BOCA RATON, Fla.--(BUSINESS WIRE)--CP Group, a prominent owner-operator of commercial real estate throughout the Sunbelt, today announced its plans to complete 340,000 square feet of its ‘worCPlaces’ flexible office suites by the end of this year.
This announcement follows the success of worCPlaces since its launch in late 2021, a program CP Group designed in collaboration with Gensler after observing historic leasing success across its portfolio. The firm saw increased heightened demand in the market for flexible, modern workspaces as tenant needs evolved post-pandemic and opted to invest and focus on growing the product category, including appointing a co-working industry expert, Brendan McGee, as its Director of worCPlaces. McGee previously spent 20 years with TechSpace Inc., an Industrious Company, where he successfully oversaw New York, Texas, and Virginia expansions in flexible office space.
worCPlaces includes three different types of spaces designed to meet the needs of both today’s small-to-medium-size tenants and Enterprise-level businesses looking to move quickly and scale their company's future in place.
- Cowork Places – scalable co-working office space for small, growing teams
- Flex Places – individual suites with shared amenities, ideal for high-growth companies
- Spec Places – beautifully designed, traditional move-in-ready pre-built office suites
“At a time when many office owners are looking to capitalize on the demand for high-quality, flexible workspace, our worCPlaces program has emerged as a leader in this fast-expanding market,” says Brendan McGee, Director of worCPlaces at CP Group. “Tenants today urgently need customizable yet turnkey work environments that are fully amenitized for their staff. We are confident these dynamics will continue to bring new companies to our portfolio where we can support their business needs and growth every step of the way.”
All worCPlaces suites offer flexible lease terms between two and ten years. Tenants can access personalized company branding on their suite entrance, as well as hybrid meeting spaces, flexible workstations, dedicated break and copy/storage space, Enterprise grade internet and printing, and other in-suite amenities designed for flexibility and easy move-ins.
Many of the competitively priced suites are also offered fully furnished and provide access to all the value-add services CP Group offers its standard office tenants: an in-house design team that can create additional customization to create a space that fits the needs of each user and its team; a tenant experience program which offers concierge-level services and modern conveniences to each building, customized to fit the needs of each building’s tenancy, including a mobile app with exclusive discounts and real-time building information; and an ESG program led by CP Group’s Director of ESG which ensures health and wellness are integrated into the design principles of every tenant and common area space.
Following the successful lease-up of its existing space, the firm is underway on new worCPlaces offerings across the portfolio, all of which aim to be delivered in 2023.
- Paces West in Atlanta, Georgia, offers seven Spec Places ranging from 3,000 to 7,000 square feet delivering next month, with two already pre-leased.
- Bank of America Plaza in Atlanta is near completion on 100,000 square feet of Spec Places, totaling 13 spec suites ranging from 4,000 to 25,000 square feet, with two already pre-leased.
- 5600 Glenridge in Atlanta will have a full floor of Spec Places ranging from 3,000 to 4,000 square feet to be delivered by the end of the summer, with one already pre-leased.
- Two Town Center in Boca Raton, Florida, has already leased up a full floor – consisting of five spec suites – before its completion, recently completed another full floor of spec suites ranging from 1,700 to 3,200 square feet, and is in plans to build out another one or two floors of Spec Places by the end of this year.
- Boca Raton Innovation Campus (BRiC) in Boca Raton is underway on over 30,000 square feet of Spec Places ranging from 1,700 to 3,200 square feet and 16,000 square feet of Flex Places – delivering single-use offices and Enterprise solutions – to be delivered by the end of 2023 and early 2024.
CP Group also has plans to develop spec suites at two trophy assets in Downtown Miami — One Biscayne Tower and Miami Tower – with details soon to be announced.
“By building and operating these spaces ourselves, we vertically integrate the flexible workspace model, which allows us to manage quality and service and provide more attractive pricing to the end-user. It is truly a win-win, and we are seeing that in the successful lease-ups,” McGee said.
Flexible workspaces are currently available for lease at multiple properties across CP Group’s national portfolio, including:
- Lakeside Office Park in Atlanta offers 40,000 square feet of flex space in a single building with all three workspace types – Cowork Places, Flex Places, and Spec Places. Seven of twelve Flex and Spec Places have been leased since the building opened late last year.
- One and Two Ravinia in Atlanta houses 50,000 square feet of Spec Places ranging from 3,000 to 8,000 square feet.
- One Downtown, formerly Suntrust International Center, in Miami, Florida, offers three floors of Spec Places ranging from 3,000 to 4,000 square feet.
- 5POP in Houston, Texas, houses 23,000 square feet of Spec Places ranging from 2,600 to 5,500 square feet.
All worCPlaces suites offer flexible lease terms between two and ten years. Tenants can access personalized company branding on their suite entrance, as well as hybrid meeting spaces, flexible workstations, dedicated break and copy/storage space, and other in-suite amenities designed for flexibility and easy move-ins.
About CP Group
Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 56 million square feet, valued at nearly $8 billion. It is currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 25th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Denver, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.