Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DELRAY BEACH, FL-Three new tenants have taken an aggregate 25,581 sf in the three-building, 240,000-sf Arbors Office Park on Congress Avenue. The agreements have a total value of $3.1 million and take overall occupancy in the park, which suffered significant terminations a year ago, to more than 70%. These follow a $6-million, 50,000-sf renewal of Ecometry Corp.’s headquarters in the park a month ago.

The largest of the new leases is by Progressive Insurance, a national auto insurer. It will join Ecometry in the 97,198-sf building at 1615 S. Congress Ave. and open a 14,070-sf office to serve clients here and in Boca Raton. This lease is valued at $1.7 million and takes occupancy in the building above 90%.

Gordon Messinger, senior commercial associate with Miami Beach-based Terranova Corp., represented the park’s owner, Realty Associates Fund V LP, a fund of Boston-based T.A. Realty Associates, in all three negotiations. Justin Aronson of the Boca Raton office of Trammell Crow Co. represented Progressive.

Construction Services and Consultants, which provides developers and builders with turnkey shell construction, signed a lease for 8,900 sf in the 77,196-sf building at 1625 S. Congress. This agreement is valued at $1.1 million and represents an expansion and relocation from another Delray Beach facility. Messinger tells GlobeSt.com this building was fully vacated a year ago and is now more than 50% occupied. Robert Smith of the Boca Raton office of CB Richard Ellis represented the tenant.

Messinger was the sole broker in a lease by Digital Angel Corp. for 2,651 sf in the 68,599-sf building at 1690 S. Congress, which also suffered a termination a year ago and is now over 62% leased. Publicly traded Digital Angel makes and markets microchips and tags for tracking animals and aircraft.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.