By Timea Papp
CBRE closed a lease with an insurance company at Centrepark, a nine-building business park totaling 479,145 square feet of Class A office space in West Palm Beach, Fla. Brown & Brown will occupy 11,970 square feet and is expected to relocate in April 2018.
The new tenant outgrew its 9,800-square-foot office space at 1401 Forum Way and will move into a 64,000-square-foot, single-story building located at 1661 Worthington Road. The property is part of Centrepark West and features open and flexible floor plans, on-site dining, front and back door surface parking, on-site property management services and facade signage.
The CBRE team of First Vice President Adam Starr and Executive Vice President Scott Brenner represented the tenant in the lease negotiations. The company also recently landed the exclusive leasing assignment of two Class A office buildings in Miami Beach, Fla.
Fully furnished sublease
“The economics allow for adding space, reducing rent, and bringing Brown & Brown’s existing spaces to market as a fully furnished and wired sublease. It is our goal to mitigate being committed to two separate leases while allowing the company to increase body count and efficiency,” said Starr, in prepared remarks.
The property is nearby two Interstate 95 interchanges, the Palm Beach International Airport and the city’s central business district. Nearby points of interest include the West Palm Beach courthouse and governmental center, the 600,000-square-foot CityPlace shopping center, as well as Clematis Street, the historical core of the city’s downtown area.
Brown & Brown is an independent insurance agency headquartered in Daytona Beach, Fla. Products and services include personal insurance, commercial insurance, life and health insurance, retirement plans and employee benefits.
Image courtesy of CBRE