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319 Clematis Street

1909 Leases 9,000 SF Office Space At 319 Clematis Street In West Palm Beach With Morning Calm Advisors
LEASEDOffice

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

Mukang Cho

Morning Calm Management

Landlord

$54.2M

vol

2 deals

Landlord

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