PALM BEACH, FL—In one of the largest office lease transactions signed this year in Palm Beach County, Newsmax Media is expanding its South Florida operations. The firm is taking down more office space at 750@Park building at 750 Park of Commerce Drive in Boca Raton, FL
Newsmax signed a long-term lease for 50,105 square feet of the 137,000-square-foot building along Congress Avenue. The office building is just north of Yamato Road at the entrance of the Arvida Park of Commerce. Newsmax will use the new office space for expansion of its online television channel and additional administrative offices. Financial terms of the transaction were not disclosed.
“Signing a high-profile, national organization like Newsmax as our anchor tenant is a boon for both for the building and the Boca Raton market,” says Darcie Lunsford, a senior vice president at Butters Realty & Management. Lunsford and senior vice president Tom Holtz represented the landlord, 750 Park of Commerce Drive, LLC, an organization controlled by a private investment group with holdings and offices in Miami and other major metropolitans in the United States and Canada.
Building owners have invested heavily since acquiring the property, a former Office Depot operations center, in 2011 with the goal to reposition the two-story building into a class A building that caters to larger floor-plate corporate users. Indeed, the Newsmax lease deal comes as the building enters the final stage of an extensive $6 million renovation and redesign.
The building now has reinforced exterior envelope, enlarged window lines with hurricane impact windows and full building back-up generator. The building's exterior will be set off by a stainless steel and glass portico, rimmed in high-design Alucobond, a slick metallic composite system. Outside enhancements also include a new 530-space parking lot wrapped in a fully refreshed tropical landscape setting. A made over lobby will redefine the main atrium with multiple curtain-wall water fountains, glass-and-steel dual staircase with floating bridge way and a high-performance Kalwall translucent skylight system, allowing a natural light setting.
“The repositioning strategy for 750@Park was to create a true best-in-class corporate venue that was more competitively priced than any comparable property in the market,” Lunsford says. “The owners did that by buying a building at the right price and then not being afraid to invest in it. The building is unrecognizable from the way it appeared in 2011 and the transformation is astonishing.”
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