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515 N Flagler Dr, West Palm...

Quest Workspaces Leases Office Space At 515 N Flagler Dr, West Palm Beach
LEASEDOffice

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.

Players

Kevin Probel

JLL

Broker

$90.2M

vol

12 deals

Broker
CBRE
CBREBrokerage
QW
Quest WorkspacesTenant

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