Palm Beach Gardens Office Inks 3 Deals to Reach 97% Occupancy
By Julia Echikson August 25, 2022 4:02 pm
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The Financial Center at the Gardens office building in Palm Beach Gardens is close to fully leased after inking three deals, each about 15,000 square feet, the property manager, CP Group, announced.
Ameriprise Financial, a diversified financial services company, is relocating within Palm Beach County, taking 16,371 square feet — and expanding its footprint by 10,000 square feet.
Two more deals were both renewals. Regus, a coworking operator occupying 15,359 square feet, and Lighthouse Investment Partners, an investment management firm occupying 16,770 square feet, renewed their leases.
Lighthouse will be splitting up its footprint into three separate offices to house different divisions in the building. A spokesperson for CP declined to comment on the duration of the leases and the property’s asking rent.
The deals bring the 195,787-square-foot building’s occupancy to nearly 97 percent, according to CP Group, which manages the property on behalf of the owner, New York Life Real Estate Investors.
Other tenants include LPL Financial, one of the largest independent broker-dealers in the county, which is leasing 3,550 square feet, and Atlantic Men’s Clinic, a medical practice specializing in men’s health, which occupies 2,189 square feet.
In 2019, New York Life paid $70.7 million for the 10-story property, located at 3801 PGA Boulevard, just west of the Gardens Mall, according to property records. The building is currently undergoing a $2 million upgrade for the front entrance.
Cushman & Wakefield’s Tara England and Anthony Librizzi represented the landlord. Librizzi also worked for Lighthouse Investment. Kevin Landers, another C&W broker who did not immidialtedly respond to a request for comment, represented Ameriprise. Brokers for Regus could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
