PALM BEACH, FL-A building that saw major fallout from the banking industry crisis is slowing recovering its tenant base. ITT Technical Institute just leased 20,000 square feet of space at Hillsboro Center.

Peter Reed, principal of Commercial Florida Realty Services, represented Parkway Properties, the landlord of Hillsboro Center. Steve O’Hara and Jason Sundook of Merin Hunter Codman represented ITT Tech in the transaction.  

“First NLC Mortgage had occupied about 70,000 square feet of Hillsboro Center,” Reed tells GlobeSt.com. “When they went bankrupt they rejected and defaulted on the lease at Hillsboro Center and T-Rex.”

The occupancy rate on the building was about 55% before ITT came on board. Now, the occupancy has climbed to about 75%. The building offers 99,851 square feet across two floors located at 700 W. Hillsboro Blvd. Commercial Florida Realty Services has rebuilt occupancy over the past couple of years by focusing on local and regional professional services and support firms.

“The Deerfield Beach submarket is somewhat challenged as it’s a tweener market between Boca and Cypress Creek, both with significant vacancies,” Reed says. “Hillsboro Center is the bright spot in the submarket. Some of the other buildings on Fairway Drive are not fearing as well.”

Reed called the lease a “shot in the arm” for Deerfield Beach and Hillsboro Center. ITT Tech will add about 40 jobs to the local economy, as well as an impact from the potential 300 students the facilities will serve.