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Palm Beach County is getting more office space as Master Mind expands its portfolio in the Miami area.
Developer Centrepark Master Mind LLC, which is managed by New York-based Master Mind’s Babak Ebrahimzadeh, filed documents with the city of West Palm Beach to build a 13-story office tower at 1545 Centrepark Drive.
The 1.27-acre site was purchased for $5.5M in June, South Florida Business Journal reports.
There is a 12K SF office property on the site that was built in 1993. Ebrahimzadeh is proposing to demolish that building to make room for a 156K SF office campus that would be called The Contemporary.
The new office digs, designed by WHLC Architecture, would include four balconies on each floor with office space, a cafeteria and a fitness center. The podium-style building will have 446 parking spaces across the first seven floors.
Master Mind will be looking to capitalize on South Florida’s rising status as an office market and exceptionally strong economy. The metro has seen a rash of inbound corporate relocations and office expansions in recent years, including Ken Griffin's Citadel relocating to Brickell from Chicago, Dublin-based aircraft company Aer Cap opening its Western Hemisphere HQ in Brickell and London-based cryptocurrency exchange Blockchain.com moving its Americas HQ to Wynwood.
Miami-Dade County has been a particularly big winner. In 2022, 57 companies either relocated or expanded in the county and 150 companies are in the pipeline, the Miami-Dade Beacon Council said in its annual report released Thursday.
But West Palm Beach is one of the hottest office submarkets in the region, and rents have continued to rise as vacancy has dropped.
There is 954K SF of office space under construction in West Palm Beach, where the vacancy rate is 8.8%, according to Colliers.
Master Mind has teamed up with Gatsby Enterprises to acquire two office buildings in the Miami area over the last few years. The duo acquired 800 Brickell from Chicago-based RREEF America for $126M in 2019 and the DiVosta Towers office buildings in Palm Beach Gardens for $80M in 2020.
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