Research Park At Florida Atlantic University Announces Several New Transactions Totaling More Than 50,000 SF
The transactions included numerous new leases and a sale transaction.
The transactions included numerous new leases and a sale transaction.
“The building was 84% leased at the time of sale, and with approximately 40% of the rentable square footage set to roll over in the next four years, new ownership has a compelling opportunity to drive significant net-operating income growth over the next decade,” said Douglas Mandel, IPA executive managing director investments.
Savills Managing Director Michael Wernick, along with Senior Managing Directors Lawrence Epstein and David Browne, represented the tenant in the transaction.
Joe Freitas and John Criddle of CBRE are handling office leasing at The Eclipse on behalf of the development partnership. The law firm was represented by Greg Katz, Carlyle Coffin and Shay Pope of Stream Realty Partners.
The Newmark team, led by Senior Managing Director Jeremy Hakala and including Managing Director Matt Himmelsbach and Director Brandon Shores, will lead leasing efforts on behalf of ownership.
The company will now occupy the entire top floor of 1489 W. Palmetto Park Road, totaling 30,000 square feet.
He brings over 25 years of experience in commercial real estate, private equity, and platform operations to his new role.
C. Todd Everett arranged the sale on behalf of both the buyer and seller.
The company intends to invest an additional $10 million into refurbishing the property.
The new assignments total more than 200,000 square feet.
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