Whirlpool Signs For 16,000 SF

Jul 22, 2013 No Comments by

New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced that it has leased 16,371 square feet to Whirlpool at Waterford Centre in Miami.

Waterford Centre is a six-story, 91,285-square-foot, Class-A office building located in the Blue Lagoon Business Park at 6205 Blue Lagoon Drive off the Dolphin Expressway. Whirlpool joins other notable tenants, including Travel Traders and Xerox, bringing the building’s occupancy to 93 percent.

Built in 1999, Waterford Centre fronts the Dolphin Expressway, immediately across from the Miami International Airport. The building features a five-per-thousand parking ratio, which ranks highest amongst its competitors.

“We are extremely pleased with the increased occupancy at Waterford Centre,” said Jon Gillman, Senior Vice President of Asset Management at New Boston Fund. “The property offers tenants an excellent location and top amenities that make Waterford highly competitive in the Miami market.”

Since acquiring Waterford Centre in 2012, New Boston has upgraded the lobby furniture and artwork, redesigned the landscaping at the entryway, and completed work on the parking deck.

Tere Blanca, President and CEO of Blanca Commercial Real Estate, represented New Boston in this transaction, and Jorge Morales, Vice President of Leasing at Jones Lang LaSalle, represented Whirlpool. Whirlpool is slated to move in to its new regional office in the second half of 2013.

Since 2010, New Boston has acquired more than one million square feet of prime office space in the Southeast through the purchases of Waterford Centre, Southpoint Executive Center, Maitland Green I and II, and One Park Square in Florida, and Harris Corners and Carolina Place in the Carolinas.

While New Boston is gaining tenants in South Florida, recent personnel departures have also made headlines.

Taylor & Mathis has wooed Jennifer Patterson to its Broward County leasing team.

Patterson served as vice president of asset management at New Boston.

Patterson will work with Donna Korn, director of leasing, to handle Taylor’s 1.1 million-square-foot office portfolio on behalf of clients including MetLife, USB Realty Investors, and The Brookdale Group.

Patterson is also a CPA. During her tenure at New Boston she negotiated more than 300,000 square feet of leases. She previously served as an asset manager at Cushman & Wakefield, where she negotiated more than 700,00 square feet of leases. Her experience includes financial, leasing, operational and capital objectives of office properties throughout the Southeast.

Pryse Elam, regional director with New Boston, also recently announced his departure from the private equity firm in an email.

Elam wrote, “After six great years, I have decided to leave New Boston Fund to join CNL Commercial Real Estate.  I am currently finalizing my transition at New Boston and ramping up at CNL.  I am very proud of what we were able to accomplish in the Southeast Region at New Boston, where we were able to favorably resolve some of the Funds’ legacy assets; were one of the most active buyers of office properties in the Southeast, acquiring more than one million square feet of distressed and value add office space that should generate exciting returns; and built an award-wining asset and property management platform.  I am confident that I am leaving our Southeast assets in the hands of solid, capable and experienced people who will complete the investment strategies on each of the assets to a great outcome for the funds and our investors.”

CNL’s offices are located at 1200 N. Federal Hwy., Suite 200 in Boca Raton.  Elam can be reached at 561.883.3308 or at pryse.elam@cnl.com.

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Industry News, Miami-Dade County Office, NA, Office
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