Phillips Point is situated on a 4.2-acre site, has 47,355 sf of retail space and two six-level parking garages with 1,162 spaces. The property is currently 89% occupied and the tenants include Gunster Yoakley & Steward, Greenberg Traurig and Salomon Smith Barney.
"Phillips Point is one of Florida's true waterfront trophy office assets and it attracted interest from a wide variety of private and institutional investors," says de Zarraga.
Leasing will be handled by Miami-based Taylor & Mathis. Taylor & Mathis managing director-brokerage services Brian Gale tells GlobeSt.com that the waterfront property is the first building reached after leaving Palm Beach. "Every suite has a view of the water," he says.
At $50 per sf, rents are among the highest for office properties across the state. The property is currently 89% occupied and Colonnade plans to spend $3.5 million to make improvements to the common areas, corridors, lobby and bathrooms. One of the buildings was constructed in 1984 and the other in 1989. "We want to be able to compete with CityPlace Tower, the new office building under construction in West Palm Beach," he says. "Some of the finishes are out of date."
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