Venture X Adds 29 KSF in Boca Raton

August 6, 2024

Coworking Brokerage Miami News More Southeast

The coworking operator will occupy the top floor of a building in Palmetto Central.

Venture X has signed a 28,959-square-foot long-term lease at Palmetto Central, a two-building Class A office campus totaling 147,627 square feet in Boca Raton, Fla. CBRE helped close the deal.

The tenant will be at Palmetto Central's second building, totaling 84,131 square feet at 1499 W. Palmetto Park Road. Image courtesy of Grover Corlew — Palmetto Central includes two recently upgraded office buildings at 1489 and 1499 W. Palmetto Park Road. *Image courtesy of Grover Corlew*

Palmetto Central includes a five-story, 63,496-square-foot building at 1489 W. Palmetto Park Road and a four-story, 84,131-square-foot second building at 1499 W. Palmetto Park Road. Venture X will open a new coworking location by fully occupying the top floor at the office complex’s second building.

Notable tenants at Palmetto Central include Gilbane Building Co., Khospace, Rebound Finance, Platinum Choice Healthcare, Zenith Financial Network and the corporate headquarters of landlord Grover Corlew, according to CommercialEdge.

The two office buildings came online in 1979 and 1992, include two passenger elevators each and offer a total of 337 vehicle parking spots. Additional features include floor-to-ceiling windows, full-height hurricane impact windows, custom buildouts and amenities such as a tenant lounge, conference room and fitness center.

An ongoing $30 million redevelopment program at both buildings started by the ownership will include an upgraded lobby and common-area amenities, renovated facades, as well as new core mechanical systems.

Colliers Executive Vice President Derek Baker negotiated on behalf of the flex office provider. CBRE’s team of First Vice President Joe Freitas, Executive Vice President John Criddle and Senior Associate Max Pawk worked on behalf of the landlord, Grover Corlew.

Miami’s coworking sector

The 5-acre office campus offers immediate access to Interstate 95. The property is 4 miles from downtown Boca Raton, 10 miles from Pompano Beach, Fla., and 19 miles from Fort Lauderdale, Fla.

Miami had 1.6 million square feet of coworking space as of March, representing 3.7 percent of total leasable office space in the metro, one of the highest rates across peer markets.

Last month, Quest Workspaces opened its second location in the metro by signing a 23,454-square-foot leasing agreement in Doral, Fla. The company is fully occupying the seventh floor at Doral Center, a 290,157-square-foot office building.