Brian & Team Sign 12th Largest Private Company on Forbes List to 16,000 SF at Phillips Point

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Reyes Holdings signed a lease for 16,000 square feet in the Class A Phillips Point office complex in West Palm Beach. Reyes Holdings will take the 15th floor in the west tower. Plans are to be in the space by Jan. 1, said Jones Lang LaSalle vice president Kevin McCarthy, who represented Reyes in the deal. Taylor & Mathis Principal Brian Gale represented the owner. McCarthy said the Phillips Point office suite, with its sweeping water views, will be used for “C-level” people — in other words, chairmen, chief executive, chief financial officer or chief operating officer. Some of these top-level people spend winters in Palm Beach County, McCarthy said. The views from the 15th floor knocked their socks off, McCarthy added. The space features perimeter offices with glass walls, offering unobstructed water vistas.

 

 

65,600 SF Leased at Phillips Point

Phillips Point 3Phillips 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.

West Palm Beach’s Financial District’s Biggest Need: Good Office Space

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We have great office space opportunities at Phillips Point in West Palm Beach! Proud to be mentioned as Class A offce space by  Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County.” – Brain Gale.

“What they consider Class A is Phillips Point…,” Smallridge said. “They want ocean and Intracoastal (Waterway) views. They want buildings with amenities such as restaurants.”

West Palm Beach’s Financial District’s Biggest Need: Good Office SpaceWest Palm Beach Mayor Jeri Muoio (pictured above) stepped from the podium last Tuesday morning at Palm Beach County Convention Center and dropped a drape to expose a fancy street sign bearing the proposed logo of the “Flagler Financial District.” The city plans to mark off a piece of downtown already hosting brokerages, banks and investment houses, in hopes of luring more to set up satellites or even move their headquarters wholesale. “We already have a portion of our city where banking and finance is heavily concentrated. Now we need to let the world know about it,” the mayor told about 900 attendees at her third annual “State of the City” breakfast gathering. The district would run from Sixth Street in the north to Okeechobee Boulevard and from Rosemary Avenue east to Flagler Drive and the waterfront. “We’re really trying to sell our city,” Muoio told reporters after her talk. “We really want to see new businesses in our downtown.” But she said in her speech, “We all know putting up signage alone will not make it happen.” That usually means tax breaks and other incentives. Not necessarily, said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, which has helped lead the “Flagler Financial District” initiative. “The mayor’s move this morning really solidifies our effort to recruit (white collar) firms to this area,” Smallridge said Tuesday. “They’re already coming. Probably two dozen that came throughout the county in two years.” But she said that while financial breaks often are the carrot needed to lure down the really large firms, for not-so-huge operations, “they’re not asking for it, and we’re not offering it.” She said most of those coming down – and she sells all of Palm Beach County, not just West Palm Beach – are looking for good weather, of course. Cheaper commercial and residential real estate. A lower cost of living. And the big one: no state income tax. “If you make a million dollars in Manhattan and a million dollars in West Palm Beach, there’s $127,000 you’re paying in a (New York) state income tax,” Smallridge said. The biggest hurdle, she said, is that while residential real estate is exploding downtown, there’s a dearth of quality office space. And what’s there, she said, is running out. “What they consider Class A is Phillips Point; Esperante,” Smallridge said. “They want ocean and Intracoastal (Waterway) views. They want buildings with amenities such as restaurants.” Smallridge said she’s encouraging the city to expedite permitting. Chris Roog, the city’s economic development director, said the city’s been pounding the drums for a while about the lack of good office space. “That’s a great problem to have,” he said. “Now we need to fill the demand.” He said the city already is speeding up permitting. He also said that, as in your freshman Economics class, supply usually reacts organically to demand. But he said the city’s also been reminding the real estate community of the need. Source: Palm Beach Post

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Taylor & Mathis Brings Phillips Point to 95% Leased- Morgan Stanley & Northern Trust Bank Sign 30,000 & 13,000 SF Renewals

 

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West Palm Beach, FL –   Within weeks of signing their largest new lease to date at West Palm Beach’s Phillips Point, Taylor & Mathis has secured 43,000 square feet of renewals at the office property. Morgan Stanley, one of the building’s longest term tenants, signed a 30,000 square foot renewal.  The 12-year, $20 million dollar deal was co-brokered by Chris Constant and Mark Pateman of Cushman & Wakefield.  That deal was quickly followed by a 10-year, 13,000 square foot renewal of Northern Trust Bank.  Early last year, Gunster, one of West Palm Beach’s oldest law firms, signed a long term renewal for over 50,000 square feet at the property. With over 100,000 square feet of leases signed this year, Phillips Point is now at 95% occupancy.

 

“Both of 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 views unlike any other office building in the market, beat out the shiny new office building being proposed – Related’s Gateway Tower.”

 

Within the last month Taylor & Mathis secured a 40,000 square foot new lease with Akerman Senterfitt.  In July Taylor & Mathis announced the signing of two firms to 25,516 square feet of leases.  Global Capital Econometrix, LLC leased the building’s entire 18th floor of 14,516 square feet and BMO Harris Bank, a tenant at the building since 1997, signed a 10,000 square foot renewal.

 

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 Greenberg Taurig.  Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse, The Phillips Point Club (a penthouse level dining club), café and sundry shop, 24-hour manned security and on-site dining.

Taylor & Mathis Signs Largest Lease To Date in Downtown West Palm Beach: 40,000 Square Foot Lease at Phillips Point

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West Palm Beach, FL –   In the seven years he’s been the exclusive leasing agent for Phillips Point, Taylor & Mathis’ Principal, Brian Gale says Akerman Senterfitt LLC is the largest prospective tenant he has seen in the downtown West Palm Beach market.  A few weeks ago, Akerman became the largest deal he’s done at the property.  Florida’s largest law firm signed a lease for nearly 40,000 square feet and will move its West Palm Beach office to two and a half floors at Phillips Point in about a year. The 12-year, $25 million deal was co-brokered by Matt Cheezem of CRESA Partners.

Leasing activity has been brisk at the half million square foot office and retail complex, located in the heart of the West Palm Beach central business district. In July Taylor & Mathis announced the signing of two firms to 25,516 square feet of leases.  Global Capital Econometrix, LLC leased the building’s entire 18th floor of 14,516 square feet and BMO Harris Bank, a tenant at the building since 1997, signed a 10,000 square foot renewal.

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, Goldman Sachs, Squire Sanders, Morgan Stanley,Gunster Yoakley and Greenberg Taurig.  Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse, The Phillips Point Club (a penthouse level dining club), café and sundry shop, 24-hour manned security and on-site dining.

Global Capital Econometrix LLC, Leases Full Floor at Phillips Point

Phillips Point Taylor & Mathis has just signed two firms to 25,516 square feet of leases at Phillips Point in West Palm Beach’s Central Business District.  Dennis Hammond founder of St Louis based Harbor Capital Management is opening a new investment advisory firm in Florida.  The firm, Global Capital Econometrix, LLC has leased the building’s entire 18th floor of 14,516 square feet, announced Brian Gale, Taylor & Mathis Principal and Managing Director.  BMO Harris Bank, a tenant at the building since 1997, has signed a five year renewal for 10,000 square feet.  The transactions, valued at $8 million and $2.5 million respectively, were negotiated on behalf of the owner by the Taylor & Mathis.  The Harris Bank deal was co-brokered by Mark Pateman of Cushman & Wakefield.

“Phillips Point is the preeminent office building in the Palm Beach market,” stated Global Capital Econometrix, LLC CEO, Dennis Hammond. “With views of the Atlantic Ocean as well as the location just blocks from City Place’s retail complex and Palm Beach Island, we are looking forward to calling it home for the next 10 years.”

Phillips Point, a half million square foot office and retail complex, is located in the heart of the West Palm Beach central business district at 777 South Flagler Drive. The location provides expedient access to Palm Beach Island directly across from the entrance to the Royal Palm Bridge with Atlantic Ocean and Intracoastal Waterway views from all sides. The building is home to internationally recognized tenants including, Goldman Sachs, Morgan Stanley and Greenberg Taurig.  Among the complex’s amenities are banking, valet parking, concierge, Morton’s Steakhouse, The Phillips Point Club (a penthouse level dining club), café and sundry shop, 24-hour manned security and on-site dining.