Treace Medical Concepts signed one of largest office deals in the Jacksonville, Florida, market last year when it leased 125,562 square feet for a new headquarters at 100 Palmetto Park Place. The size and importance of the deal helped it earn a 2023 CoStar Impact Award for lease of the year, which is selected by a panel of local judges familiar with the market.
Treace Medical Concepts manufactures orthopedic devices that aid in the surgical management of bunion deformities on the human foot. The company was founded in 2014 and is headquartered in Florida. Initially, Treace leased a smaller space in the Nocatee area and needed to expand and establish a more fitting headquarters. Treace's new space will include traditional office space as well as specialized product labs and medical training facilities, in addition to specific tenant build-out requests including truck lift access.
About the deal: Park Place at Nocatee was in the final stages of construction when talks began. Through discussions, the owner was able to plan for the company's growth, culture, space and market visibility while also enabling Treace to become the sole tenant to occupy the new building. To allow for the tenant's growth, a plan was implemented to build out and occupy the entire building over a two- to three-year period. Treace's lease is for 11 years.
What the judges said: Jeffrey Terwilliger and Tyler Saldutti noted of the award category's lone nominee that the deal was noteworthy for its size and location in a growing part of town.
They made it happen: Jesse Shimp and Preston Phillips with JLL in Jacksonville brokered the lease on behalf of the building owner, VanTrust Real Estate.
