Cushman & Wakefield Selected to Lease Wells Fargo Plaza

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Cushman & Wakefield announced today that it has been named exclusive leasing agent for Wells Fargo Plaza, a 102,309-square-foot, Class A, two-building office complex in Boca Raton, Florida. Director John K. Criddle was selected to lease the building by IP Capital Partners just weeks after the Boca-based investment firm purchased the asset from New York-based Real Estate Capital Partners. Wells Fargo Plaza was built in two phases in 1990 and 2000 on a ±4.2-acre parcel at 925 and 975 South Federal Highway in Boca Raton. The complex is comprised of a seven-story, 88,509-square-foot office building, an adjacent two-story,13,800-square-foot office/ retail bank building, and a six-level parking garage housing 598 spaces. Wells Fargo Plaza was designed by internationally renowned architect Phillip Johnson and offers a highly-desirable downtown location just south of Royal Palm Place and Mizner Park and within walking distance to retail amenities such as Publix and Trader Joe’s while providing easy access to Interstate 95. “Our strategy is simple,“ said Criddle. ”Within four months, the new ownership IP Capital Partners plans to deliver high-end spec suites that meet the market demand.” “Given the strong market conditions in the East Boca Raton submarket, it is the ideal time to reposition Wells Fargo Plaza into a premiere Class A suburban office building,” added Criddle. “I am confident that the new ownership’s significant capital investment and our hands-on, results-oriented leasing approach will pave the way to success.” Cushman & Wakefield’s 2Q 2015 Palm Beach County Office Marketbeat report, produced by Florida Research Manager Chris Owen, indicates that the local office market is thriving. “The positive fundamentals for the Palm Beach office market are growing each quarter,” said Owen. “Rents continue to trend higher due to strong tenant demand on a dwindling supply of quality office space throughout Boca Raton.” “Cushman & Wakefield projects that by year-end, continued leasing activity will lead to further significant rent growth and declining vacancies in most submarkets in the county,” added Owen. The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman.