Morgan Stanley is set to expand its existing lease at the Financial Center at the Gardens, a 10-story office space in Palm Beach Gardens, Fla. The investment bank has signed on for another 12,000 square feet of space at the New York Life Real Estate Investor-owned property, bringing its total footprint to 39,296 square feet.
Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord, while Jason Gold and Adam Bernstein of JLL conducted negotiations on behalf of the tenant.
Financial Center at the Gardens is a 190,917-square-foot office located at 3801 PGA Blvd. between I-95 and the Gardens Mall. Built in 1997 on top of a four-story parking garage, the building is a short walk from a number of restaurants, boutique retail and hotels in the area.
“On behalf of ownership, we are excited to renew and expand a long-standing financial services tenant with a stellar reputation at our building,” said Joe Thomas, director of asset management at New York Life Real Estate Investors. “With the execution of this lease, Financial Center at the Gardens is now 96% leased, which is an incredible accomplishment given the current macroeconomic headwinds facing the office sector. We couldn’t be more pleased with Anthony and Tara’s performance in leasing up our property.”
“This market-making transaction is the largest office lease completed in Northern Palm Beach County in over two years,” Librizzi said. “This deal, with one of the largest and most distinguished financial services brands in the world, further validates the PGA Corridor as a meaningful business hub for Fortune 500 companies. Our team worked with ownership to develop a strategy to mitigate the risks of new development in the area and secured a long-term lease that was extremely accretive for the asset.”
The property features a recently renovated atrium with marble floors; 24-hour, on-site security; and covered parking. A further $2 million renovation is also underway targeting the front entrance exterior façade. It’s scheduled to be completed in the third quarter of 2023.
The building’s current tenant roster also includes other big names in the world of finance, such as UBS and the Royal Bank of Canada.
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