News pick-up from the South Florida Business & Wealth Magazine. CLICK HERE to view.
West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that the firm was recently nominated for two NAIOP South Florida 2016 Awards of Excellence. The firm was nominated for Office Renovation of the Year as well as the Largest Transaction of the Year. NAIOP South Florida’s annual awards highlight individuals and companies whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth.
NAIOP South Florida nominated NAI/Merin Hunter Codman for Office Renovation of the Year, recognizing the firm’s leasing, construction and property management divisions for the renovation of Fountain Square, a three building, 241,000 square foot office complex in Boca Raton. The nomination recognized NAI/Merin Hunter Codman’s success in renovating the property and creating significant value following its purchase from an institutional owner in an “off market” transaction. Occupancy at the time of purchase was 59%. Following the purchase, NAI/Merin Hunter Codman was retained to implement a $3,000,000 capital improvement program to modernize the building on behalf of the new owner. A partial list of improvements included: repainting and re-branding the buildings, refurbishing its signature centerpiece fountain, window replacement/re-tinting, renovating the on-site café, restriping and resealing the building parking lot and reroofing. An aggressive leasing plan was then implemented which resulted in over 50,000 square feet of new leases at rents that were up to 40% higher than those achieved pre-renovation. Net Operating Income has doubled since acquisition and the estimated property value has increased by over 50%.
Washington, DC. – The Society of Industrial and Office Realtors (SIOR) is pleased to announce its Top Transactions Award Winners of 2016. The Top Transaction Awards list is a compilation of the largest sales and lease transactions, ranked by dollar value, completed by SIOR members throughout the world. The awards were derived from nearly 650 SIOR members who reported close to 2,000 transactions totaling more than USD $8.6 billion in leases and sales in categories including: industrial, investment, office, land, alternative assets, associate, and redevelopment.
The Top Transaction Awards includes the 2016 Top 100 Office deals. NAI/Merin Hunter Codman led the list and tied one other agency for the largest number of Top 100 transactions. Neil E. Merin, SIOR and Jason L. Sundook, SIOR, both principals with the firm, combined to complete five of the 100 largest office transactions on SIOR’s global list. The SIOR list of 2016 Top 100 Office Deals totaled an impressive 12,343,138 square feet of office sales and leases from around the world. “We are thrilled that some of the largest office transactions tracked by SIOR were completed in South Florida and by our office” said Neil E. Merin, Chairman of NAI/Merin Hunter Codman.