The first deal was a 35,668-sf lease to Wackenhut Corrections Corp. The publicly traded company, which will occupy the whole seventh floor of One Park Place, is relocating its Palm Beach Gardens headquarters.
This 10-year lease is valued at more than $8.2 million, or around $23 per sf.
"For us, this is kind of a coup," Peter D. Reed of Grubb & Ellis Co. tells GlobeSt.com. "We took the listing about 120 days ago." Reed and Courtenay Yergens represented the property owner, Montreal-based Canpro Investments Ltd.
This deal brings One Park Place's occupancy to 90%. The building is located at 621 N.W. 53rd St. in the Arvida Park of Commerce. Reed says there is about a 30% vacancy rate in the Arvida Park of Commerce area.
"That's where this building was going prior to getting these two tenants," he says. He hopes to seal yet another deal in the building in the next few weeks. That deal mostly would recapture some space that another tenant wants to lose.
Fort Lauderdale-based Lautin Dohm Realty represented Wackenhut Corrections Corp.Wackenhut Corrections Corp. offers correctional and related services to local, state, federal and overseas government agencies, including management of prisons, mental health institutions and substance-abuse treatment facilities.
The other lease was with eNeighborhoods, a real estate software support services company. This 10,640-sf, five-year lease is valued at $1.18 million, which translates to about $22.18 per sf.
Reed and Yergens represented the property owner in this transaction as well. Atlantic Commerical Group Inc. of Boca Raton represented eNeighborhoods. Reed tells GlobeSt.com the building's strategic location is aiding its leasing performance.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
