A local telecommunications company will relocate its headquarters to a 40,000-square-foot office space in Palm Beach County.

Dycom Industries (NYSE: DY) closed on a lease to occupy the top two floors of 300 Banyan, a 12-story office building now under construction at 300 Banyan Blvd. in downtown West Palm Beach.

Dycom will move into 300 Banyan in the first quarter of 2025, said a spokeswoman for the building's developers, West Palm Beach-based Brand Atlantic Real Estate Partners and Greenwich, Connecticut-based Wheelock Street Capital. The building is slated to be finished in April, she added.

Brian Gale and Anthony Librizzi of Cushman & Wakefield represented Brand Atlantic and Wheelock in the lease negotiations. Derek Baker of Colliers represented Dycom.

Dycom's future office will fill one-third of 300 Banyan's total office space, according to the developers.

The 300 Banyan building is more than 50% preleased, the developers added.

Founded in 1969, Dycom Industries provides specialty contracting services for telecommunications infrastructure and utilities nationwide. Its current headquarters is in the 38-year-old Golden Bear Plaza complex at 11780 U.S. Highway 1 in Palm Beach Gardens. Dycom, which employs about 14,000 people, reported contract revenue of $4.18 billion in the last fiscal year.

The 300 Banyan building is part of a dual office project called Banyan & Olive. The "Olive" is a three-story historic building at at 111 S. Olive Ave. that was constructed in 1937. Substantially renovated in 2022, 111 Olive has 27,500 square feet of boutique offices and 10,000 square feet of retail.

The 300 Banyan building has 115,000 square feet of Class A offices on six floors, an 8,000-square-foot ground restaurant, and a six-floor parking garage.

The 111 Olive building and 300 Banyan site were acquired for $20 million by two limited liability companies managed by Brand Atlantic founder Adam Demark. In August 2022, Demark's 300 Banyan LLC obtained an $87 million construction loan from Acore Capital Management.

Last year, Pubbelly Sushi secured a 3,200-square-foot space at 111 Olive. In addition, Greenwich-based Alvarez & Marsal Capital closed on a 10,000-square-foot space in 300 Banyan, according to an August 2023 Bloomberg article.

The downtown West Palm Beach office sector has prospered in recent years as more financial services companies migrate to that area from other parts of the nation. As of the fourth quarter of 2023, listed rents in downtown West Palm Beach were $80.72 a square foot, according to a report from Colliers. Class A office space in downtown West Palm averaged $86.03 a square foot.

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