Avison Young negotiated a new, long-term 15,172-square-foot lease at North 40, a two-building office complex in the Park at Broken Sound in Boca Raton. The tenant, Meisner Electric, Inc., will relocate its corporate headquarters from Delray Beach to take space at the 901 Yamato Road building. Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group, during the lease transaction.
In addition to the new corporate headquarters in Boca Raton, Meisner Electric has offices in Miramar and Sarasota and has plans for future expansion in other Florida markets.
“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric, a full-service commercial electrical contracting company. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”
Totaling 352,043 square feet across its two buildings at 901 Yamato Road and 5201 Congress Avenue, North 40 is 90% occupied. The complex boasts direct Interstate 95 access via Yamato Road and several class A building amenities including collaborative meeting areas and a fully-equipped fitness center.
“We are delighted to welcome Meisner Electric to its new space at North 40 and have them join our family of tenants who have selected North 40 for their corporate headquarters,” said Paul Kilgallon, President of Mainstreet Capital Partners.
Boca Raton is the largest and one of the most desirable office submarkets in Palm Beach County. According to Avison Young research, fundamentals remain strong, underscored by consistent lease rates countywide throughout 2020 despite the pandemic. Following a quiet second quarter, leasing activity was up by 39% at the close of the third quarter.
“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.”
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