Shapiro, an associate with the Boca Raton office of Grubb & Ellis, is the on-site leasing agent for the property and worked with Owen Sagar, a VP in that G&E office, on the most recent lease transactions. Among the largest of the recent leases are Banyan Realty Management for 5,417 sf; Florida Dept. of Financial Services for 5,435 sf; and Palm Beach Focus for 4,562 sf.
The gross, full-service rental rate, Shapiro says, ranges from $18 per sf to $20 per sf. The office complex is now 57% leased, he says, adding, "more agreements are about to close, with still more in the pipeline."
Shapiro describes the complex as a B property, and says, "with the upgrades, it aims to be the best B in the market." The owner's investment includes an upgrading of exteriors on all three 10-story buildings, renovation of common areas on all floors plus the lobby of Building C, and the installation of a business center with a conference room and teleconferencing capabilities.
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