1909 Leases 9,000 SF Office Space At 319 Clematis Street In West Palm Beach With Morning Calm Advisors
319 Clematis Street
Building Size
9,000 SF
Asset Type
Office
Closing
Dec 5, 2023
AI
West Palm Beach's business incubator, 1909, has leased a 9,000-square-foot office space at the historic Comeau Building on 319 Clematis Street. The new location, a partnership with Morning Calm Advisors, aims to provide affordable workspaces, event spaces, and amenities for local entrepreneurs facing challenges from soaring commercial real estate rents in the region.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not Available
- Square Footage: 9,000
- Address: 319 Clematis Street
- Market: West Palm Beach
The landlord for this lease is Morning Calm Advisors, represented by Mukang Cho. The tenants, Danielle Casey and Shana Ostrovitz, will be leasing the office space for their business incubator venture, 1909. The partnership aims to provide much-needed affordable workspaces and amenities to local entrepreneurs in the West Palm Beach area.
Players
West Palm Beach Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93