XM Satellite Radio Leases 35,916 SF in Quiet Waters

Without disclosing the aggregate value of XM Satellite's lease, Andy Petry, SVP and director of leasing in the Boca Raton office of Grubb & Ellis, tells GlobeSt.com the quoted rental rate for both properties is between $12.95 per sf and $13.95 per sf, triple-net. Petry represents the park's owner, Prudential Real Estate, as exclusive leasing agent for all buildings.

Tim Hague of Advantis Realty in Washington, DC, where the tenant is based, negotiated for XM, working with Bill Kahn at Boca Raton-based CPRE. XM is a satellite radio service provider that offers 150 commercial-free digital channels to approximately 3.8 million customers.

Petry says Building 6 is about two-thirds occupied. The first three buildings of seven planned for the park reached completion in the last half of 2003. The largest of them, Building 2, a 154,333-sf warehouse property, is 100% leased at a rate of $5.75 per sf, triple-net. About 40% of the 100,000-sf Building 3 remains vacant, according to Petry, who says the quoted rental rate is $6.75 per sf. Building 1, a similar size showroom/distribution center, is about one-third leased, he reports, and the quoted rental rate is $7.50 per sf. Petry says no date for groundbreaking of Buildings 4 and 5, containing 150,000 sf and 100,000 sf , respectively, has yet been set, but he expects it will take place soon.