WEST PALM BEACH, FL- 1st United Bank has inked a long-term lease to double its office space at 1700 Palm Beach Lakes Blvd. 1st United Bank expanded its offices by 13,689 square feet, bringing its total occupancy at the class A building to 27,842 square feet.
Cushman & Wakefield’s Mark Pateman represented the building’s ownership, Mainstreet Capital Partners/DRA Advisors, in marketing the available space and in lease negotiations with 1st United Bank. Susan Thomas of Touchstone Webb Realty represented 1st United Bank.
“A lot of the banks that were taken back by the FDIC or that couldn’t perform in the bottom of the recession were acquired by larger or better capitalized banks,” Pateman, an associate director at Cushman & Wakefield, tells GlobeSt.com. “1st United has a good business to business platform and they were able to acquire a couple of South Florida banks and grow the business. As a result, the bank needed more administrative space. It’s purely a matter of more banks, more business, more bodies.”
Built in 1987, 1700 Palm Beach Lakes Blvd. is an 11-story office building, totaling 113,000 square feet. The building is located at the southwest corner of Palm Beach Lakes Boulevard and Congress Avenue and offers easy access to the area’s major thoroughfares and Palm Beach International Airport, as well as the Palm Beach Mall, suburban West Palm Beach and numerous restaurants, hotels, and shopping.
“We are still going to be bouncing along the bottom but activity is way up,” Pateman says. “My impression is that we’ve stuffed everybody in the smallest possible space in the past few years to save on occupancy costs and if we get any job growth whatsoever we are seeing expansions. Expansions are the first step.”
In addition to 1st United Bank, major tenants in the building include Uniters North America and the Walton Lantaff law firm. 1st United Bank is headquartered in Boca Raton, with bank locations throughout Palm Beach, Broward, Miami-Dade, Indian River and Brevard Counties.
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