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Here comes another one: Financial firm Alvarez & Marsal Capital is setting up shop in West Palm Beach.
The Greenwich, Conn.-based private equity firm inked a 10,000-square-foot lease for the 10th floor of 300 Banyan Boulevard, a mixed-use development that’s under construction, developers Brand Atlantic and Wheelock Street Capital announced.
Located in the city’s downtown, the 12-story 300 Banyan will feature 120,000 square feet of office space across six floors and a three-story parking garage.
300 Banyan is scheduled to be completed in 2024. A year ago, Brand Atlantic and Wheelock Street Capital secured an $87 million construction loan from Acore Capital.
The office project is part of the larger Banyan & Olive mixed-use development that includes the historic three-story building at 111 North Olive Avenue, which was designed by famed architect John Volk and was completed in 1936. The joint venture acquired both sites, which totals about an acre, for $20 million in 2021.
Asking rents at the development range between $110 and $130, triple-net, according to a spokesperson for Brand Atlantic. Cushman & Wakefield’s Brian Gale and Anthony Librizzi represented the landlord, while David Dusek and Kevin Landers from the same brokerage represented the tenant.
Alvarez & Marsal, which has over $4.6 billion in assets under management, is the first tenant for 300 Banyan. It’s also the latest financial firm based in the Northeast to seek an office in the West Palm Beach area since the start of the pandemic. The companies include industry heavyweights such as Goldman Sachs, Elliot Management and Millennium Management, among others.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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