Cushman & Wakefield Arranges 39,000 SF Office Lease Renewal/Expansion For Multinational Investment Banking Company

Cushman & Wakefield has arranged a 27,225 square foot long-term office lease renewal and a 12,071 square foot office lease expansion (cumulatively 39,296 square feet) with Morgan Stanley at Financial Center at the Gardens in Palm Beach Gardens.

Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord, New York Life Real Estate Investors, in the lease negotiations. Jason Gold and Adam Bernstein of JLL represented the tenant, Morgan Stanley.

“At nearly 40,000 square feet, this market-making transaction is the largest office lease completed in Northern Palm Beach County in over two years. This deal, with one of the largest and most distinguished financial services brands in the world, further validates the PGA Corridor as a meaningful business hub for Fortune 500 companies. Our team worked with ownership to develop a strategy to mitigate the risks of new development in the area and secured a long-term lease that was extremely accretive for the asset,” said Librizzi, Managing Director at Cushman & Wakefield.

 

“On behalf of ownership, we are excited to renew and expand a long-standing financial services tenant with a stellar reputation at our building. With the execution of this lease, Financial Center at the Gardens is now 96% leased, which is an incredible accomplishment given the current macroeconomic headwinds facing the office sector. We couldn’t be more pleased with Anthony and Tara’s performance in leasing up our property,” added Joe Thomas, Director of Asset Management at New York Life Real Estate Investors.”

Built in 1997, Financial Center at the Gardens sits on top of a four-story parking garage totaling 190,917 square feet. The building’s location along PGA Boulevard offers tenants easy access to I-95 and the Florida Turnpike, and is a short walk from a host of restaurants, boutique retail, upscale hotels, and residential. Property features include a recently renovated 10-story atrium with marble floors, 24-hour on-site security, and 100% covered parking. Ownership is also in the process of completing a $2 million front entrance exterior façade upgrade, which is scheduled to be completed in the third quarter of 2023.

Financial Center at the Gardens is an Energy Star rated building, is the only Wired Certified Gold office tower in Palm Beach County, a certification for best-in-class telecom infrastructure and superior internet, and recently received the WELL Health-Safety Rating which was established during the pandemic to ensure office buildings were meeting necessary standards to deliver a healthy work environment for its building occupants.

 

 

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