Global Capital Econometrix LLC, a new investment advisory firm headed by Dennis Hammond of St. Louis-based Harbor Capital Management, has signed a lease for 14,516 square feet at Phillips Point, located at 777 S. Flagler Dr. in West Palm Beach, FL.
In a separate deal, long-time tenant BMO Harris Bank has renewed its 10,000-square-foot lease for five more years.
Phillips Point totals more than 500,000 square feet of class A office space in West Palm Beach's CBD submarket. Originally built in the late 1980s, the East and West Towers provide access to City Place's retail complex, Palm Beach Island, and views of the Intercoastal Waterway from all sides. The asset is home to several international tenants including Goldman Sachs, Morgan Stanley, Greenberg Taurig, and Morton's Steakhouse. In addition, the properties boast on-site banking, valet parking, concierge, ground- and penthouse-level dining options, sundry shop, and 24-hour manned security.
The new investment advisory firm will take the entire 18th floor of the West Tower for a ten-year term. Harris Bank is on the first floor of the East Tower. The transactions are valued at $8 million and $2.5 million, respectively.
Brian Gale with Taylor & Mathis represented the landlord, Colonnade Properties LLC, in both lease transactions. The Harris Bank deal was co-brokered by Mark Pateman at Cushman & Wakefield.