Thursday, May 25, 2006

Arbors Office Park Racks Up Leases

DELRAY BEACH, FL-Three tenants have signed deals to take 38,347 sf of space at Arbors Office Park. The leases total more than $4.6 million.

Miami Beach-based Terranova Corp. senior commercial associate Gordon Messinger represented the landlord in the transactions. Terranova assumed management and leasing of the three-building, 240,000-sf office park located at 1615, 1625 and 1690 Congress Ave. in 2003.

The leases include a $2.4-million renewal with bridal apparel maker Alfred Angelo, Inc., which will maintain its 21,391-sf office. Charlie Barton and Ted Garrity, of Cresa Partners, represented the tenant. A $1.7-million deal was struck with American Home Mortgage Construction, which will expand its space within the building to 13,258 sf. A third lease worth $500,000 was secured with World Savings Bank, which will open a new 3,700-sf office to serve customers in the Delray Beach and Boynton Beach markets.
Messinger tells that rents in the building average $16 to $17 per sf. With the signing of the leases, the building is 84% occupied with approximately 65,000 sf of vacant space.


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