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Morgan Stanley (MS) is taking another 12,071 square feet at its office in Palm Beach Gardens, Fla., Cushman & Wakefield, the landlord’s brokers, announced.
The expansion, which closed earlier this month, brings the bank’s total footprint to 39,296 square feet inside the Financial Center at the Gardens, owned by New York Life Real Estate Investors.
Located at 3801 PGA Boulevard between Interstate 95 and the Gardens Mall, the 10-story, 190,917-square-foot office building is on top of a four-story parking garage. Completed in 1997, the property is now 96 percent leased, according to C&W. Tenants include other financial heavyweights such as UBS and the Royal Bank of Canada.
“Our team worked with ownership to develop a strategy to mitigate the risks of new development in the area and secured a long-term lease that was extremely accretive for the asset,” Anthony Librizzi, a C&W broker, said in a statement. (The leasing team also included Tara England. A spokesperson for the brokerage has yet to comment on the property’s asking rent or the length of the lease.)
The landlord, a wholly owned subsidiary of New York Life Insurance Company, is spending $2 million to renovate the front entrance’s façade, which is scheduled to be completed next quarter.
Morgan Stanley was one the first financial firms to plant roots in South Florida in the wake of the COVID-19 pandemic, which spurred a corporate rush to the Sunshine State. In 2020, it inked a 111,100-square-foot lease at Miami’s Southeast Financial Center, which was South Florida’s largest office lease of 2020.
Jason Gold and Adam Bernstein of JLL, who represented the tenant in the Palm Beach Gardens transaction, did not respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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