New Leases Bring Phillips Point to Near Full Occupancy

WEST PALM BEACH, FL—Four new lease deals at Phillips Point, bring the office complex to more than 96% occupancy. The recent deals total 65,600 square feet and are valued at $46.5 million, according to brokerage firm Taylor & Mathis.

Brian Gale, principal of Taylor & Mathis, which is the exclusive leasing agent for the Class A office property, secured all four lease deals and has additional transactions in the works.

In a new to market deal, Connecticut-based Wexford Capital signed a 7,400–square-foot lease at the property. The $4.5-million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman. The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford, Gale says.. “These types of firms are choosing South Florida because of lower taxes and beautiful weather,” he adds.

In another new lease transaction, ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a $1-million lease for 4,635 square feet.

The brokerage firm also reported two notable lease renewals, including international law firm, Greenberg Traurig, LLP's early renewal for an additional 13 years at the property. The law firm signed a 30,254-square-foot lease for its West Palm Beach office. Co-broker Jon Bourbeau of Newmark Grubb Frank represented the law firm in the deal valued at $23 million.

Also, AMG Properties more than doubled the size of its offices signing a 12,805-square-foot expansion along with a 10,518-square-foot renewal. Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the $18-million deal.