Bridge Commercial Real Estate Selected John K. Criddle and Joseph J. Freitas to Lease the Three-Building, Class A Office Complex in Boca Raton
BOCA RATON, FL, February 13, 2018 — Cushman & Wakefield has been named exclusive leasing advisor for Fountain Square, a three-building, 241,759-square-foot office located at 2600, 2650 and 2700 North Military Trail along the Glades Road corridor of Boca Raton.
The office leasing team of Managing Director John K. Criddle and Senior Associate Joseph J. Freitas has been retained by owner Bridge Office Fund Manager LLC (Bridge Office), an affiliate of Bridge Investment Group LLC (Bridge), to lease the Class A buildings. Bridge Office partnered with Ascentris, a Denver-based real estate private equity firm, to purchase Fountain Square for an undisclosed price in January. The acquisition continues Bridge’s commitment to South Florida after their successful acquisitions of Bayview Corporate Tower in Fort Lauderdale and 800 Fairway in Deerfield Beach.
The new ownership group has plans in place to invest more than $6 million to enhance and improve the building image both internally and externally throughout 2018. These improvements include full lobby renovations, common area corridor renovations, implementation of a spec suite program, beautification of landscaping and the design and delivery of a covered café seating area and outdoor lounge.
Availabilities range from ±600 to ±13,900 square feet. Lease rates range from $23.50 to $25.00 NNN with operating expenses, including electric and janitorial, of approximately $11.00. Tenants have access to 873 surface parking spaces as well as covered parking.
Fountain Square is strategically located immediately north of the Interstate 95-Glades Road interchange (Exit 45) and just south of Yamato Road. This location provides incredible access while offering entree to surrounding amenities including some of the best restaurants in Boca Raton.
“We are excited to leverage market momentum to reposition, rebrand and reintroduce one of the largest Class A office campuses in Boca Raton,” said Criddle. “Bridge’s investment in Fountain Square will truly transform this property into one of the most sought after locations in Palm Beach County to conduct business.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Bridge Office Fund Manager (Bridge Office)
Bridge Office Manager’s senior management team averages 25 years of experience in the office sector and has been instrumental in the financing, acquisition, leasing and management of 274 properties in the US, completing ~$3 billion of office transactions in prior ventures. The investment team has substantial access to off-market deal flow and in three predecessor funds acquired assets at a 53% average discount to replacement cost. The majority of these transactions were sourced through Bridge’s longstanding industry relationships with asset owners and the brokerage community.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $8.85 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Ascentris is a real estate private equity firm based in Denver, Colorado. Ascentris invests in and manages institutional real estate, both directly and through joint venture partners, on behalf of institutional clients. Since 2003, the Ascentris management team has focused exclusively on value-add and opportunistic investments across all the major property types and geographic regions within the United States. Built on a foundation of transparency and accountability, Ascentris maintains an unwavering commitment to put its clients’ needs first. Ascentris is a privately held and employee owned SEC registered investment adviser. Additional information is available at www.ascentris.com.