Leases  ·  Office

Coworking Operator Inks 12K-SF Deal in West Palm

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Coworking operator Venture X inked a 10-year lease for 12,149 square feet at District Pointe in West Palm Beach, the landlord announced. 

The tenant, which counts United Franchise Group as its parent company, will occupy the top floor of the five-story commercial office building. The location is set to open in December.

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Constructed in 1983, the building spans 65,760 square feet at 1501 Belvedere Road, northeast of Palm Beach International Airport

The owners, Verdex Construction and Index Investment Group, paid $13.4 million for the property in 2021, records show. The pair renovated and rechristened the building. 

Verdex occupies a floor at the property, where the asking rent stands at $27.50 a square foot, according to a representative for Cushman & Wakefield, whose Anthony Librizzi and Tara England represented the ownership. C&W declined to name other tenants in the building or divulge to what extent the building is leased.

Derek Baker of Colliers represented the tenant.

“This transaction reflects the ongoing trend of flexible office providers growing at a breakneck pace here in South Florida,” Librizzi said in a statement. In fact, rents at shared office spaces in the Miami area rose 6 percent over the past year to $666 per desk per month, according to a newly released report from Instant Group.

Coworking operators Industrious and Knotel, which is now owned by Newmark, also signed deals in West Palm Beach in recent months. 

Julia Echikson can be reached at jechikson@commercialobserver.com