GlobeSt.com UPDATE: Renovated Golden Bear Plaza Reaches 70% Occupancy

The asking rental rate for space in the 246,000-sf complex is between $19.50 per sf and $21.50 per sf, according to Neil E. Merin, chairman of NAI/Merin Hunter Codman, also based here, which represents the owner.

Philadelphia-based BPG Properties Ltd., formerly called Berwind Property Group, acquired the complex for $32.3 million in December 2003 and began a $6.5-million renovation, which is being managed by Merin's firm. He tells GlobeSt.com the renovation is about 70% complete. "All the exterior work is done, and interior work is ongoing as new tenants sign leases."

The Dycom lease, along with a 6,500-sf lease by Lebenthal & Co., takes the complex to 70% occupancy, Merin says. "A year ago, it was just 45% leased." Dycom is relocating its headquarters from 4440 PGA Blvd., and Lebenthal is expanding its presence in Florida, adding this location to others in Boca Raton, Aventura and Sarasota. The Lebenthal office space provides views of the ocean and Intercoastal Waterway and has a 300-sf terrace.

Smith Barney recently renewed its lease in the complex for 10 years and expanded to 11,500 sf. Among the new tenants are Orlando-based Pinnacle Financial Corp., New York Life, Parker Trading, Jordan Dynamics, Advanced Aeration Systems and a regional executive office of Dunkin Donuts.

Golden Bear Plaza occupies a parcel of just over 10 acres, and underground parking connects its three six-story buildings. It contains City Club, a dining/social club, and is adjacent Oakbrook Shopping Mall.