Commercial Florida Charged With Filling Boca Office Fast

BOCA RATON, FL-One Park Place just handed the leasing keys to Commercial Florida Realty Services. The owner is hoping principals Peter Reed and George Sacks can fill up the Boca building.

Located at 621 NW 53rd St. in Boca Raton’s Arvida Park of Commerce, One Place offers 237,331 square feet of class A office space. The building was recently renovated, yet still sits at 79% occupancy. The building’s owner, Ofer Drucker, Canpro Investments, hired the firm to push occupancy levels into the 90s.

Reed tells GlobeSt.com the lease up strategy gets back to basics with direct mailer postcards and incentive to new tenants. The duo also plans to canvas the local market and work with economic development agencies to raise the profile of One Park Place.  

“Canpro will be very creative,” Reed says. “Rental abatement and moving allowances are being offered to the prospective tenants, as well as commission bonuses of one dollar per square foot for leases longer than three years and 50-cents per square foot for lease three years or less.”

Commercial Florida will target corporate users, along with government and state agencies, that are actively looking for space in the South Palm Beach County market. The biggest challenge, Reed admits, is overcoming the economic environment and corporation indecision on hiring or relocating because of the costs. “However,” he concludes, “we have seen some thawing in 2011 and we feel that trend should continue in 2012.”

The key advantage that Palm Beach County has to offer is that local government agencies are collectively working to provide incentives and assistance to local and non-local businesses in an effort to grow, expand and create new jobs, according to a September report from CBRE. The activity in the office market continues to illustrate signs of improvement, but vacancies are still higher than desired for landlords.