Northbridge Center’s New Owners Expand Leasing Team

Aug 12, 2019 No Comments by

CBRE has been selected by new ownership at Northbridge Center, as the leasing agent of newly renovated 21-story, 294,000-sq.-ft. Class A iconic trophy tower in Downtown West Palm Beach, Florida.

CBRE’s Kevin Probel and Kevin McCarthy are spearheading leasing efforts at the property, partnering with Jon Blunk with Tower Commercial Real Estate. Ownership at Northbridge Center is a partnership that includes Vanderbilt Office Properties.

The $98 million sale closed late June and was arranged by the CBRE Capital Markets team of Christian Lee, José Lobón, Amy Julian and Tyler Ploshnick. They also arranged a floating rate loan provided by Blackstone Mortgage Trust.

Centrally located at 515 Flagler Drive in West Palm Beach, the building offers easy access to downtown’ s vibrant business communities.

 

“With previous ownership recently completing more than $15 million to renovate building’s common areas, elevator cabs and state-of-the-art conference center, Northbridge Centre is designed with ease and elegance in mind,” said Probel, senior vice president at CBRE. “There is 74,530 sq. ft. of office space currently available for lease, with two full floors, meaning tenants who want ocean view still have good choices for space.”

 

“The loan we secured for the buyer allows for $14 million for a portion of future capital improvements and leasing costs. With this project completed, the property is well-positioned to drive pre-renovation contract rents up to new market rents and lease up the remaining vacancy,” said CBRE’s First Vice President Julian.

 

“The property offers tremendous upside potential from the lease-up of the vacant space. Additionally, since Greenfield Partners and Crocker completed the renovation, it has been able to achieve rents that are nearly double what they were prior to the work getting done,” said Christian Lee, CBRE Vice Chairman.

Northbridge Centre is at the base of the Flagler Memorial Bridge, which provides quicker ingress and egress to Palm Beach Island, Interstate 95 & Okeechobee Blvd.  Amenities within the complex include dining options, full service banking with ATM service, Paul James Salon, a 6,000-sq.-ft. state-of-the-art waterfront fitness center and a full-service car wash. The attached parking garage has a climate-controlled covered sky bridge allow tenants to travel between the Tower, Pavilion and Garage without exposure to the elements. Also, on-site property management, closed circuit TV monitoring and 24/7 security guard is provided.

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Industry News, NA, Office, Palm Beach County Office
No Responses to “Northbridge Center’s New Owners Expand Leasing Team”

Leave a Reply