West Palm Beach Office Project Lands $87M

Clematis & Olive. Rendering courtesy of Brand Atlantic Real Estate Partners

Brand Atlantic Real Estate Partners and Wheelock Street Capital have secured $87 million in construction financing from Acore Capital, for the development of two boutique, Class A office buildings, totaling 119,200 square feet in West Palm Beach, Fla. Vice Chairmen Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing.

The loan provides funding for the renovation of 111 Olive, slated for completion by the end of 2022 and the construction of 300 Banyan, to be delivered in early 2024. Hunter Jones, Principal at Wheelock Street Capital, stated in prepared remarks that the development of this project marks the first construction of Class A office space in the area in decades.

Miami’s office pipeline reached 5.6 million square feet by the end of the second quarter. CommercialEdge data also shows that West Palm Beach area’s office pipeline currently has eight office projects under construction totaling some 1.2 million square feet.

Luxury office building in the West Palm business district

The development spans across 55 acres and includes 111 Olive, a 27,000-square-foot office building that features 11,000 square foot of retail space, and 300 Banyan, a 12-story tower with 115,000 square feet of office space and 6,000 square feet of ground-floor frontage. It also includes 300 parking spaces. Amenities are set to include a golf simulator lounge, a fitness center, an open-air lounge and 15,000 square feet of private office terraces. The owners are targeting tenants that would include fund and investment managers, investment banks, venture capital funds, fintech companies and family offices.

The luxury office project will rise at 300 Banyan Blvd., in the West Palm Business District, at the corner of Clemantis Street and South Olive Avenue. The property is within walking distance of downtown West Palm Beach and future tenants will have access to restaurants in the immediate area, parks and the boardwalk along the waterfront.