South Florida's busiest real estate law firm is moving its office within the portfolio of West Palm Beach's busiest developer.

Greenberg Traurig has signed a 25K SF lease to take a full floor at 15 CityPlace, an under-construction tower from Related Ross.

The law firm will move its office after spending 40 years at Phillips Point, also owned by Stephen Ross' firm. The relocation is a downsizing from the 30K SF Greenberg currently has, but co-managing shareholder Tracy Gerber said in a statement that the office will be designed to accommodate its planned growth.

The 10-year lease is expected to accommodate roughly 80 attorneys and professional staff. It also leases nearly 129K SF at the Wells Fargo Center in Downtown Miami.

Ross started construction on 15 CityPlace, along with 10 CityPlace, after landing a $772M construction loan from a package led by Ares Real Estate, Monarch Alternative Capital and HPS Investment Partners — the largest construction loan in South Florida to date.

Greenberg will join companies like Cleveland Clinic, which is anchoring the 490K SF 15 CityPlace with a 120K SF outpatient location.

While the law firm is moving out of Phillips Point, which Ross purchased in 2021 for $282M, three other companies are moving in as the developer spends $120M to upgrade the complex with redesigned lobbies, landscaping, new retail and dining.

New York-based investment bank Solomon Partners is opening a new 4,200 SF West Palm Beach office for client engagement, business development and events. MSCI, a New York-based financial data, index and analytics firm, is opening its first South Florida office at the complex with 7,500 SF.

SALES

Sea Club Ocean Resort Hotel, an entity led by Rachel Levy, sold the 99-key Sea Club Resort in Fort Lauderdale for $60M to an affiliate of El-Ad National Properties, according to property records provided by Vizzda.

El-Ad purchased the five-story building at 619 N. Fort Lauderdale Beach Blvd. with $40M in seller-carried debt.

The nearly 55K SF resort, built in 1954, last sold for just under $4M in 1995.

An affiliate of Len Stoler Automotive Group purchased a 99K SF auto dealership in Fort Lauderdale from Holman Automotive Group for $44.8M, according to property records provided by Vizzda.

Toyota Motor North America provided a $39.9M loan for the acquisition of the three buildings at 12 E. Sunrise Blvd., which were built in 1960 and 1972. They have been operating as a Holman Honda dealership, but the lender behind the deal indicates a new brand could be in store for the property.

An entity tracing to MLG Capital sold an apartment complex in Boynton Beach to American Landmark Apartments for $64.8M, according to property records provided by Vizzda.

ALA, led by Joseph Lubeck, purchased the 214-unit Savona Grand Apartments at 7132 Colony Club Drive with a $45.3M Fannie Mae loan originated by Newmark.

The 296K SF complex, built in 2003, is split between seven three-story buildings, three two-story buildings and a clubhouse. The one-to-three-bedroom apartments range between 825 SF and 1,515 SF and are priced between $1,850 to $3,050, according to Apartments.com. 

An affiliate of Starwood Asset Management purchased two affordable housing complexes in Miami for $63.7M from an entity tracing to Gatehouse Management and Mount Zion Community, according to property records provided by Vizzda.

Starwood purchased the 150-unit Magnolia Landing Apartments at 25900 SW 143rd Court for $34M and the 160-unit Lafayette Square at 150 NE 79th St. for $29.7M.

CBRE Capital Markets originated two Freddie Mac loans for the acquisitions: $23.8M for the 18-building, 15-year-old Magnolia Landing and $20.8M for the two-building, 18-year-old Lafayette Square.

An entity tracing to Trans Florida Development Corp. purchased 40 acres of residential-zoned land in Florida City from Onx Homes for $28M, according to property records provided by Vizzda.

Renovo Financial and Setanta Development Capital provided a $50.7M construction loan for the site, which has proposals for a 232-lot single-family-home subdivision.

An affiliate of The Milestone Group sold a 505-unit apartment complex to multiple entities tracing to Harbor Group International for $109M, according to property records provided by Vizzda.

Harbor assumed the $70.2M Freddie Mac loan tied to the property.

The complex at 12315 SW 151st St. spans 528K SF in 32 three-story buildings that were built between 1985 and 2004. Emerald Palms Apartment Homes has one-to-three-bedroom units starting at $1,805, according to Apartments.com. Units range between 710 SF and 1,330 SF.

CONSTRUCTION AND DEVELOPMENT

SG Holding, an entity affiliated with Swerdlow Group and Urban League of Greater Miami affiliate New Urban Development, broke ground on an affordable senior housing development in Miami Gardens, according to a release.

Serenity Gardens is set to rise eight stories and comprise 153 units, split between 16 studios, 122 one-bedroom units and 15 two-bedroom units. 

ANF is the construction manager for the project, which is expected to deliver in 2028 at 18330 NW 12th Ave.

FINANCING

Coastland Residential landed an $84M construction loan from PNC Bank for a 366-unit apartment project in Coral Gables at 4383 SW 75th Ave., according to a release and a Coastland Residential spokesperson.

Coastland will dedicate 15% of the units to people making up to 120% of the area median income, a spokesperson told Bisnow. The intention is to reach teachers, healthcare workers and first responders. The rest of the apartments will be rented out at market rate, the spokesperson confirmed.

Vybe 75 is the first phase of the Bird Road Art District, a development planned to add roughly 1,000 units to the area. It will have 5K SF of retail and include amenities like a rooftop pool and sun deck, a recovery spa, a yoga studio, a coworking lounge, a sports simulator, a movie theater and a pet spa.