Tortoise Properties and PEBB Enterprises Execute New Lease With ADT to Keep Corporate Headquarters in Boca Raton

More Than 70,000 Square Feet of Space Also Available for Lease At Class A 10-Acre Office Park Within The Park at Broken Sound

WEST PALM BEACH, Fla. & BOCA RATON, Fla., December 07, 2022--(BUSINESS WIRE)--Tortoise Properties, LLC, a privately held West Palm Beach-based real estate investment and development group and PEBB Enterprises, a full-service private real estate investment company, announce the successful lease renewal for the corporate headquarters of ADT, located at 1501 Yamato Road within The Park at Broken Sound, Boca Raton, Fla. The co-owners also report the availability of 70,000 square feet of leasable office space in its West Tower.

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Adjacent to The Old Course at Broken Sound, the Class A office park, owned and managed by Tortoise Properties and PEBB Enterprises, consists of 10 acres of land with a pair of Class A institutional office buildings. The buildings total 171,489 square feet connected by a "Main Street" central atrium that features best-in-class employee amenities, including a fitness center, cafeteria, coffee shop, hair salon and other enhancements. (Photo: Business Wire)

Adjacent to The Old Course at Broken Sound, the Class A office park, owned and managed by Tortoise Properties and PEBB Enterprises, consists of 10 acres of land with a pair of Class A institutional office buildings. The buildings total 171,489 square feet connected by a "Main Street" central atrium that features best-in-class employee sought-after amenities, including a fitness center, cafeteria, Starbucks, salon and other lifestyle features.

The lease renewal of ADT, the most trusted name in security and headquartered on Yamato Road since 2012, includes 104,000 square feet with substantial new features and tenant improvements. Upgrades will support ADT’s reimagined office environments designed for today’s workforce preferences. New amenities will include flexible office space with meeting rooms, open lounge areas, renovated pantries and wellness spaces. Each will provide ample opportunity for employee/team interaction.

"This decision demonstrates ADT’s strong commitment to Boca Raton, where we have been operating since the 1990s, and to retaining and recruiting top talent," said ADT Chief Administrative Officer Harriet Harty. "As we look forward to 2024 when ADT celebrates its 150th anniversary, we are well-positioned in South Florida to continue building the workplace of the future and deliver safe, smart sustainable solutions to our six million-plus customers."

"This renewal underscores both the value of strong landlord/tenant relationships and our mutual commitment to Boca Raton and Palm Beach County, in which we both do business," added Tortoise Properties President, CEO & Co-Founder Jake Geleerd. "With a number of interested parties looking at our 70,000 square feet of leasable space available in our West Tower, we look forward to being able to forge expanded footprints for current tenants and welcome our new ones."

Delivering for evolving workforce priorities, PEBB Enterprises President and CEO Ian Weiner noted that "PEBB Enterprises and Tortoise Properties are known for our innovation in lease negotiations and amenities improvement programs, so that tenants will feel ‘at home’ for growth for several more lease cycles."

For the ADT lease negotiation, Greg Katz of Newmark and Jeff Kelly of CBRE were tapped to represent Tortoise Properties and PEBB Enterprises as leasing agents. ADT is represented by Scott Panzer and Deanna Becker of JLL real estate services.

In addition to the Class A office park in The Park at Broken Sound, Tortoise Properties and PEBB Enterprises also own and manage Jupiter Innovation Center, Jupiter’s largest for-lease office building, with 186,238 square feet of space that sits on a prime 16-acre campus at 1701 Military Trail. The Class A project is one mile from Jupiter Medical Center, home to the new Anderson Family Cancer Institute, a 55,000-square-foot cancer center. Jupiter Innovation Center has a mix of medical, office, research and development tenants.

For leasing inquiries, contact Greg Katz of Newmark at gregory.katz@nmrk.com or 305.350.0922. For more information on Tortoise Properties visit tortoiseproperties.com. For more information on PEBB Enterprises visit pebbenterprises.com.

ABOUT TORTOISE PROPERTIES

Tortoise Properties, LLC is a privately held commercial and residential company headquartered in Palm Beach County that focuses on acquiring and developing its legacy assets consisting of premier income-producing commercial office, multi-family and mixed-use properties in the South Florida region. Drawing upon more than 60 years of combined principal experience and expertise in asset valuation, acquisition, development, and management, leadership seeks and drives strategic, methodical long-term buy-and-hold investment opportunities. Founded by Jake Geleerd and partner Kelly Brannen in 2017, Tortoise Properties has earned an industry reputation for delivering strong ROI for partners and investors by developing, owning and operating highly desirable and safe places in which to live, work and play for a robust mix of office, residential and retail tenants. Recognizing the exponential value of building steadfast relationships, leadership looks to work alongside strong local market partners to ensure long-term success for its properties, tenants and investors. Deliberate, with guiding principles of safety first and understanding that success it is not a sprint, but a long-term venture, Tortoise Properties will continue to lead the race. To learn more, visit TortoiseProperties.com.

ABOUT PEBB ENTERPRISES:

Based in Boca Raton, FL, PEBB Enterprises is an entrepreneurial, full-service private equity real estate investment company. PEBB has operated as a family-owned business for more than four decades and takes pride in the company’s team of forward-thinking associates who continue to push and expand PEBB’s growth on a daily basis. PEBB has an unparalleled track record of acquiring and developing high-quality neighborhood, regional and power shopping centers, as well as suburban office buildings. The company’s vast portfolio includes properties in Florida, Texas, Nevada and numerous Midwest and Southeast states. For more information, visit https://pebbenterprises.com/.

ABOUT ADT:

ADT provides safe, smart, and sustainable solutions for people, homes and businesses. Through innovative products, partnerships and the largest network of smart home, security and rooftop solar professionals in the United States, we empower people to protect and connect what matters most. For more information, visit adt.com.

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Contacts

Bonnie S. Kaye, Kaye Communications, Inc., 561-392-5166-office/561-756-3099-mobile
Jon A. Kaye, Kaye Communications, Inc., 561-392-5166-office/561-756-3097-mobile