Why Class B North 40 Stands Out in Boca

MIAMI—Avison Young just won the exclusive leasing assignment for North 40, a 350,616-square-foot, two-building complex Mainstreet Capital Partners and Carval Investors recently acquired. That deal was the largest investment sale transaction to date in Palm Beach County in 2014.

Located at 901 Yamato Road and 5201 Congress Avenue in Boca Raton, FL, North 40 includes of two class B buildings with a total of 350,616 square feet with direct access to Interstate 95. The property will undergo a $2 million rebranding campaign. Avison principal Keith O'Donnell, along with Avison principal Gary Gottlieb and associate Jonathan Senn, will initiate a North 40 Boca-centric leasing and marketing strategy.

“Southern Palm Beach County, specifically the Boca Raton and Delray Beach market, has unique qualities that differentiate this market from others in South East Florida,” O'Donnell tells GlobeSt.com. “It has attracted significant corporate and hedge fund relocations because of the quality of life, cost advantages, an active jetport and focus on education and healthcare.

According to Avison's second quarter 2014 office market reports, the financial services, healthcare and technology sectors are leading office demand and lease transactions in Palm Beach County. That is contributing to steadily decreasing vacancy rates.

“Taking advantage of the new mixed-use environment that is fueling the resurgence of the Arvida Park of Commerce (APOC) area, the area's office market is thriving with a number of companies expanding and total vacancy seeing a decrease,” says Gottlieb. “North 40 is one of the only office campuses which offers quality blocks of office space currently available for lease for large-scale tenants seeking efficient and collaborative spaces.”

O'Donnell brings plenty of assets to North 40's table. He is co-founder of MedUTech, a community-led initiative to showcase success, innovation and growth in healthcare, education, and technology in the area. He also co-authored the groundbreaking Planned Mobility overlay district for the northwest sector along with Jamie Danburg of Danburg Management. O'Donnell says, “The activity level we are seeing at North 40 is validated by over 220,000 square feet of absorption in the first half of this year.”