CBRE has arranged nine new office leases totaling over 32,757 square feet at 120 E. Palmetto in Boca Raton.
John Criddle, Joseph Freitas, and Max Pawk with CBRE facilitated lease negotiations on behalf of ownership, South Florida-based real estate investment group Grover Corlew.
Leases signed include:
- Arizona-based BLSQ Management has signed a new lease for a 7,242-sq.-ft. office on the fourth floor, which will serve as their first office in Florida. Represented by Brady Titcomb of JLL.
- Orlando-based Foundry Commercial has signed a new lease for a 7,183-sq.-ft. office on the second floor. Represented by Gabe De Jesus of Foundry Commercial.
- Missouri-based Forvis has signed a new lease for a 2,956-sq.-ft. office on the fourth floor. Represented by Derek Baker and Lang Williams of Colliers.
- New York-based Glazer Investments has signed a new lease for a 2,926-sq.-ft. office on the second floor, which will serve as the investment management firm’s first South Florida office. Represented by Max Pawk of CBRE.
- Chicago-based Spectrum Communications has signed a new lease for a 2,770-sq.-ft. office on the second floor, which will serve as the firm’s first South Florida office.
- Falcon AI has signed a new lease for a 2,402-sq.-ft. office on the fourth floor. The firm will relocate from New York, making the Boca Raton office their new headquarters. Represented by Jason Carros of Carros Commercial Realty.
- Pennsylvania-based Olson Research has signed a new lease for a 1,668-sq.-ft. office on the fourth floor, which will serve as the firm’s first South Florida office. Represented by Dyana Kenney of Penn Florida.
- Boca Raton-based Weiseman, Brodie, Starr & Margolies has signed a new lease for a 1,330-sq.-ft. office on the second floor. The firm will relocate their local office this month.
- New York-based Gen II Fund Services has signed a new lease for a 4,279- sq.-ft. office on the fifth floor. Represented by John Jaspert and Bill Iacovelli with CBRE.
Located in downtown Boca Raton, 120 E. Palmetto is a five-story office building totaling 66,966 sq. ft. Since purchasing the property in March 2022, Grover Corlew has completed $2 million in property renovations, including updates to the lobby, exterior lighting and painting, common area corridors, and restrooms throughout the second and fourth floors, with renovations on the fifth floor expected to be completed soon.
“Downtown Boca Raton is an attractive option for companies who are looking for a centralized South Florida location to do business,” said Grover Corlew Partner Mark Corlew. “As with all our office properties, we’ve transformed this building to appeal to discerning companies who require modern workspaces in prime locations. This distinguished list of new tenants speaks to the quality of the property and renovations, as well as CBRE’s diligent work on our behalf.”
The property is surrounded by numerous retail options and is within walking distance of Mizner Park, Royal Palm Place, and less than a mile from the Boca Raton Resort & Club. The building provides tenants with convenient access to the newly completed Brightline station.
“Leasing momentum was propelled by Grover Corlew’s capital improvements and six high-quality speculative suites,” said CBRE Vice President Joseph Freitas. “Both out-of-state and local tenants were attracted to the property because of the design and quality of the space. These factors paired with the market demand helped to increase occupancy.”
When CBRE assumed duties as the property leasing agency in Q1 2022, the property was 57% occupied. The property is now 88% occupied with three remaining suites available for lease while rents have risen to all in rents of $95 per sq. ft.
Mr. Freitas added, “Boca Raton’s office market is attractive due to strong market fundamentals and increasing demand driven by professional service firms looking for smaller office spaces in the 2,000 to 5,000 square foot range. Many firms are relocating their offices or opening satellite offices, and are looking to make decision quickly.”
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