CBRE Lands Office Management, Leasing Contracts in South FL
- Apr 17, 2018
A joint venture between Kinship Capital and Pearlmark has selected CBRE to handle property management and leasing for two of its office buildings in Palm Beach, Fla. The owner acquired the assets, totaling 44,000 square feet, in mid-2013 for $21.9 million from Somera Capital Management, according to public records.
Located on Royal Palm Way in the city’s Banker’s Row submarket, the buildings sit near a number of other boutique office assets two miles east of Interstate 95. The 340 and 350 Royal Palm properties include three and four stories of office space, respectively, above ground floor parking. 340 Royal Palm also includes a connected multi-level parking deck, while tenants of 350 Royal Palm have access to an adjacent parking lot. FineMark National Bank & Trust and Sotheby’s occupy space in the structures, along with a number of law and accounting firms.
The structures were built in 1968 and 1974, and the owner is currently building out some of the vacant space. CBRE’s Kevin Probel and Kevin McCarthy will market the new space to tenants. The firm’s Mike Williams and Cindy Hatcher will manage the properties.
“The entire second floor is in the process of a build-out, with four spec suites ranging from 1,300 to 1,600 square feet with high-end finishes. Completion will be this spring. We also have two full floors in shell condition that the landlord will build to suit for a new tenant,” McCarthy, first vice president of CBRE, told Commercial Property Executive. “Ownership is committed to leasing the remaining vacancies and will be aggressive in working with prospective tenants and their brokers.”
Images courtesy of CBRE and via Google Street View