MDNowa Florida emergency care provider, is moving its headquarters from West Palm Beach, Florida to 4200-4400 Northcorp Parkway, a 115,000 square foot Class A office building in Palm Beach Gardens, Florida.
MDNow signed a 10-year lease on 18,648 square feet with the owners Alchemy-ABR Investment Partners and Breakers Capital Partners, for the fourth floor. Other tenants in the building include Olympus Insurance, Garden of Life and Gehring Group.
Greater Miami’s office vacancy rate was 13.1% at the end of the second quarter, while the average listing rate rose 8.8% year-over-year in June, the South Florida continuing to show healthy fundamentals.
Alchemy-ABR Investment Partners acquired the building in 2016, for $30 million, and the property is backed by a $25.4 million loan, issued by BankUnited, according to CommercialEdge data. The owner plans to improve the building, including the renovation of the lobby. Originally completed in 1996, the property was renovated in 2013, according to the same data provider. The four-story, two-building property sits on 6.2 acres and features controlled access, a fitness center and 329 parking spaces, with a ratio of 2.9 spaces per 1,000 square feet.
The office building is located in the heart of Palm Beach Gardens, near the intersection of PGA Boulevard and Interstate 95, approximately 20 km from West Palm Beach. Tenants have access to several area amenities, including restaurants and parks.
MDNow was represented by Trinity Shopping Group and Alchemy-ABR Investment Partners by Managing Director Anthony Librizzi of Cushman and Wakefield.