Adler Partners Inks Miami-Area Office Lease Renewal
Boston Proper has renewed its 42,563-square-foot office lease at Adler Real Estate Partners’ office and flex business campus in Boca Raton, Fla. Colliers negotiated the long-term deal on behalf of the tenant and CBRE assisted the landlord.
The women’s fashion brand will maintain its headquarters at 1155 Broken Sound Parkway NW, a one-story building totaling 62,729 square feet, with plans to upgrade the interior space in 2025.
The property is part of The Park at Broken Sound, a 700-acre mixed-use business campus, where Adler Real Estate Partners owns three facilities totaling 151,024 square feet. The landlord’s other properties there include a 41,117-square-foot office building at 1001 Broken Sound Parkway NW and a 47,178-square-foot flex office building at 1225 Broken Sound Parkway NW.
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The three one-story properties came online between 1980 and 1981 and feature 41,117-square-foot floorplates and a total of 673 vehicle parking spots. The current ownership picked up the assets in 2016 from Prologis in a $38 million portfolio deal, CommercialEdge shows. Tenants include Johnson Controls, All-Tag Corp. and Smartmatic Corp., among others.
The approximately 17-acre campus is close to Boca Raton Airport and Interstate 95. The location is also 5 miles from downtown Boca Raton, 23 miles from downtown Fort Lauderdale, Fla., and 27 miles from Fort Lauderdale-Hollywood International Airport.
Colliers’ team of Executive Vice Presidents Scott Brenner and Derek Baker negotiated on behalf of Boston Proper, while the landlord was represented by CBRE Executive Vice President Kirk Nelson.
Expensive rents and low vacancy
Miami maintained its position as one of the most priciest office market in the Southern region, with an average asking rent price of $49.79 per square foot as of June, according to the latest CommercialEdge report. Austin followed with $42.52 per square foot, while Tampa, Fla., had one of the lowest asking rents in the region, with $29.23 per square foot.
The vacancy rate in Miami reached 12 percent, way below the national figure of 18.1 percent. The metro was the only one among the top 25 U.S. markets with an office-using growth rate exceeding 1 percent, as it’s still experiencing multiple corporate relocations.
One of Miami’s most notable office leases that closed since the start of the year remained DigitalBridge’s 79,141-square-foot deal at Sundy Village in Delray Beach, Fla. The investment firm relocated its headquarters at Pebb Capital’s $240 million master-planned development that will include 180,000 square feet of office space and 30,000 square feet of retail space.
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