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Powerful Real Estate Represents Renaissance Properties Purchase of Boca Raton offices for $51M
More than a year after selling the Aventura Corporate Center, Renaissance Properties New York for $141 million, represented by Maria Gomez, President of Powerful Real Estate, the company now scooped up an office property in Boca Raton for $51 million.
The Fishel family’s New York-based company bought the South City Plaza building and garage at 1515 South Federal Highway, with plans to revamp the building and rebrand it as 1515Boca, according to the buyer’s news release.
The 190,000-square-foot building was constructed in 1986 on 3.7 acres. Boca Raton-based Penn-Florida Companies, through an affiliate, is the seller, records show. Penn-Florida, led by Mark Gensheimer, had paid $26.5 million for the property in 2006.
Maria Gomez of Powerful Real Estate represented the buyer. Mark Rubin and Bastian Laggerbauer of Colliers represented the seller.
Renaissance Properties of New York was founded in 1961, the company now is led by Kenneth and Bradley Fishel.
Powerful Real Estate Represents Buyer of Merrill Lynch-anchored office in Jupiter for $13.8M
Sept 2, 2021 - Maria Gomez, President of Powerful Real Estate, represented Renaissance Jupiter LLC in the purchase of 900 S US Highway 1, Jupiter, Fl for $13.8 million.
The Fishel family’s New York-based company purchased The Plaza buildings with plans to revamp the building and rebrand the facility. Merrill Lynch, the main anchor, has plans to continue on property.
The subject property is a 4.7460 acres office park containing 36,185 Rentable SF of office space spread across an incredible waterfront location in two buildings. Additionally, there are 140 parking parking spaces, making this property the largest and only concentration of office product in Jupiter, Fl.
The property is zoned C3 - Commercial, Office with an overlay of residential and mix-use within the City of Jupiter. The zoning allows for a variety of uses including business and professional offices, retail restaurant, residential and medical. Property is currently seeking Planning Commission plan approval for a 95,000 Sqft development that includes the renovation of the existing 36,185 structure, adding a secondary building on the waterfront, garage, with retail and restaurant. The redesign of the property has been created to celebrate and retain the Mediterranean structure. The luxurious office Class A center is located on US Highway 1 with high visibility, minutes to I95 and the Turnpike.
Powerful Real Estate Represents Seller of Aventura Corporate Center for $141 M
Maria Gomez, President of Powerful Real Estate, represented Renaissance Aventura LLC in the sale of of 20801, 20803, 20807 Biscayne Blvd, Aventura, Corporate Center for $141 million. The sale marks one of the largest in Aventura in recent years.
Renaissance Properties NY, owned by Kenneth, Bradley and Robert Fishel, sold the Aventura Corporate Center to a New York-based investment group that plans to build an addition, The Real Deal has learned.
The 8.7-acre property includes land that the buyer plans to develop into a project with office, restaurants and other uses, according to a release. Zyscovich Architects is designing the addition.
The complex, with two five-story buildings and one six-story building, previously sold in 2016 for $105.3 million. It was developed between 1986 and 2007.
Tenants include Morgan Stanley, South Broward Hospital, Regus, Coldwell Banker, Keller Williams and the Miami Realtors Association. It is fully leased.
River Plaza in Jupiter could expand with a new office building.
The Town Council will consider the site plan for the 4.75-acre property, along the Jupiter Riverwalk at 900 S. U.S. Highway 1, on Jan. 17. It currently has 36,185 square feet of offices in two buildings, with the larger building completed in 1985.
Under the proposal, the developer would demolish a 5,827-square-foot office building, which was built in 1990. It would be replaced with a four-story, 60,727-square-foot building with 45,031 square feet of office space, 5,000 square feet for a medical or dental clinic, 6,151 square feet of restaurant space, 2,356 square feet of retail and a roof terrace. It would be attached to a 108,667-square-foot parking garage.
The project would have 380 parking spaces, including two electric vehicle charging spaces.
The other office building on the site would be preserved.
Renaissance Properties VP Maria Gomez said new Class A office space is desperately needed in Jupiter because there’s a lot of residential construction in the area and many people are moving to Florida.
“There is definitely a lot of demand for office in Florida,” she said. “You are seeing it because so many companies are moving down here. Jupiter is an amazing place to live. Living, working and playing in Jupiter would be even more amazing.”
The medical office and restaurant space in the building would serve as an amenity for the office tenants, she added.
According to the fourth quarter office report from Colliers, there was no current office construction in Jupiter. The vacancy rate for Class A space in Jupiter was 2.4% and the average asking rent was $40.37 a square foot. However, 302,000 square feet of office space was under construction in nearby North Palm Beach.
The new office at River Plaza was designed by West Palm Beach-based REG Architects. West Palm Beach-based Cotleur & Hearing is the planning firm for the project.
Renaissance Properties purchased a Boca Raton office building in 2022.
Powerful Real Estate inks Merrill Lynch Lease in Jupiter, Fl
Maria Gomez, President of Powerful Real Estate, executed a 7 year lease for Merrill Lynch's lease in Renaissance Jupiter, 900 S US Highway 1, Jupiter, Fl.
The lease of 10,373 sq ft. will solidify MErrill Lynch as the premier anchor tenant at Renaissance Jupiter.
The Merrill Lynch offices are located on the top two floor of the office building, that is undergoing renovation.
New York company pays $51M for Boca Raton office complex
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Renaissance Properties buys Boca Raton offices for $51M
Renaissance Properties buys Boca Raton offices for $51M
Renaissance Properties sells Aventura office complex for $140M Click to view.