Quest Workspaces Leases Office Space At 515 N Flagler Dr, West Palm Beach
515 N Flagler Dr, West Palm Beach, F...
Building Size
25,947 SF
Asset Type
Office
Closing
Nov 20, 2023
AI
The Northbridge Centre, located at 515 N. Flagler Drive in West Palm Beach, is a 21-story office tower totaling 294,493 square feet. The property offers prime Class A office space in Downtown West Palm Beach and features amenities such as an attached parking garage, restaurants, banking services, a salon, and a fitness center. The strategic location of Northbridge Centre provides spectacular views and is within walking distance to numerous shops and restaurants, making it an attractive location for businesses.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Landlord's Representatives: Kevin McCarthy (CBRE), Kevin Probel (CBRE)
- Tenant: Quest Workspaces
- Landlord: C-III Capital Partners
- Square Feet: 25,947
- Tenant's Representative: Lance Benson (Newmark)
CBRE's Kevin Probel and Kevin McCarthy represented the landlords, Vanderbilt Office Properties and C-III Capital Partners, in the lease negotiations for Quest Workspaces at Northbridge Centre. Lance Benson from Newmark acted as the representative for Quest Workspaces in the deal. Quest Workspaces, Miami's third-largest coworking operator, will be expanding its presence in the building by occupying an additional 13,164 square feet on the fourth floor, in addition to its current space on the third floor. With over 170 clients and a diverse client base including companies like Humana and Third Federal, Quest Workspaces is looking forward to establishing a long-term presence at Northbridge Centre.
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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