Leading New York Insurance Broker NFP Signs Penthouse Office Lease At DiVosta Towers In Palm Beach Gardens

The New York-based leading insurance broker NFP has signed a long-term office lease to occupy the full penthouse floor and half of the 10th floor, totaling 15,010 SF at DiVosta Towers in Palm Beach Gardens. Gardens Wealth Management also signed a long-term lease for half of the sixth floor totaling 5,010 SF. The 20,020 SF of new leases brings the office towers to 85% occupied.

Gregg Carlin and Will Portfolio of CBRE represented NFP. David Browne of Cushman & Wakefield represented Gardens Wealth Management. Jon Blunk and Constance Thomas of Tower Commercial Real Estate and Darryl Kaplan of Darryl R Kaplan Company represented DiVosta Towers in both deals.

DiVosta Towers is a newly built, state-of-the-art Class A office complex located at 3825-3835 PGA Boulevard in Palm Beach Gardens. DiVosta Towers features two 11-story office buildings totaling 220,000 SF and is the city’s first new office space in nearly 10 years. The South Tower was completed in 2019 and the North Tower was completed in Q4 2020.

“The quality of construction, design and location make DiVosta Towers the premier asset in Palm Beach County,” stated Jon Blunk, president, Tower CRE. “DiVosta Towers offers everything one could want in an office address. The buildings’ ideal location means tenants have plenty of restaurants and shops within walking distance. The Palm Beach Gardens market has been asking for a top tier project like this for a long time, and these buildings have been over-improved in every way.”

DiVosta Towers has lured several financial service titans to its Class A office space, most recently welcoming Virtu Financial, which announced its expansion outside of New York City securing 10,000 SF of space in the North Tower. Other high-profile tenants include JPMorgan, Tower Hill Insurance, Comiter, Singer, Baseman & Braun, and Foresight Management.

DiVosta Towers offers tenants luxury office space with an abundance of amenities for tenants to enjoy. Features include a full-time concierge with controlled elevator access, 10-foot ceilings, floor-to-ceiling impact glass windows, car charging stations, separate tenant controlled air conditioning units for each space, a beautiful ground floor patio that can be used for meetings and events, public art and unobstructed panoramic views from the upper floors. The covered garage provides easy access and reserved parking, convenient to both buildings, with wide aisles and 4:1 parking ratio.

DiVosta Towers was acquired by Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh in September 2020 for $80 million.

Avison Young Chosen By New Ownership Team At 800 Brickell To Oversee Leasing

Avison Young has been named the exclusive leasing firm for the 15-story, 209,122 SF office tower at 800 Brickell Avenue in Miami. The assignment was awarded by new-to-market ownership, New York-based family firm Gatsby Enterprises in partnership with MasterMind Properties, which acquired the trophy asset for $125.5 million in July 2019.

“With the 4.9 million-square-foot shopping and mixed-use Brickell City Centre directly across the street and The Shops at Mary Brickell Village directly behind, 800 Brickell is ideally positioned for ownership to incorporate complementary live-work-play concepts,” said Donna Abood, Principal and Managing Director of Avison Young’s Miami operations. “As tenants look to Brickell for quality space and amenities in the heart Miami’s Financial District, our client will make substantial upgrades to common areas, tenant spaces, and the exterior of the tower to attract additional gold-standard office users.”

Ownership will invest up to $3 million into capital improvements at 800 Brickell, a long-term, value-add investment for the company. In addition to Ms. Abood, Avison Young Vice President Joe Abood and Associate Peyton Dowd will spearhead office leasing. Darryl R. Kaplan Company is handling leasing for the retail component, which encompasses the first two floors of the property. Office occupancy at 800 Brickell is currently at 84.8%.

“Brickell remains one of Miami’s most highly sought-after office markets, appealing to a broad range of tenants, especially professional services and financial firms,” added Ms. Abood. “With office occupancy at 84.8%, we look forward to leasing up vacancies at market rents and retaining strong, synergistic tenancy at 800 Brickell.”

A trophy office tower, 800 Brickell features a three-story atrium, a courtyard plaza, abundant parking and valet service, and convenient on-site amenities, which will soon include a 12,000 SF fine dining and quick-service restaurant. The location also boasts easy access to public transportation, including Metrorail, Metromover, Metrobus, and Brickell Trolley, as well as immediate entry to Interstate 395, Interstate 95, and the 836 Expressway. Tenants and visitors can access the building from SE 8th Street, ideal for avoiding Brickell Avenue traffic.

Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).