Corporate HQ Tower Being Retooled For Smaller Company Users – Palm Beach Post

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Corporate HQ tower being retooled for smaller company usersPalm Beach Post Staff Writer Say goodbye to one of Palm Beach County’s signature towers meant exclusively for a single corporate headquarters company. A 10-story office building in Boca Raton that once exclusively housed corporate giants W.R. Grace and then Tyco International is about to be turned into a building that can be occupied by many tenants. In the good old days, one tenant walked in and took the whole luxury tower, which features 195,000 square feet of space. “That happened twice, but the chances of it happening a third time in today’s market are not as likely,” said Michael Erickson, senior vice president of CBRE, which is leasing and managing the building. “We decided to see what the opportunity would be by making it a general multi-tenant building.” The building, first known as the Crocker Tower, has been renamed One Town Center, and renovations are underway, starting in the lobby, now being updated with new marble, wood concierge desk and updated furnishings. Restrooms and tenant floors also are being renovated, including the use of new lighting and tile floors in the tenant elevator lobbies. Erickson said the move is an opportunity for companies that have wanted a space in the center but were shut out because owner MetLife had been considering unnamed users that expressed interest in leasing most of the building. Thus far, however, those deals have not come through. To boost interest among potential smaller tenants, CBRE is renovating the third floor as a multi-tenant office floor to show the building’s flexibility. Erickson said rents are likely to range from $23 to $30 a square foot, depending on the floor. Common area maintenance, including taxes and insurance, will cost another $11.75 per square foot. While the move is likely to improve the building’s current 0 percent occupancy rate, it also removes from the market a unique property that has served as first class, move-in ready space for major corporations since the tower first was built in 1990. “It’s only one of two buildings in the state of Florida that has over 180,000 square feet of Class A office space,” said Kelly Smallridge, president of the Business Development Board, the county’s chief business recruiter. (The other building is in Tampa.) “While we understand (corporate headquarters) prospects are few and far between, this one property always allowed us to put Palm Beach County in the running when we would receive an inquiry,” Smallridge said. Alas, even in these slightly-improved economic times, Smallridge said companies looking to relocate to Palm Beach County want space in the 25,000 to 50,000-square-foot range. So big prospects needing nearly 200,000 square feet just aren’t around right now. It’s too bad, because the Boca Raton building has been the site of some colorful – and controversial – corporate behemoths. Soon after Tom Crocker built the property on “spec” in 1990, W.R. Grace, a specialty chemical maker, announced it would move most of its headquarters staff to the Boca Raton tower from New York.

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Iconic One Town Center Rebranding Begins with Renovations

OneTownCenter-Logo w TagFor only the 2nd time in its 21-year history, the iconic, 10-story Class A office building located at 1 Town Center Road in Boca Raton is available for lease.

Formerly known as the Tyco Building, the property has been renamed One Town Center, taking advantage of its high profile address. With high-end finishes, amenities and high visibility due to its unique height and large site, the building is often used as a point of direction within the area.  One Town Center was constructed in 1990, before the four-story height restrictions were implemented.

One Town Center is re-entering the Boca Raton leasing market with the largest block of Class A office space in the Glades / West Boca submarket.  In addition to full floor availabilities, the third floor is being renovated as a multi-tenant office floor to showcase the flexibility to meet market demand for tenant spaces of all sizes.  Four spec spaces are being completed with high end finishes and lighting. These spaces will be available for immediate occupancy and range from 1,200 square feet to the full 20,000 square foot floor. The building’s owner, MetLife, began a renovation this month and has retained CBRE to lease and manage the property.

“Few recall the building was originally built to be Boca Raton’s finest Class A multi- tenant office building, but since  this property was in a single tenant’s hands for most of its history, it’s an undiscovered gem,” Michael Erickson, CBRE Senior Vice President said. “This marks the first time tenants have had the opportunity to lease space at this address. It’s generating a great deal of excitement and interest throughout the South Florida office market,” Erickson added.

The striking, two-story atrium lobby is being updated to include a new marble and wood concierge desk, stylish guest seating areas and modern lighting. The new lighting, finishes, floor coverings and furnishings were selected with particular consideration to environmental sustainability and lasting quality.  First floor amenities will include a new fitness center with shower/locker facilities, recycling center and a reconfigured lobby to provide for an onsite café. Restrooms and tenant floors are being renovated to include contemporary new lighting, tailored fabric wall coverings and elegant tile floors in the tenant elevator lobbies.  Renovations are being completed by architect HKS of Fort Lauderdale.

One Town Center, built with classic architectural features in 1990, was first the home of WR Grace, and more recently, ADT/Tyco International.

“One Town Center has always been a prestigious address, and with the new finishes and fixtures going in, it will give many tenants a true first-class, modern office building in Boca Raton’s most desired submarket,” said Erickson.