Phillips Point, West Palm Beach’s most high profile office complex, continues to enjoy a historically high occupancy rate with $46.5 million in recent leasing transactions. Taylor & Mathis Principal, Brian Gale has secured four leases totaling 65,600 square feet, with additional deals in the works. In a new to market deal, Connecticut based Wexford Capital signed a 7,400 lease. The $4.5 million deal was co-brokered by Neil Merin and Shelbi Quinn of NAI/Merin Hunter Codman. The towers have received strong interest from Northeast based hedge fund and wealth management firms like Wexford. “These types of firms are choosing South Florida because of lower taxes and beautiful weather,” said Taylor & Mathis Principal Brian Gale.
ESPN radio West Palm office of Good Karma Brands will be relocating to Phillips Point Tower, having signed a one million dollar lease for 4,635 square feet. “Phillips Point continues to attract the highest quality tenants in the market, with its unparalleled views and quality of ownership,” said Gale.
The key testament to Phillips Point’s iconic stature in the market is the tenants choosing to stay at the property. In the last couple of years, Taylor & Mathis has reported nearly 150,000 square feet in renewals and expansions, with heavy weight tenants, such as Gunster and Morgan Stanley. This year has seen two notable renewals. International law firm, Greenberg Traurig, LLP signed an early renewal for an additional 13 years at the property, signing a 30,254 square foot lease for their West Palm Beach office. Co-broker Jon Bourbeau of Newmark Grubb Frank represented the law firm in the deal valued at $23 million.
AMG Properties has more than doubled the size of their offices signing a 12,805 square foot expansion along with a 10,518 square foot renewal. Co-broker Darren Goldstein of Virtual Global Realty represented the real estate management firm in the 23,323 square foot, $18 million deal. “We anticipate seeing additional growth from them yet this year,” stated Gale.
“These tenants conducted extensive due diligence during their search for office space before signing leases at Phillips Point,” stated Taylor & Mathis’ Principal, Brian Gale. “Phillips Point, with its timeless finishes and unmatched views, was able to renew all the existing tenants with expiring leases, even with the shiny new office building being proposed – Related’s Gateway Tower.” The location provides seamless access to Palm Beach Island, directly across from the entrance to the Royal Palm Bridge, with Ocean and Intracoastal Waterway views from all sides. The building is home to internationally recognized tenants including, Gunster, Squire Sanders, Goldman Sachs and Akerman. Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse, café and sundry shop, 24-hour manned security and on-site dining.