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| Phillips Points, West Palm Beach, FL |
West Palm Beach, FL Aug. 12, 2014 - Phillips Point, West Palm Beach’s
most high profile office complex, continues to enjoy a historically high
occupancy rate with $46.5 million in recent leasing transactions.
Taylor & Mathis
Principal, Brian Gale has secured four leases totaling 65,600 square
feet, with additional deals in the works. In a new to market deal, Connecticut
based Wexford Capital signed a 7,400 lease.
The $4.5 million deal was co-brokered by Neil Merin
and Shelbi Quinn of NAI/Merin Hunter Codman.
The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford.
“These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.
The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford.
“These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.
ESPN radio West Palm office of Good Karma Brands will be
relocating to Phillips Point Tower, having signed a one million dollar lease
for 4,635 square feet. “Phillips Point continues to attract the highest quality
tenants in the market, with its unparalleled views and quality of ownership,”
said Gale.
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| Brian Gale |
The key testament to Phillips Point’s iconic stature in the
market is the tenants choosing to stay at the property. In the last couple of
years, Taylor & Mathis has reported nearly 150,000 square feet in renewals
and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley.
This year has seen
two notable renewals. International law
firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years
at the property, signing a 30,254 square foot lease for their West Palm Beach
office. Co-broker Jon Bourbeau
of Newmark Grubb Frank represented the law firm in the deal valued at $23
million.
AMG Properties has more than doubled the size of their
offices signing a 12,805 square foot expansion along with a 10,518 square foot
renewal.
Co-broker Darren Goldstein
of Virtual Global Realty represented the real estate management firm in the
23,323 square foot, $18 million deal. “We anticipate seeing additional growth
from them yet this year,” stated Gale.
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| Neil Merrin |
“These tenants conducted extensive due diligence during
their search for office space before signing leases at Phillips Point,” stated
Taylor & Mathis’ Principal, Brian Gale.
“Phillips Point, with its timeless
finishes and unmatched views, was able
to renew all the existing tenants with expiring leases, even with the shiny new
office building being proposed – Related’s Gateway Tower.”
The location provides seamless access to Palm Beach Island,
directly across from the entrance to the Royal Palm Bridge, with Ocean and
Intracoastal Waterway views from all sides.
The building is home to
internationally recognized tenants including, Gunster, Squire Sanders, Goldman
Sachs and Akerman.
Among the complex’s
amenities are banking, valet parking, concierge, Morton’s Steakhouse, café and
sundry shop, 24-hour manned security and on-site dining.
For a complete
copy of the company’s news release, please contact:
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