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West Palm Beach, Fla. – Palm Beach County’s leading commercial real estate services firm, NAI/Merin Hunter Codman, Inc., has completed 144,000 square feet of lease transactions on behalf of Colonnade Centrepark East, LLC and Colonnade Centrepark West, LLC, within Colonnade’s first year of ownership.
The nine-building portfolio totaling 479,145 square feet of office space, located within Centrepark East and Centrepark West, was acquired in November 2016 by Colonnade Properties and affiliates of Grace Development and Flagler Realty. NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM marketed the property on behalf of the seller, JP Morgan Asset Management, Colonnade and partners were selected as the purchaser who post purchase retained NAI/Merin Hunter Codman as they valued the leasing potential executed by NAI/Merin Hunter Codman.
Today Centrepark West’s occupancy rate is 98%, up from the 80% reported at the time of purchase. Together, Mr. Merin and NAI/Merin Hunter Codman Commercial Associate, Shelbi Quinn successfully negotiated many deals on behalf of the owner, the largest transactions include:
• SV Microwave, Inc. and affiliate Times Microwave Systems, Inc. have executed 68,091 square feet of leases at 2301 and 2400 Centrepark West Drive
• Seacrest Services executed a 13,560-square foot, 10-year lease, at 2101 Centrepark West Drive
• Brown & Brown of Florida executed a 11,970-square foot, 10-year lease, at 1661 Worthington Road
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Excerpt from Palm Beach Post article by Alexandra Clough.
“West Palm Beach needs more luxury office space downtown. Or does it? We soon could find out.
Intech, the longtime anchor tenant of the luxury CityPlace Tower office building, is weighing a move to another office building, which two real estate sources say is One Clearlake Centre, west of the downtown.
Intech’s build-out was “palatial,” said Neil Merin, chairman of NAI/Merin Hunter Codman real estate brokerage in West Palm Beach.
In fact, it’s so over the top, “I don’t know who is going to take it like that,” Merin said.”
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