Flagler Station
Now that the details of AEW Capital’s $340 million purchase of Flagler Station are out, industry insiders are beginning to ask what will become of the 150 undeveloped acres adjacent to the 4.2 million developed square feet that comprise the business park, GlobeSt.com reported. [more]
Flagler Development President Vincent Signorello and Flagler Station
Texas-based TPG Capital’s deal to buy the Flagler portfolio, expected to be worth more than $1 billion, appears on the verge of falling through because a price could not be agreed upon.
According to the South Florida Business Journal, which first reported the deal earlier this year, negotiations stalled on the non-Flagler Station portion of the 12 million-square-foot portfolio, which was expected to sell for a total of $1.2 billion (note: correction appended). [more]
Flagler Station
When TPG Capital acquired the entire 12 million-square-foot Flagler portfolio of developed land, it immediately put one prime asset, Flagler Station in Miami, back on the market, according to reports. Now the South Florida Business Journal reported that AEW Capital will likely scoop up the 4.1 million-square-foot office complex for more than $300 million. [more]
Brokers at Flagler Real Estate Services, the commercial brokerage arm of Coral Gables-based Flagler Development, closed roughly 1 million square feet of new and renewed lease transactions and 60,000 square feet of property sales in the third quarter of 2009, the firm has announced. Flagler Real Estate Services’ 2009 portfolio of deals now totals 2.8 million square feet. Among its largest deals were J.P. Morgan Chase’s lease renewal on 159,750 square feet of space at Deerwood South and Siemens Enterprise Communications’ renewal of 68,008 square feet of office space at 5500 Broken Sound, Building ‘A’ in Boca Raton. TRD
alt="alternate text">Flagler Development’s Eric Swanson was elected as chairman of the Urban Land Institute’s Southeast/Caribbean District Council, a two-year term. Swanson is executive vice president and South Florida market officer at Flagler, where he manages all assets and development for the company’s South Florida portfolio. The portfolio encompasses more than five million square feet of office and industrial space plus more than 1,000 acres of entitled land for potential development. He said his three goals at ULI are to enhance workforce housing, infrastructure and transportation, and sustainable design in the Southeast and Caribbean; promote and enhance the relevance of ULI within the South Florida region by working with land planning and government agencies; and activate and involve ULI South Florida’s 1,000 members. [GlobeSt] [more]
South Florida’s real estate ranks, thinned by the market collapse, are
starting to increase again as brokerages anticipate an upturn. Some struggling part-timers left the business as the boom times faded, and others near retirement exited gracefully. Those who hung on are sharpening their swords in preparation for
renewed opportunities. Home sales are once again on the rise, but
different strengths are needed for a market characterized by lower
prices, fewer buyers, and rising foreclosures. Companies like Flagler Development are taking advantage of the down
economy to recruit talented brokers and train them to leverage market
opportunities. In the last six months, the firm has hired four people,
taking advantage of cutbacks at rivals such as CB Richard Ellis. [more]
