Market Overview

Crocker Partners Completes $15 Million Building-Wide Renovation At Northbridge Centre

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WEST PALM BEACH, Fla., Nov. 9, 2018 /PRNewswire/ -- Crocker Partners unveiled its $15 million building-wide renovation at Northbridge Centre on October 30 to over 100 brokers, partners and colleagues. The Boca-based real estate firm worked with Steve Clem and tvsdesign to transform the property and return it to Class-A status. The 21-story trophy tower is centrally located in the Downtown West Palm Beach market with unobstructed views of the Atlantic Ocean, Intracoastal Waterway and Palm Beach Island.

"This $15 million renovation has redefined Northbridge Centre. Since embarking on this transformation 12 months ago, we have appealed to and executed deals with some of the strongest new-to-market tenants. We have repositioned Northbridge Centre with a contemporary feel and premier tenant roster. This renovation and its amenities offer the quality and match the expectations commensurate with the West Palm Beach submarket," said Brett Reese, Senior Vice President of Crocker Partners. "Our team focused on what our tenants desired and delivered on it."

Crocker Partners acquired the property in 2016 in a joint venture with Connecticut-based Greenfield Partners on the premise of offering quality space at a discount by reviving the asset with a complete exterior and interior renovation. This included the build-out of a 3,000 square foot conference facility, upgrades to multi-tenant corridors, restrooms and elevator cabs, development of spec-suits and a complete transformation of the lobby and entrance. The building façade was also upgraded.

The renovations have already attracted new tenants. According to Tower CRE's President Jon Blunk, 40,000 square feet of leasing has been completed this year, 30,000 of which went to new-market tenants. The newly designed spec-suites have also already been leased.

"Northbridge Centre has truly become a top tier building," said Blunk. "Just look at the volume of new leasing in the last year and the quality of the new tenant mix. This level of activity is 40% higher in terms of new leads than our competitors in the CBD."

Northbridge amenities include a conference center, waterfront fitness club, high-quality café and barista, full-service car wash, bank, executive valet parking and an established Paul James salon.

ABOUT CROCKER PARTNERS
Active in the commercial real estate business for over 35 years, Crocker Partners, LLC has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1993, Crocker Partners has acquired and managed over 149 properties, totaling 44.3 million square feet and representing $5.2 billion invested. They are currently Florida's largest office landlord and rank 46th for top office owners. Headquartered in Boca Raton, Florida, they have regional offices in Miami, Jacksonville, and Atlanta.

Media contact: Giani Pacinelli, 561-537-4565, gpacinelli@crockerpartners.com

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SOURCE Crocker Partners

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