JLL Secures Over 48,000SF of Leases at the 1645 Palm Beach Lakes Office Building in West Palm Beach

5/15/17

JLL has announced that 1645 Palm Beach Lakes office building, formally known as the Sabadell Bank Building, has cemented its reputation as one of South Florida’s premier class A office properties with the closing of 15 leases in the past six months. JLL’s agency leasing team secured over 48,000 square feet of office leases at the building located at 1645 Palm Beach Lakes Blvd. in West Palm Beach, Florida.

JLL Vice Presidents Kevin McCarthyandKevin Probelspearheaded the leasing and marketing efforts on behalf of the property’s owner, an affiliate of Brookwood Financial Partners, LLC, a private equity real estate investment firm that invests in value-add commercial properties.

Of the 15 leases that were inked over the six-month period, nine were with new tenants relocating from other Palm Beach office properties. The 1645 Palm Beach Lakes office building boasts an impressive tenant roster that spans various industries including real estate, law, financial services, and healthcare. The property is currently home to prominent companies such as Sabadell United Bank, Steinger, Iscoe & Greene, and ZEN Offices.

“As office supply in downtown West Palm continues to tighten, we are seeing more tenants looking to relocate from the Palm Beach Central Business District and Palm Beach Gardens area to submarkets offering more competitive rates and quality office space options,” said JLL’s Kevin McCarthy. “The Palm Beach Lakes corridor is rising as an attractive option and well-positioned to capture this demand, especially now that more dining and shopping options are opening up in the area.”

One of the most notable tenants to recently sign at the 1645 Palm Beach Lakes office building is Trilogy Home Healthcare, the premier provider of in-home health care services is a new-to-market tenant that will occupy 17,485 square feet of office space. Other signification transactions include a 5,395-square-foot new lease with Allied Universal Security Services, a provider of security services, systems and solutions that will be relocating its southeast regional headquarters from a nearby property, and a 4,276-square-foot lease with Miami-based Coastal Construction, which recently relocated its West Palm Beach office.

“Brookwood has been executing its business plan to improve occupancy at the asset, which includes significant upgrades to building common areas, HVAC and elevator systems, adding smaller “spec” suites that are move-in ready for smaller users, and adding building amenities for tenants such as a new conference center,” said Matt Brown, Asset Manager for 1645 Palm Beach Lakes. “With an abundance of retail amenities located within walking distance to the property and an attractive covered parking ratio, we are well positioned to attract tenants that are looking for an institutionally managed building that provides a lower cost alternative to the downtown market. We welcome all of our new tenants to this property.”

Leasing opportunities available at 1645 Palm Beach Lakes range from 900 to 4,400 rentable square feet including suites that are move-in ready.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About Brookwood Financial Partners, LLC

Brookwood is a nationally-recognized private equity investment firm that specializes in acquiring and managing value-add commercial real estate and related operating businesses on behalf of a select group of institutional investors, family offices and high net worth individuals. Since its founding in 1993, Brookwood has raised over $884 million of equity to acquire a portfolio of 185 commercial real estate properties, seven operating companies, and 38 gas stations and convenience stores, which have a realized and unrealized value in excess of $2.4 billion. The portfolio has spanned multiple asset classes, geographical markets and industries across the United States. www.brookwoodfinancial.com

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