PB Billionaire Greene Trims Office Space Set For West Palm Beach

PB Billionaire Greene Trims Office Space Set For West Palm Beach

Land investor Jeff Greene plans to cut back size of office space planned for West Palm Beach.

Offices? New homes?

Palm Beach billionaire Jeff Greene said he still plans to build these projects in West Palm Beach, but he’s making changes that will affect how they turn out.

Case in point: One West Palm, Greene’s ambitious, 30-story, twin-tower complex planned for 550 Quadrille Ave.

One tower was set to feature 340,000 square feet of office space. The other project was going to be an all-suites hotel and condos.

Now, Greene has killed plans for an office-only tower. Instead, he’ll build only about 200,000 square feet of office space.

One West Palm planned for 550 Quadrille Blvd. in West Palm Beach. (Photo provided)

The rest of the building will be 200 hotel suites, averaging 550 square feet.

Greene said he’s taking a more conservative approach to the area’s iffy office market, which tends to attract local users and not big, out-of-state tenants. Trimming the office space size lowers the risk.

Creating an all-office tower “will take a long time to absorb that space. So we’re going to go smaller,” Greene said.

The move makes the building more likely to succeed, said Peter Reed, managing partner of Commercial Florida Realty Services.

Reed said a new office building in West Palm Beach goes up about every ten years or so, and the buildings typically are about 200,000 square feet, which is about what the market can absorb.

Reed noted that trimming an office tower’s size has been done before.

CityPlace Tower, at 525 Okeechobee Blvd., was planned for 20 stories and 335,000 leasable square feet. But developers Related Cos. and CRT Properties trimmed four floors off the tower to save building expenses. CityPlace Tower is 290,000 square feet.

As for the second tower at One West Palm, Greene said no longer plans to build condos.

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: August 15th 2016
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