Palm Beach Office Building Trades For $1,600 PSF
The Palm Beach office building previously housed private wealth firm Bessemer Trust.
The Palm Beach office building previously housed private wealth firm Bessemer Trust.
CBRE’s John Criddle, Joe Freitas, and Max Pawk will lead local marketing and leasing efforts on behalf of the landlord.
Seventy percent of funds will be allocated to industrial properties in Florida, the Carolinas, Tennessee and Georgia, and the remainder will be divided equally between Florida office and medical office buildings.
Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.
The asset last sold for $99.5 million.
Located at 3600-3998 FAU Blvd., the Research Park includes a total of 308,305 square feet of office space. It is the only state university-affiliated research park in South Florida and considered a premier technology business incubator for the region.
Under the proposal, the project will feature 117,000 square feet of office space in seven stories and 557 parking spaces in six stories.
The JV will expand their portfolio with the development of five Class A medical office buildings in Florida.
He will be responsible for the firm’s Miami, Fort Lauderdale, Boca Raton, and West Palm Beach markets and oversee more than 450 professionals across the South Florida region.
This move comes as the company has quickly expanded its presence nationally and needed a larger office space to accommodate its continued growth. Basis currently has 35 employees, up from just three in December 2020.
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