 SF in Tight Market

PALM BEACH, FL-Cushman & Wakefield of Florida found the contiguous space after the property owner persuaded the existing tenant to relocate after the business had just signed a 10-year lease. Palm Beach is 69 miles north of Miami.

By David R. Corder | Updated on September 10, 2001

PALM BEACH, FL-It took about six months, but Cushman & Wakefield of Florida Inc. found 10,000 sf of contiguous office space for New York-based Citigroup Private Bank in one of the tightest class A markets in Florida.

The tenant took the premium quarters on a 10-year lease with an estimated value of $3.8 million to $5.5 million.

Class A product on Royal Palm Way, the blue-ribbon central business district, is virtually non-existent in this millionaire’s enclave 69 miles north of Downtown Miami. Asking rents are $38 per sf to $55 per sf.

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