DigitalBridge Inks 79K-SF Lease for New HQ in Delray
By Julia Echikson March 26, 2024 5:24 pm
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Infrastructure investment firm DigitalBridge is moving north, from Boca Raton to Delray Beach, Fla. — and expanding by about 47,000 square feet.
The company signed a 79,000-square-foot office lease for a new headquarters at Pebb Capital’s mixed-use Sundy Village development that’s now under construction, the Boca Raton-based developer announced.
The Gensler-designed project will house 180,000 square feet of office space and 28,000 square feet of retail space. DigitalBridge’s new office will be located at 100 SE First Avenue, next to the southeast intersection of First Street and First Avenue in Downtown Delray Beach.
Six nearby historic homes, which are part of a 7-acre development and are listed in the National Register of Historic Places, will be preserved.
DigitalBridge’s new office will accommodate more than 300 employees. The company — which operates and invests in cell tower, data center, fiber network, small cell and edge infrastructure technologies — is now based six miles south at 750 Park of Commerce Drive in Boca Raton, where it leases 31,600 square feet.
No brokers were involved in the Sundy Village deal. A representative for DigitalBridge did not immediately respond to a request for comment.
The lease comes just less than four months after Pebb Capital scored a $173 million construction loan from Monroe Capital and JPMorgan Chase (JPM) to complete the Sundy Village development. Pebb broke ground in February 2023. Much of the project is slated to be done in the third quarter of 2024, but DigitalBridge’s offices will be completed in the fourth quarter of 2025.
Joining DigitalBridge is another communications infrastructure company, Vertical Bridge, which inked a 38,474-square-foot lease. While DigitalBridge bought a controlling stake in Vertical Bridge three years ago, a spokesperson for Pebb said the two companies signed separate agreements.
Together, the two companies will occupy roughly 65 percent of the office portion of the development. Sundy Village’s retail tenants include Barcelona Wine Bar and a restaurant project by celebrity chef Michael Schulson.
Update: The story was amended to include details about the development’s construction timeline and to clarify the location of DigitalBridge’s new office.
Julia Echikson can be reached at jechikson@commercialobserver.com.
