PRESS RELEASE: Palm Beach International Plaza Begins Aggressive Property Improvement Plan

NAI/Merin Hunter Codman is Awarded the Property Management and Leasing Assignment of Palm Beach International Plaza

West Palm Beach, FL. – Palm Beach County’s leading commercial real estate services firm, NAI/Merin Hunter Codman, Inc. has been retained by local investor, Belvedere Acquisition, LLC, to oversee the renovation and rebranding of Palm Beach International Plaza, a 111,000-square- foot office complex strategically located across from the Palm Beach International Airport, at 1601 Belvedere Road, in West Palm Beach, Florida. In July of 2017, Belvedere Acquisition, LLC purchased the property from 1601 Belvedere Road Holdings, who had held the property on behalf of a CMBS trust.

NAI/Merin Hunter Codman has been retained to oversee leasing, property management and construction management of the property. Renovation plans include repainting of the towers, main entrance upgrades, enhanced lighting, fresh landscaping, a lobby makeover and new digital tenant directories. NAI/Merin Hunter Codman will be offering a variety of suites from 1,200 to 45,000 square feet, including several move-in ready spec suites, as well as efficient and flexible large blocks of customizable space.

Principal, Jason L. Sundook, SIOR and NAI/Merin Hunter Codman’s newest Commercial Associate, Christopher T. Smith will be leasing the property. “The momentum and pre-upgrade leasing has been tremendous! The complex improvements coupled with the recent announcement of a significant renovation of the adjacent Embassy Suites’ hotel which will be offering complimentary and discounted hotel amenities to Palm Beach International Plaza’s tenants have resulted in a wave of tours and leasing activity,” touted Mr. Sundook.

CLICK HERE to read the full press release.

Press Releases

BROKER HAPPY HOUR at Palm Beach International Plaza

NAI/Merin Hunter Codman’s Jason L. Sundook, SIOR and Christopher T. Smith welcomed top area brokers to the reintroduction of Palm Beach International Plaza in West Palm Beach on Thursday evening, October 26th. Palm Beach International Plaza is located at 1601 Belvedere Road, close to downtown West Palm Beach and only half a mile from I-95. The property is undergoing a multi-million dollar renovation and touts great rates, unbelievable signage, and unmatched access. New, sophisticated ownership is offering aggressive deals for tenants and brokers.

The focus of this broker happy hour was the South Tower’s second-floor availabilities, ranging from 1,179 – 10,531 SF (leases pending on three of these suites). Tenants of Palm Beach International Plaza enjoy fantastic amenities through the connected Embassy Suites hotel, digital tenant directory and updated lobbies, a wide variety of floor plans from small spec suites to full floors, a convenient location near numerous West Palm Beach amenities, and unmatched access to the airport (ideal for frequent travelers).

At the event, brokers enjoyed a signature “Palm Beach International” cocktail along with other spirits and delicious appetizers catered by the hotel, a prize raffle, and lots of laughs.

To learn more about Palm Beach International Plaza’s availabilities feel free to call Jason or Chris at 561 471 8000 or click here. Please enjoy photos from the event below.

Events

News Article: South Florida Office Market Heats Up

Neil Merin was featured in the South Florida Business Journal…

“Preleasing has been slower in Palm Beach Gardens, where the speculative 63,500-square-foot Gardens Innovation Center was recently completed. Broker Neil Merin, chairman of NAI/Merin Hunter Codman, said the building has no leases, but now that companies can tour the finished space, he’s seen more interest.

“Unless people can see something, they won’t lease it,” Merin said. Merin’s client self-funded Gardens Innovation Center without waiting for preleases, but many developers aren’t willing to put so much of their money on the line, and prefer to combine equity with a construction loan. If a developer can’t obtain a solid percentage of preleases, obtaining construction financing is nearly
impossible.”

CLICK HERE to read the full article.

News Articles

South Florida Hospital News | Medical Office Space Market Trends: Why Lease When You Can Buy?

As featured in South Florida Hospital News:

As you search for the best commercial property for your practice you may ask yourself whether you would be better off owning or leasing. Lesley Sheinberg, Director at NAI/Merin Hunter Codman, who specializes in medical site facilitation, has experienced a shifting trend towards purchasing medical office buildings versus leasing space. She notes, “More and more established practices and collective groups of private physicians are realizing the benefit of owning a building far outweigh leasing space from a landlord, as the potential for long term cost savings and financial gain is great.”

As mortgage and rent payments are often very similar, the pros and cons of purchasing versus leasing must be weighed. There are primary benefits to both, the primary benefit of purchasing is your ability to own an asset of increased value at the end of the mortgage term, while reaping the tax benefits over the duration of the loan. However, some medical practices desire the ability to relocate, downsize or expand at the end of a relatively short lease term. To know if purchasing is right for your practice, evaluate your long-term goals and take into consideration the three factors below.

1. The Investment: When leasing, the upfront costs are typically the first month’s rent, security deposit and tenant improvements specific to the medical industry. Medical space upgrades often include additional electrical, plumbing, shielding and ADA compliance improvements. At times, these costly upgrades can be covered in a well negotiated lease. If purchasing, upfront costs can be higher due to down payments, appraisal costs, loan fees, inspections and property upgrades. Each practice should evaluate their upfront investment abilities to decide which option falls in line with their goals.

2. The Space: What may work for you now might not in a few years depending upon your practice’s growth potential. Newer practices may be better suited for leasing until they get a handle on their long-term square footage and location requirements. Established practices know their client numbers and benefit from staying several years at one location. Additionally, if they purchase a building larger than their immediate need requires, leasing out the extra space can produce income, until they need the space for their own.

3. The Budget: When you purchase a building, fixed and variable cost factors can be controlled to some extent. When leasing, you are subject to the market climate changes and annual cost increases imposed by landlords.
If your practice is ready to move forward with leasing or investing in commercial property, the very first step is to ensure you have a seasoned commercial real estate professional with your best interest in mind.

NAI/Merin Hunter Codman’s medical space expert, Lesley Sheinberg places investors and tenants on an even playing field with commercial real estate professionals, landlords and owners, utilizing her medical site selection expertise and superior negotiation skills. If you need a broker who specializes in your field, call Lesley today at (561) 471-8000 or (561) 254-7810.

NAI/Merin Hunter Codman, Inc. is Palm Beach County’s leading commercial real estate services firm, with over three decades of experience advising on strategic acquisitions, dispositions, leasing and comprehensive property management. We advise on all commercial property sectors, from office and industrial to retail, multifamily and land. Our client base includes some of the most prestigious institutional and private investors in the world. NAI/Merin Hunter Codman is headquartered in West Palm Beach with regional offices throughout Palm Beach County. Where can we help you next? Call (561) 471-8000.

News Articles