Welcome to NAI/Merin Hunter Codman's commercial real estate focused press releases, news pickups, market reports, transactions, property and social service event postings.
Premier Downtown Fort Lauderdale Office Space Like You’ve Never Seen It Before.
Welcome to 1 East Broward, a Class-A, high-rise office tower located in downtown Fort Lauderdale, FL with stunning panoramic views. Located at Andrews Ave and Broward Blvd, 1 East Broward is close to everything… Las Olas, FAT Village, Flagler Village, Avenue of the Arts, Luxury Residences, City Hall, Courthouse, Governmental Center, The Warf, Salt, the Riverfront, and more.
Ask about our full-floor, 17,500 square foot, build-to-suit, office space available for lease today. Contact Max Pawk at 561-471-8000 or mhc@mhcreal.com.
NAI/Merin Hunter Codman’s Managing Director, Adam Starr, represented the landlord in over 17,000 square feet of leasing transactions in the first quarter of 2021.
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, announces the completion of over 17,000 square feet of leasing in the first quarter of 2021 at Commercial Tower, 2101 W Commercial Boulevard, Fort Lauderdale, Florida. Landlord representative and NAI/Merin Hunter Codman Managing Director Adam Starr’s latest deal is another example of South Florida office leasing holding strong despite the Covid-19 pandemic. Centennial Bank, a subsidiary of Home BancShares (NASDAQ – HOMB), just recommitted to a long-term lease for 10,763 square feet. Cushman & Wakefield’s Jeff Holding represented Centennial Bank in the transaction.
NRNS Acquisition 2101 Commercial LLC purchased Commercial Tower, a 94,532 square-foot, 5-story professional office building in 2016. Over the past 24 months ownership has invested over a million dollars in property improvements. A partial list of upgrades includes remodeling of the lobby and common area restrooms, installation of brand-new elevator cabs, as well as exterior parking lot and landscaping improvements. Remodeling of common area hallways are underway and will be completed over the next 18 months. Mr. Starr added, “Landlords who continually reinvest in their properties, creating inviting environments, and who remain committed to improving the tenants’ work experience always fare better during downward and upward market cycles. The pandemic may still be defining this cycle and personal business plans, but due to the commitment of Commercial Tower’s ownership, we have been able to lease space to new tenants, as well as retaining existing tenants who are excited about the changes throughout the building.”
CEO Jordan C. Paul states, “Adam is 100% correct. The characteristics that made South Florida a great place to live and work are still in place and our region is bouncing back from this pandemic and welcoming new northern companies every day. Landlords must position their properties now to remain on incoming tenants’ shortlists of potential space. I’d like to acknowledge Adam for a job well done on advising his clients on how to position themselves through this market cycle.”
To learn more about office space available at Commercial Tower please contact Adam Starr today at 561-471-8000 or astarr@mhcreal.com. To view the stunning lobby click here.
FOR LEASE: ±5,272 SF plug and play office space at 1 East Broward – with great views of Downtown Fort Lauderdale! Fantastic move-in ready suite with furniture, equipment, and TV’s. Click below to view 3D Tour!
The following is an excerpt of the article originally posted by the South Florida Business Journal by Brian Bandell. View Full Article: PDF | Link
There were many frightening months in the South Florida real estate sector in 2020 amid the Covid-19 pandemic, but experts expect the market to bounce back.
Just how quickly that recovery occurs depends on the type of real estate.
Single-family homes and industrial properties are already thriving. Office and retail space have a cloudy outlook, depending on how much the trends of remote work and e-commerce, respectively, impact business. The fate of hotels depends on the type of visitor they serve, and how quickly they’re likely to resume traveling.
Those were some of the takeaways from the Business Journal’s seventh annual Market Review panel, held virtually and broadcast online Dec. 15
Berkowitz Pollack Brant Advisors + CPAs and First Horizon Bank sponsored the discussion, which was moderated by Senior Reporter Brian Bandell.
Some of South Florida’s top players in the areas of retail, industrial, office and residential real estate recently gathered for the Business Journal’s seventh annual Market Review panel, a virtual affair where the experts reviewed some of the current – and future – trends impacting the tri-county region.
The spirited conversation highlighted how the Covid-19 pandemic is fueling certain real estate sectors while hurting others, and what the region’s top industry could experience in 2021.
MEET THE PANEL:
Art Lieberman, Director of tax services, Berkowitz Pollack Brant Advisors + CPAs
Neil E. Merin, SIOR, CCIM, Chairman, NAI/Merin Hunter Codman
Dev Motwani, President and CEO, Merrimac Ventures
Peggy Olin, CEO, OneWorld Properties
Stephanie Rodriguez, Senior VP, Florida region, Duke Realty
Andrew Zidar, VP of development and acquisition, RK Centers
QUOTABLLES
What South Florida real estate sectors will have a really bright outlook for 2021?
Neil Merin, NAI/Merin Hunter Codman: “The brightest outlook is single-family housing. Housing sales right now are running 125% ahead of the same time last year.”
Peggy Olin, OneWorld Properties: “Single-family homes. Everyone had the dream of being in South Florida and this [Covid-19] has really accelerated that decision. The level of prices we are seeing trading on the single-family home side and some of the high-end condos, as well, are amazing to see, and I think we will continue to see it.”
Stephanie Rodriguez, Duke Realty: “On the industrial side, institutional developers put a pause on spec development [in the first quarter]. But there was a shift in our business and an acceleration in demand, and we are pulling off that band-aid and going full throttle.”
Dev Motwani, Merrimac Ventures: “With Elliot [Management], and Blackstone and Goldman [Sachs] announcing moves here, the rest will follow because they realize this is a great place to do business. That will benefit the residential market. That will benefit the office market. That’s going to benefit retail, and certainly industrial.”
Art Lieberman, Berkowitz Pollack Brant Advisors + CPAs: “You are seeing a lot of opportunity zone projects starting to come online. Leasing to businesses looking for opportunity zone tax benefits will start to trend.”
What sectors of real estate are probably going to struggle in 2021?
Neil Merin, NAI/Merin Hunter Codman: “Hospitality and retail. There will be a permanent impairment to hospitality in the business travel sector. Retail is a reimagining.”
Andrew Zidar, RK Centers: “It’s survival of the fittest on the retail side. There will continue to be fallout over the next year or two. There will be names in retail we have known for a long time that cease to exist.”
Dev Motwani, Merrimac Ventures: “We’ve always been a great hospitality and cruise market, and those markets are going to take a little longer to rebound in 2021 as people get comfortable traveling again.”
Thanks to the following media organizations who have picked up our Press Release about the leasing assignment of the iconic Esperante Corporate Center in West Palm Beach.
A $41 billion hedge fund based in New York plans to temporarily lease space in the Phillips Point office complex as part of a larger move to bring its headquarters to West Palm Beach, three real estate sources said on Thursday.
Phillips Pointe in Downtown West Palm Beach
Paul Singer’s Elliott Management Corp. also will open an office in Greenwich, Ct., as well as keep a presence in Manhattan, according to Bloomberg News, which first reported Elliott’s move to West Palm Beach but did not identify a location.
Real estate experts familiar with Elliott’s search said the firm will sublease 7,600 square feet of space belonging to the Arnold and Porter law firm at Phillips Point, a twin-tower office complex at 777 S. Flagler Drive, overlooking the Intracoastal Waterway.
The short-term lease is temporary space until Elliott can open more permanent offices of at least 25,000 square feet. The likely landing spot: 360 Rosemary, the new office building under construction by Related Cos. at Rosemary Square, according to two real estate sources.
— NAI/Merin Hunter Codman bringing former Canon Solutions Campus to market. —
West Palm Beach, Fla. – The former Canon Solutions America, Inc. customer experience and showroom center, located in the Park at Broken Sound, is being offered for sale by Court Appointed Receiver Neil Merin, Chairman of NAI/Merin Hunter Codman. The receivership is the result of a foreclosure action filed due to a loan default which occurred when Canon’s long-term lease expired. Consisting of 143,290 square feet of office space situated on 12.24 acres in Boca Raton’s premier mixed-use development, the site and building is one of the largest commercial real estate offerings in Boca Raton, Florida.
According to Mr. Merin the property is being offered on an “as-where is” basis. “This is a significant piece of real estate that has generated much interest as a result of the foreclosure,” Mr. Merin stated, “I expect to market the property and accept bids for just a few weeks before selecting a buyer.” The property is located at 5600 Broken Sound Boulevard NW, Boca Raton, Florida 33487. It was constructed in 2002 to the highest corporate levels as a build-to-suit for the former tenant. Features of the property include a full backup generator facility, over 450 on-site parking spaces, an on-site full-service cafeteria with indoor and outdoor seating, and the offices all feature raised floor electrical distribution for easy reconfiguration and layout. Additionally, due to the large site size, there is potential to add significant additional building area to the existing structures.
For additional information about this opportunity please contact Neil. E. Merin, SIOR, CCIM at 561-471-8000.
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.
