Class A Waterfront Office Building In WPB Completes Multi-Million Renovation, Unveils New State-of-the-Art Spec Suites

TCRE announced the completion of the multi-million-dollar renovation program and the availability of brand new spec suites at 500 S. Australian Ave., a 10-story Class A office building in downtown West Palm Beach.

The property, owned and managed by CS Ventures Management, has undergone a remarkable modernization that delivers a serene work environment, highlighted by unobstructed water views of Clear Lake and the Downtown West Palm Beach skyline. The property offers leases starting at $30 per square foot, which represents a considerable cost savings compared to similar well-located buildings in the Central Business District (CBD).

CS Ventures Management, a joint venture led by Spencer J. Schlager and Charles L. Rosenberg, acquired the office building in December 2022. The new owners are committed to maintaining the highest quality in their buildings, as evidenced by the comprehensive exterior and interior renovation program that included a new landscape design, roof installation, painting, and upgrading of common areas. The result is a stunning, modern workspace that reflects the owners’ dedication to excellence.

The newly constructed spec suites at 500 S. Australian offer a contemporary and high-end design, boasting glass walls that showcase water views, with private offices, conference rooms, open areas for workstations or collaboration space, and an eat-in kitchen. With suites ranging from 1,000-11,500 square feet, tenants have ample options to choose from. Both monument signage and building signage opportunities are available, providing businesses with the ability to stand out in the market and highlight their brand.

“We are thrilled to introduce the newly renovated 500 S. Australian to the West Palm Beach business community,” says Constance Thomas, senior managing director at TCRE, who is spearheading leasing efforts for ownership. “This premier Class A office building offers a unique blend of convenience, quality, spectacular views, ample parking and affordability, making it an ideal choice for companies seeking a central location without the traffic, and easy access to amenities and transportation. With leases starting at just $30 per square foot, 500 S. Australian provides a significant cost savings compared to other properties in the CBD. We look forward to welcoming businesses to 500 S. Australian and helping them discover their ultimate office space.

500 S. Australian is 92 percent leased with tenants including Centennial Bank, Castle Group, Edward Jones, law firm Goldberg Segalla, N2W Software, and civil engineering firm Chen Moore and Associates.

The office building is located just west of downtown and approximately one block north of Okeechobee Boulevard with Clear Lake to the west. In addition to its close proximity to I-95, Downtown West Palm Beach, and the Palm Beach Airport, 500 S. Australian is within walking distance of the Tri-Rail, Brightline station, and Marriott Hotel. Tenants have an abundance of nearby retail, dining, entertainment, and housing options. Several new luxury residential mixed-use buildings are currently under construction in the vicinity of 500 S. Australian, which is expected to significantly enhance the immediate neighborhood.

CS Ventures Management, a leading commercial real estate company in South Florida, owns and manages several other premier office properties in Palm Beach County. These include 324, 340, 350, and 440 Royal Palm Way, and 214 Brazilian Ave. All of these buildings are Class A office buildings with distinctive architecture, prime locations, and high-end amenities.