Babak Ebrahimzadeh with The Up to date (Getty)
Babak Ebrahimzadeh is the newest investor and developer to bet on the developing West Palm Beach office market.
As a result of his Miami-based mostly Florida Mastermind, Ebrahimzadeh desires to develop a 12-tale business office making with 150,000 square toes of area at 1545 Centrepark Push North, he instructed The Genuine Deal. The task, to be referred to as The Contemporary, will be inside of the city’s Commerce Pointe Corporate Heart.
An affiliate of Ebrahimzadeh paid out $5.5 million for the 1.2-acre web-site in June. It now homes a 10,000-sq.-foot office environment making constructed in 1993, in accordance to home records.
Construction is envisioned to commence in the center of future yr and be accomplished in 2025.
Ebrahimzadeh is aspect of a developing craze of builders zeroing in on the West Palm place of work sector, but his method is slightly various. While the hoopla has centered about the downtown area, his challenge is farther from the city main.
Ebrahimzadeh’s constructing would be near to important thoroughfares, along Australian Avenue and around I-95. He aims to attract tenants priced out of Class A projects, which command $80 per sq. foot to $100 for each sq. foot, he said. Costs at The Contemporary would be about $60 a sq. foot.
Ebrahimzadeh has been a Palm Seashore County authentic estate trader for some time, both of those as a result of his Florida Mastermind and in joint venture with Gatsby FL. In August, Gatsby FL, whose other partner is Nader Shalom, paid $30 million for the 4-constructing retail and office plaza at 25 and 45 Northeast Second Avenue and 220 Northeast 1st Avenue in downtown Delray Seaside.
Gatsby FL also has taken in excess of the prepared PGA Tower office environment and retail undertaking, paying out $17.5 million, last thirty day period for the 7-acre progress website at 11200 RCA Heart Generate in Palm Seaside Gardens.
Ebrahimzadeh and Shalom also own the 800 Brickell workplace tower in Miami’s Brickell. They paid $125.5 million for the assets in 2019.
In his solo ventures, Ebrahimzadeh bought a downtown Delray Seashore office environment and retail creating at 411 East Atlantic Avenue for $18.5 million in January. The consumers ended up James and Marta Batmasian, who are prolific Palm Seashore County genuine estate traders.
In downtown West Palm, Stephen Ross’ Relevant Companies cemented itself as the biggest Class A office operator. Past 7 days, Relevant introduced options for an additional project, the 25-story 515 Fern setting up. It is already constructing Just one Flagler at the foot of Royal Park Bridge.
Considering that previous 12 months, Linked has acquired a few present business office structures and half of the possession fascination in a fourth.
At A single Flagler, which is dubbed the “hedge fund tower” for the economical company tenants it is anticipated to entice, inquiring rents strike $180 a sq. foot this yr, a new large for South Florida.
