Welcome to NAI/Merin Hunter Codman's commercial real estate focused press releases, news pickups, market reports, transactions, property and social service event postings.
The following excerpt was originally written by Katherine Kallergis and Keith Larsen of The Real Deal. Click here to view the full article.
Two weeks ago, billionaire developer Jeff Greene threatened to stop construction of a two-tower, 30-story mixed-use project in downtown West Palm Beach.
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)
Greene, who told the Palm Beach Post in late April that he would “leave the shell up” because the city was resistant to approve a zoning request, is changing his tune. Now, he’s saying that he will build the project at 550 North Quadrille Boulevard as is, but at a slower pace, if he can’t get the property rezoned. Greene wants to change the project’s zoning from hotel, office space and multifamily to all multifamily.
West Palm Beach’s Central Business District has 673,350 square feet of Class A office space under construction, with an average asking rent of $54.39 per square foot, according to Colliers International South Florida’s first quarter report.
Neil Merin, chairman of the commercial real estate firm NAI Merin Hunter Codman, said the city has shown that it can only absorb one new Class A office building every 10 years.
To go forward with the office component of the One West Palm project “seems to be silly,” Greene said. He’s already invested $100 million into construction.
The following excerpt was originally written by Alexandra Clough of The Palm Bach Post. Click here to view the full article.
Photo by: Greg Lovett/palmbeachpost.com
A $250 million twin-tower complex in West Palm Beach is likely to stop construction within days, leaving the city with skeletal towers that could stand as unbuilt eyesores for the next decade.
Palm Beach billionaire Jeff Greene, who is developing the 30-story One West Palm apartment-hotel-office complex, said on Tuesday he is about to pull the plug on construction, three stories shy of reaching the top, because the city is pushing back against his request for a zoning change.
Greene wants to build apartments in a northeast tower, rather than the offices and hotel slated for the space. The southwest tower already is approved for 328 apartments.
With the coronavirus pandemic putting a halt to tourism and shuttering offices nationwide, office space and hotel rooms no longer work, Greene said. He said financing sources for the 200,000 square feet of office and 201-room hotel have collapsed, and a hotel partner withdrew.
Even before the pandemic, Greene said his real estate brokerage could not find even one office tenant willing to lease space in the project, a reflection of the market’s thin demand for new office space downtown.
Real estate experts said Greene’s concerns about office space are valid.
Last year, experts began warning that West Palm Beach’s downtown office market was loaded with empty space, even though business leaders insisted the city needed more space to lure employers.
The city’s existing offices buildings, including its Class A towers, had floors of vacant sublease space. This resulted in a shadow vacancy rate of about 17 percent downtown, said Neil Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach.
Historically, downtown West Palm Beach can only absorb one new office tower every 10 years, Merin said. In addition to One West Palm, the 300,000-square-foot 360 Rosemary office tower also began construction last year.
With businesses alarmed by the pandemic or financially damaged by the tumbling economy, the outlook for urban office leasing is unpredictable.
Some theories predict office tenants will flock to less dense, suburban offices, Merin said.
Others predict companies will shrink their office space to save money on overhead while continuing to let employees work from home.
The following excerpt was originally written by the South Florida Business Journal. Click here to view the full article.
Before the novel coronavirus infected the South Florida real estate industry, it was always clear whether it was a buyer’s or seller’s market.
But, like most industries, it’s a sector of the region’s economy that’s not immune to the virus, formally known as Covid-19.
An abundance of confidence in South Florida’s most valuable sector has morphed into a wealth of unpredictability in recent weeks.
The Business Journal reached out to local experts — many of whom have weathered previous downturns — to get their take on what the future might look like for each segment of the region’s booming real estate industry: residential, industrial, office, retail and hospitality.
We also asked professionals how the coronavirus affected their deal flow. The results of a Business Journal survey offer a rough picture of an industry at a standstill.
From small companies to large ones, a majority told us that the pandemic greatly slowed or halted deal flow. Most say that’s because of uncertainties among buyers and sellers.
Neil Merin offered his take on the office sector below.
“There will be a slightly higher vacancy rate because some companies will totally fail. Some tenants will renegotiate their rent. Some see it as a way to preserve cash.” – Neil Merin, Chairman, NAI Merin Hunter Codman
What do other professionals have to say? How will each sector feel COVID-19’s impact? See the original article here: View PDF | View Article
Former CBRE First Vice President Adam Starr joins NAI/Merin Hunter Codman as Managing Director in the brokerage division.
West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate firms, is pleased to welcome South Florida commercial real estate expert, Adam Starr, to the firm’s brokerage team as Managing Director. Mr. Starr will be specializing in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties.
Mr. Starr, a six-time CoStar Power Broker Award winner, brings over two decades of commercial real estate expertise to NAI/Merin Hunter Codman. Mr. Starr has successfully negotiated over 15,000,000 square feet of sales and lease transactions throughout South Florida for firms such as CBRE, Brenner Real Estate Group, and the Trammell Crow Company. Mr. Starr’s focus will remain in tenant and landlord representation, as well as investment sales.
“It is always a pleasure to welcome a seasoned, commercial real estate professional to our firm. Adam has successfully navigated a wide variety of transactions through all of South Florida’s market cycles. He is a well-liked and highly respected industry expert that is known for his market knowledge, tenacity, professionalism and absolute commitment to the highest level of service for his clients,” stated Jordan Paul, CEO, NAI/Merin Hunter Codman.
“I have done business with Adam many times over the years. He has developed a remarkable track record of creating value and attaining favorable financial returns for his clients. He is a very welcome addition and will be a true asset to the firm’s brokerage team,” stated NAI/Merin Hunter Codman, Chairman, Neil E. Merin, SIOR, CCIM.
The following article was originally published in The Palm Beach Post by Alexandra Clough. View Article | View PDF
The Indiantown Road property for years has been considered for possible corporate, high tech or medical use. Now the land’s owner is ready to sell it so someone else can figure out a plan.
How long will it stay on the market? Probably not long, said Neil Merin, the broker hired to market the site.
The 83-acre property, dubbed the Hawkeye property, is at the gateway to Jupiter.
It is located on the southeast corner of Interstate 95 and Indiantown Road and is the last large I-95 interchange land in Palm Beach, Broward or Miami-Dade counties.
The asking price is about $38 million, said Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach.
The following article was originally published in The Palm Beach Post by Alexandra Clough. View Article | View PDF
Photo by Lannis Waters / The Palm Beach Post
Real estate brokers are growing concerned that top tier office buildings have too much shadow sublease space.
Even as another project is up for consideration, West Palm Beach’s downtown office market is loaded with empty space, and there is little demand from tenants outside the area wanting to lease large offices, real estate professionals say.
Interviews with real estate developers and brokers indicate that the city’s Class A office buildings, which typically attract the top tenants, have plentiful space available directly from the buildings, or from office tenants that are trying to sublease their space.
The news is out! The former Palm Beach Post building is being redeveloped into The Press: Palm Beach’s new, vibrant work-play destination.
This unique destination has a rich history as the former Palm Beach Post campus and is being redeveloped into an innovative lifestyle center complete with offices, shops, and an organic grocer. Workplaces at The Press offers contemporary offices with stunning common areas and flexible work and meeting spaces, including its own lounge and free Wi-Fi.
The Press enjoys a premier location near the booming downtown West Palm Beach area. This convenient spot is a short drive from Antique Row, CityPlace/Rosemary Square, the Clematis and Flagler Financial Districts, the Island of Palm Beach, Palm Beach Outlets, the Palm Beach International Airport and everything in between.
View the flyer and call Neil Merin, Chris Smith or Jaime Chamberlin today at 561-471-8000 to learn more about unique office space for lease at Workplaces at The Press in West Palm Beach.
A few media organizations have picked up our Press Release on the recent acquisition of Prince Creek Village, an 18,000-square-foot retail center in Myrtle Beach, South Carolina.
