Progressive Right-Sizes with Green Building Lease

WEST PALM BEACH, FL-Progressive Casualty Insurance Co. inked a new lease at EcoPlex at CentrePark West. The insurer will relocate from its nearby location at 1641 Worthington Road to take up 12,381-square feet. The downsizing deal means more negative absorption for West Palm Beach’s office market.

Cushman & Wakefield brokerage professionals John Marshall, Alan Kleber, Matthew Cheezem, Mark Pateman and John Criddle represented Progressive Casualty Insurance in its site search and in lease negotiations with the building’s owner, Ecoplex Partners. Bo Paty, director of leasing and sales at West Palm Beach-based Navarro Lowrey Properties represented Ecoplex Partners on the five-year lease.   “In this economy, everybody, including publicly-traded institutions, is concerned about occupancy costs,” Pateman, associate director at Cushman & Wakefield in West Palm Beach, tells GlobeSt.com. “If companies are in 19,000 feet and they can do with 12,300 feet they are going to find a way to move to 12,300 feet without living through construction.”