JLL Capital Markets has arranged a $39 million refinancing for 625 Flagler, a Class A office building totaling 108,482 square feet in West Palm Beach.
JLL worked on behalf of the borrower, FRI Investors, to secure the 10-year, fixed-rate loan with Bank of America.
FRI Investors, led by Michael and Will McCloskey, acquired 625 Flagler in 2017. At that time the building was 30 percent leased. Renovated in 2018, the leasing expertise of FRI Investors increased occupancy to 99 percent with a diverse tenant base comprising companies in the government, medical, financial and legal industries.
625 N. Flagler Dr. is positioned on a 1.3-acre site along the Intracoastal Waterway and just over the new North Bridge from the Island of Palm Beach. As part of the West Palm Beach central business district, the property is close to Clematis St., Government Center and Cityplace. In addition, the asset has tremendous regional accessibility being located near U.S. Route 1, Interstate 95, Brightline’s West Palm Beach station and Palm Beach International Airport.
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
“The Florida migration has led to significant strengthening of an already robust office market,” said Carney. “High quality, well-located office assets like 625 Flagler will continue to flourish, specifically those operated by experienced local owners such as FRI Investors.”
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