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The Covid-19 pandemic has pushed companies to consider new ways to provide office space for employees who have grown accustomed to working remotely. Related’s deal comes as Wall Street firms, long clustered in Manhattan, look to Florida as they shift some workers away from New York.
Goldman Sachs Group Inc., which maintains a small office in Phillips Point, has been weighing plans to create a South Florida hub for its asset-management arm. And electronic market maker Virtu Financial Inc. is preparing to move about 30 employees from New York to Palm Beach Gardens.
Related, known for developing massive mixed-use complexes including Manhattan’s Hudson Yards and Time Warner Center, has been active in West Palm Beach in recent years. It’s building offices and apartments in a neighborhood called Rosemary Square that sits adjacent to a high-speed rail station. It’s also building another office tower at One Flagler, and owns the Hilton West Palm Beach.
Phillips Point office towers with Related’s Stephen Ross (JLL, Getty)
The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million.
Matt McCormack
AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks. Real Estate Alert and Bloomberg reported the deal.
A source confirmed details of the sale to
The Real Deal.
Related will pay about $630 per square foot for the buildings at 777 South Flagler Drive and 201 Lakeview Avenue. Records show AEW paid $246 million for the two towers in 2015. They sit on more than 4 acres overlooking Palm Beach island.
Despite Covid-19, DeSantis is holding a party with legislators Governor sued over withholding public records on coronavirus Electoral College vote today
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Good Monday morning.
The daily rundown Between Saturday and Sunday, the number of Florida coronavirus cases increased by 8,958 (0.8 percent), to 1,125,931; active hospitalizations went up by 62 (1.3 percent) since Friday, to 4,686; deaths rose by 81 (0.4 percent), to 19,866.
Ho, ho, ho So, who’s ready for a Christmas party?
Come on in Despite the warnings from national officials about holiday gatherings, Gov. Ron DeSantis and first lady Casey DeSantis plan to host a holiday reception at the governor’s mansion this evening for state legislators. The reception will come a few hours after Republican electors plan to gather at the state Capitol and officially cast Florida’s 29 Electoral College votes for President Donald Trump.
Rumors swirled this past week around the idea that New York City’s Goldman Sachs was eyeing South Florida as a potential new home for its asset management division.
Now, downtown West Palm Beach is looking like a real possibility to eke out Miami, Fort Lauderdale and Texas, according to Brian Gale, vice chairman of Cushman and Wakefield and a leasing agent at Phillips Point, a 451,858-square-foot Class A office building located at 777 S. Flagler Drive.
“We’ve heard there might be a requirement for about 35,000 square feet total,” he said.
Not exactly a solid commitment, but telling in the fact that Goldman Sachs already leases about 5,600 square feet on the 12th floor of the east tower of the Phillips Point office building.
to abbey phillips point earlier, it is to the president s credit, we talk about his nonfactual comments about jeff sessions, his obsession about the mueller plo probe and other things that are controversial or more, this is what the president should be doing after a tragedy like hurricane florence and he s dedicatin dedicating, 6, 7 hours on the ground is there? uh-huh. so we ll watch the president. we ll continue to keep an eye on the president in new bern. we re sure those residents are comforted to see those officials on the ground. back to the big story here in washington, judge kavanagh, will the impasse over getting testimony from his accuser be brokered? and how is it already playing out in this already contentious midterm election year.