Latest Leasing Activity May Fare Well For Market Statistics
West Palm Beach, FL – June 11, 2012 – (RealEstateRama) — CBRE announced the addition of two new tenants to Esperanté Corporate Center in West Palm Beach. Merlin Law Group, a Tampa-based law group focused on property insurance law, will expand from an executive suite space at a neighboring property to take 3,500 square feet, nearly tripling their footprint in the market. GenNx360 Management Company is new to the market, taking 1,334 square feet at Esperanté Corporate Center. The firm is the management arm of New York-based private equity firm GenNx360 Capital Partners.
Together the lease transactions represent a total positive absorption of approximately 4,000 square feet in the West Palm Beach office submarket. Total net absorption for the submarket in first quarter 2012 was 4,390 square feet. Since 2008, leasing activity in this submarket has been focused on renewals and reductions of space.
“As the market continues to improve in Palm Beach, quality premier assets will likely attract the majority of the activity. The firms we are welcoming to Esperanté desire a distinguished presence, stabile and secure ownership, and high-end amenities,” says Anthony Librizzi, CBRE Vice President.
Esperanté Corporate Center is a 256,000-square-foot Class A office tower located at 222 Lakeview Avenue. Owned by CBRE Global Investors, the LEED Gold certified building features WiFi-enabled common areas, a 24/7 lobby attendant, valet parking and a six-story atrium. The property is also part of CBRE Global Investors’ ‘5-Star Worldwide’ program designed to offer tenants at select Class A office buildings worldwide access to the amenities of member buildings, including concierge services, conference centers and fitness centers.
Librizzi and CBRE Senior Vice President Jeff Kelly lead landlord representation and leasing services as part of the CBRE leasing and management team at Esperanté Corporate Center. CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc.
About CBRE Global Investors
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG), the world’s premier, full-service commercial real estate services company, with approximately 36,000 employees (including affiliates) across more than 400 offices worldwide. This gives CBRE Global Investors a significant competitive edge, as the firm harnesses the research, market intelligence, investment sourcing, financing, leasing and property management of CBRE for the benefit of its investors.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
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