West Palm Beach, Fla. – August 12, 2019 – 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 (NYSE: BXMT).
Centrally located at 515 Flagler Drive in West Palm Beach, Florida, the building offers the perfect blend of the South Florida resort lifestyle with 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 Kevin 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 Amy 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 allows 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.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
