Pharma Firm Expands HQ at Metro Miami Office Campus
- Aug 14, 2019
Biotest Pharmaceuticals Corp. has extended its lease and expanded its headquarters to 29,219 square feet at North 40, a 352,043-square-foot office campus in Boca Raton, Fla. The healthcare company added 7,599 square feet of space due to the relocation of another department to its corporate offices. Avison Young, exclusive leasing agency for the property since 2014, secured the tenant and represented the landlord, PG Mainstreet North Forty LLC, in the lease negotiations.
The ownership acquired North 40 for $68.4 million in February, in the largest sales transaction in Palm Beach County during the first quarter of 2019. Set on 27 acres, the business park consists of Building 235 and Building 236, two-story facilities developed in 1983 and 1984, respectively. Between 2014 and 2018, the Class B office property underwent renovations worth more than $3 million. Amenities include collaborative meeting areas, a conference center and a fitness center.
Located at 901 Yamato Road and 5201 Congress Ave. in the Park at Broken Sound, North 40 has direct access to Interstate 95. Boca Raton Tri-Rail Station is less than one mile southeast and Palm Beach International Airport is 23.5 miles north. The immediate area houses dining and shopping options that include Park Place and Polo Club Shoppes.
The Biotest corporate office, initially leased in April 2017, is within Building 235. The 147,011-square-foot facility features 75,000-square-foot floorplates and a parking ratio of 4 spaces per 1,000 square feet. According to Yardi Matrix data, Building 235 is currently fully leased, with a tenant roster that includes American Residential Warranty, Cortera, Hollander Sleep Products and FlexShopper.
Avison Young Principal Mark Rubin negotiated the lease on behalf of the tenant, while Principals Keith O’Donnell and Gary Gottlieb represented the landlord. In April, another Avison Young team secured the first prelease agreement at a 330,000-square-foot, Class A project in Pembroke Pines, Fla.