Ivy Realty, a Greenwich-based real estate operating company, announced that since its purchase of the Heron Bay Corporate Campus in Coral Springs, the firm has leased over 53,685 square feet of office space in the hurricane-resistant, Class-A office building, boosting its occupancy from 48 percent to 86.5% percent.
Ivy Realty purchased the 89,000-square-foot campus in 2011 as part of a trio of commercial real estate investments in South Florida, as the firm eyed a recovery in the region.
The firm has amassed over 453,000 square feet of office space in South Florida in the last 30 months — an impressive statement as to its view of South Florida commercial real estate. The firm’s two other Class-A Office investments in the region are 1 East Broward Boulevard in downtown Fort Lauderdale, a 340,000 square-foot building, and 250 Royal Palm Way in Palm Beach with 24,000 square feet.
Following significant refurbishments, Ivy Realty boosted the occupancy in the signature, high-rise Fort Lauderdale office building by over 21 percent, and after recently finishing refurbishments at its Palm Beach property, that property too is quickly escalating in occupancy. After significant downturns in office values in recent years, the trio of Ivy Realty successes point to capital infusions as playing a critical role in turning mediocre properties into prime properties, helping to spur on the South Florida recovery.
“As we sought to expand our investment horizons beyond the Northeast a few years ago,” said Rusty Warren, Co-CEO of Ivy Realty, “we viewed South Florida as on the cusp of recovery, but it lacked investors that could combine conviction and capital. We have the resources to back our vision and are seeing our quality assets returning to positions of prominence in their respective Class-A office markets.”
The firm’s latest success story, Heron Bay Corporate Campus I and II, are preeminent multi-tenant office buildings located within the northwest Broward submarket. Completed in 2001, their modern Mediterranean design incorporates hurricane-resistant features including impact-resistant windows and generator wiring for tenants requiring uninterrupted operations. The campus is ideally located by the “main-and-main” commercial intersection of the Sawgrass Expressway and Coral Ridge Drive, which serves prestigious communities surrounding including Heron Bay Golf Club, The Hamptons, and Parkland Golf & Country Club, all of which are affluent communities favored by entrepreneurs and corporate decision makers. The Heron campus’ circular driveway stems from the grand entrance of the Marriott Hotel, adding a high level of convenience for visiting executives.
Ivy Realty’s lease-up in the three-story buildings has included adding Pearl Holdings, a Florida-based personal automobile insurer with over 17,000 square feet; Regus, the world’s largest provider of flexible workspace, which hosts approximately 15,500 square feet of executive suites at the Heron Bay campus; and AOD Software, a long-term care software company providing clinical, operations and financial management solutions to retirement and continuing care communities, which leased approximately 15,300 square feet. These leases are unusually large for the office submarket, which more typically leases spaces of 3,000-5,000 square feet per tenant. Ivy Realty also leased just under 4,000 square feet to Century Link (formerly Qwest Communications), among other new tenants.
Added Anthony DiTommaso, Co-CEO of Ivy Realty, “Heron Bay Corporate Campus appeals to corporate executives for numerous reasons: The location offers an ideal work-live combination, surrounded by upscale enclaves, golf courses and A-rated schools. It features luxury, modern amenities, and it’s hurricane resistant as well as inland, the latter offering added protection for a business during storm season.”
The buildings, which are located at 11555 and 11575 Heron Bay Boulevard, currently have 12,000 square feet of available space, with footprints allowing for subdivision of tenant spaces into as little as 1,000 square feet. The buildings are Energy-Star efficient, and the exteriors features lush landscaping.
CBRE is handling the leasing of Heron Bay Corporate Campus under the direction of Travis Herring and Deanna Lobinsky
https://sfoba.com/wp-content/uploads/2013/10/Heron-Bay-Corporate-Campus-Coral-Springs.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2013-10-22 20:12:292013-10-22 20:12:29Ivy Realty On A Tear
The Exchange six-building office complex in Fort Lauderdale has closed multiple recent transactions
At the office park located at 3303-3363 West Commercial Boulevard, call center and contact management services provider Talk2Rep has leased 9,228 square feet for its corporate offices, and the law firm of PeytonBolin, PL purchased a 6,240-square-foot office condo suite. Asset manager and broker George Sacks, managing principal of Commercial Florida Realty Services, represented owner The Exchange of Fort Lauderdale LLC in the transactions.
“As Broward’s office market slowly strengthens, we’re seeing higher demand for small blocks of space in suburban locations,” Sacks said. “We have activity from professional firms and marketing-related companies that need 10,000 square feet of corporate space or less and are anxious to lock in costs before economic conditions shift,” Sacks said. “They’re keenly aware of the market’s signals, with Broward property values recovering and lease rates starting to increase in some of the county’s Class A complexes. They know interest rates will inevitably rise.”
The deals at The Exchange, which totals 174,473 square feet, bring the complex to 83 percent occupied.
Companies are running the numbers for lease vs. buy, based on their business models, Sacks said. Tenants are securing today’s favorable leasing rates, and owner-buyers who anticipate stable space needs are moving quickly on low interest rates and the availability of up to 90 percent Small Business Administration (SBA) financing.
https://sfoba.com/wp-content/uploads/2013/05/George-Sacks1.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2013-10-17 00:43:012013-10-17 00:43:01George Sacks Seals 15,500 SF In Exchange Deals
Stockbridge Cypress Park West LLC, managed by San Francisco-based Stockbridge Capital Group LLC, acquired Cypress Park West I and II at 6700 and 6750 N. Andrews Ave., according to Broward County records. The seller of the two buildings totaling nearly 425,000 square feet is New York-based T-C Cypress Park West LLC.
The transaction closed Sept. 27. Broward County recorded the sale Thursday. No financing was recorded.
Cypress Park West I was built in 1987. The building includes more than 127,000 square feet of Class A office space and a nearly 216,000-square-foot parking garage, according to CoStar Group. The office space is about 67 percent leased to tenants including Seitlin Insurance and Advisory Services and Claims Verification Inc.
The 115,000-square-foot Cypress Park West II was completed in 2003. It is more than 94 percent leased, according to CoStar. Microsoft Corp. occupies about 47,000 square feet. Other tenants include MSC Cruises Inc. and Regus PLC.
Stockbridge in February paid $15.1 million for retail center Palm Lakes Plaza in Margate. Its regional portfolio also includes the Reserve Shopping Center in Boca Raton, an industrial complex at 410 and 420 S. Congress Ave. in Delray Beach and the Lakes at Pembroke apartment community in Pembroke Pines.
Stockbridge is a real estate investment management firm founded 10 years ago, according to its website. The company and its affiliated adviser have about $6.4 billion in real estate assets located throughout the United States.
https://sfoba.com/wp-content/uploads/2013/10/Cypress-Park-West.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2013-10-09 19:55:342013-10-09 19:55:34New Owners For Cypress Park West
The prime objective of the South Florida Office Brokers Association (SFOBA) is to give the participants an opportunity to network with their peers, get more information on what is available in the marketplace, and hopefully get pertinent market information from guest speakers, and research analysis for the area.
Our meetings are hosted, graciously, by our members. The host property gets exposure to market the space available in the building and for all to see it first hand.
There is no charge to be a member of the SFOBA, but it is for office brokers only.
If you are an office broker, and not yet a member of SFOBA, please let us know by leaving a comment below. Be sure to include your name and email address and we’ll be happy to add your name to our current email distribution list to keep you informed of upcoming meetings.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2013-10-08 18:01:352013-10-08 18:01:35Are You A Member Of SFOBA?
Three South Florida streets rank among the 20 most expensive spots nationwide for office rents, a recent study shows.
Royal Palm Way on the island of Palm Beach was ninth with an average gross per square foot asking price of $58.52, according to Jones Lang LaSalle. The price was up about 1 percent from 2011, the last time Jones Lang LaSalle conducted the study.
Meanwhile, East Las Olas Boulevard in Fort Lauderdale came in at No. 19, with a gross price per square foot of $36.84, down about 5 percent since 2011.
Brickell Avenue in Miami was the only other Florida street on the list. It ranked 14th at $39.09 per square foot.
The Royal Palm Way, Las Olas and Brickell submarkets command top rents because they attract businesses that serve affluent residents in South Florida, said Peter Reed, broker at Commercial Florida Realty Services. “Those locations are convenient,” Reed said. “People like to know their money is close.”
Royal Palm Way is known as “banker’s row” because of the contingent of wealth management and financial services firms, Jones Lang LaSalle said.
Sand Hill Road in Menlo Park, Calif. has the nation’s highest average office rent at $111. Fifth Avenue in Midtown Manhattan had the nation’s second-highest average rent at $102.
https://sfoba.com/wp-content/uploads/2013/10/streets-of-gold.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2013-10-03 02:28:312013-10-03 02:28:31Streets Of Gold: Palm Beach, Fort Lauderdale Among Priciest Office Rents
Spirit Airlines Inc. has agreed to stay put at the Miramar Park of Commerce, where the company has based its South Florida operations since 1999.
The company announced Friday that it signed a 70,819-square-foot lease renewal at the 2844 and 2854 Corporate Way facility it calls the Spirit Support Center. The discount airline is expanding its presence at the facility by 14,625 square feet of office space. Financial terms of the 10-year lease were not disclosed.
Spirit moved its headquarters from Detroit to Miramar 14 years ago. The low-cost carrier now has more than 1,300 employees in South Florida.
Miramar Park of Commerce was developed by Sunbeam Properties Inc. Sunbeam vice presidents Andrew Ansin and Maridee Bell represented the park in the transaction. Studley Inc. senior managing director Chris Lovell, executive vice president Greg Katz and senior managing director Roy Abernathy represented Spirit.
The transaction is Broward County’s largest office lease in 2013, according to Studley.
“Our team spent over a year evaluating multiple cities and options,” Lovell said in a statement. “We are pleased that the employment and economic opportunities in South Florida and the partnership approach of Miramar Park of Commerce provided such convincing reasons for Spirit’s long-term commitment to this region.”
https://sfoba.com/wp-content/uploads/2013/10/Spirit.jpg270275adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2013-10-02 00:42:502013-10-02 00:42:50Spirit Stays Grounded, Signs Broward County’s Largest Office Lease This Year
Ivy Realty On A Tear
/in Done Deals, News/by adminIvy Realty, a Greenwich-based real estate operating company, announced that since its purchase of the Heron Bay Corporate Campus in Coral Springs, the firm has leased over 53,685 square feet of office space in the hurricane-resistant, Class-A office building, boosting its occupancy from 48 percent to 86.5% percent.
Ivy Realty purchased the 89,000-square-foot campus in 2011 as part of a trio of commercial real estate investments in South Florida, as the firm eyed a recovery in the region.
The firm has amassed over 453,000 square feet of office space in South Florida in the last 30 months — an impressive statement as to its view of South Florida commercial real estate. The firm’s two other Class-A Office investments in the region are 1 East Broward Boulevard in downtown Fort Lauderdale, a 340,000 square-foot building, and 250 Royal Palm Way in Palm Beach with 24,000 square feet.
Following significant refurbishments, Ivy Realty boosted the occupancy in the signature, high-rise Fort Lauderdale office building by over 21 percent, and after recently finishing refurbishments at its Palm Beach property, that property too is quickly escalating in occupancy. After significant downturns in office values in recent years, the trio of Ivy Realty successes point to capital infusions as playing a critical role in turning mediocre properties into prime properties, helping to spur on the South Florida recovery.
“As we sought to expand our investment horizons beyond the Northeast a few years ago,” said Rusty Warren, Co-CEO of Ivy Realty, “we viewed South Florida as on the cusp of recovery, but it lacked investors that could combine conviction and capital. We have the resources to back our vision and are seeing our quality assets returning to positions of prominence in their respective Class-A office markets.”
The firm’s latest success story, Heron Bay Corporate Campus I and II, are preeminent multi-tenant office buildings located within the northwest Broward submarket. Completed in 2001, their modern Mediterranean design incorporates hurricane-resistant features including impact-resistant windows and generator wiring for tenants requiring uninterrupted operations. The campus is ideally located by the “main-and-main” commercial intersection of the Sawgrass Expressway and Coral Ridge Drive, which serves prestigious communities surrounding including Heron Bay Golf Club, The Hamptons, and Parkland Golf & Country Club, all of which are affluent communities favored by entrepreneurs and corporate decision makers. The Heron campus’ circular driveway stems from the grand entrance of the Marriott Hotel, adding a high level of convenience for visiting executives.
Ivy Realty’s lease-up in the three-story buildings has included adding Pearl Holdings, a Florida-based personal automobile insurer with over 17,000 square feet; Regus, the world’s largest provider of flexible workspace, which hosts approximately 15,500 square feet of executive suites at the Heron Bay campus; and AOD Software, a long-term care software company providing clinical, operations and financial management solutions to retirement and continuing care communities, which leased approximately 15,300 square feet. These leases are unusually large for the office submarket, which more typically leases spaces of 3,000-5,000 square feet per tenant. Ivy Realty also leased just under 4,000 square feet to Century Link (formerly Qwest Communications), among other new tenants.
Added Anthony DiTommaso, Co-CEO of Ivy Realty, “Heron Bay Corporate Campus appeals to corporate executives for numerous reasons: The location offers an ideal work-live combination, surrounded by upscale enclaves, golf courses and A-rated schools. It features luxury, modern amenities, and it’s hurricane resistant as well as inland, the latter offering added protection for a business during storm season.”
The buildings, which are located at 11555 and 11575 Heron Bay Boulevard, currently have 12,000 square feet of available space, with footprints allowing for subdivision of tenant spaces into as little as 1,000 square feet. The buildings are Energy-Star efficient, and the exteriors features lush landscaping.
CBRE is handling the leasing of Heron Bay Corporate Campus under the direction of Travis Herring and Deanna Lobinsky
George Sacks Seals 15,500 SF In Exchange Deals
/in Done Deals, News, Trends/by adminThe Exchange six-building office complex in Fort Lauderdale has closed multiple recent transactions
At the office park located at 3303-3363 West Commercial Boulevard, call center and contact management services provider Talk2Rep has leased 9,228 square feet for its corporate offices, and the law firm of PeytonBolin, PL purchased a 6,240-square-foot office condo suite. Asset manager and broker George Sacks, managing principal of Commercial Florida Realty Services, represented owner The Exchange of Fort Lauderdale LLC in the transactions.
“As Broward’s office market slowly strengthens, we’re seeing higher demand for small blocks of space in suburban locations,” Sacks said. “We have activity from professional firms and marketing-related companies that need 10,000 square feet of corporate space or less and are anxious to lock in costs before economic conditions shift,” Sacks said. “They’re keenly aware of the market’s signals, with Broward property values recovering and lease rates starting to increase in some of the county’s Class A complexes. They know interest rates will inevitably rise.”
The deals at The Exchange, which totals 174,473 square feet, bring the complex to 83 percent occupied.
Companies are running the numbers for lease vs. buy, based on their business models, Sacks said. Tenants are securing today’s favorable leasing rates, and owner-buyers who anticipate stable space needs are moving quickly on low interest rates and the availability of up to 90 percent Small Business Administration (SBA) financing.
New Owners For Cypress Park West
/in Done Deals, News/by adminStockbridge Cypress Park West LLC, managed by San Francisco-based Stockbridge Capital Group LLC, acquired Cypress Park West I and II at 6700 and 6750 N. Andrews Ave., according to Broward County records. The seller of the two buildings totaling nearly 425,000 square feet is New York-based T-C Cypress Park West LLC.
The transaction closed Sept. 27. Broward County recorded the sale Thursday. No financing was recorded.
Cypress Park West I was built in 1987. The building includes more than 127,000 square feet of Class A office space and a nearly 216,000-square-foot parking garage, according to CoStar Group. The office space is about 67 percent leased to tenants including Seitlin Insurance and Advisory Services and Claims Verification Inc.
The 115,000-square-foot Cypress Park West II was completed in 2003. It is more than 94 percent leased, according to CoStar. Microsoft Corp. occupies about 47,000 square feet. Other tenants include MSC Cruises Inc. and Regus PLC.
Stockbridge in February paid $15.1 million for retail center Palm Lakes Plaza in Margate. Its regional portfolio also includes the Reserve Shopping Center in Boca Raton, an industrial complex at 410 and 420 S. Congress Ave. in Delray Beach and the Lakes at Pembroke apartment community in Pembroke Pines.
Stockbridge is a real estate investment management firm founded 10 years ago, according to its website. The company and its affiliated adviser have about $6.4 billion in real estate assets located throughout the United States.
Source: DBR
Are You A Member Of SFOBA?
/in News/by adminThe prime objective of the South Florida Office Brokers Association (SFOBA) is to give the participants an opportunity to network with their peers, get more information on what is available in the marketplace, and hopefully get pertinent market information from guest speakers, and research analysis for the area.
Our meetings are hosted, graciously, by our members. The host property gets exposure to market the space available in the building and for all to see it first hand.
There is no charge to be a member of the SFOBA, but it is for office brokers only.
If you are an office broker, and not yet a member of SFOBA, please let us know by leaving a comment below. Be sure to include your name and email address and we’ll be happy to add your name to our current email distribution list to keep you informed of upcoming meetings.
Streets Of Gold: Palm Beach, Fort Lauderdale Among Priciest Office Rents
/in News/by adminThree South Florida streets rank among the 20 most expensive spots nationwide for office rents, a recent study shows.
Royal Palm Way on the island of Palm Beach was ninth with an average gross per square foot asking price of $58.52, according to Jones Lang LaSalle. The price was up about 1 percent from 2011, the last time Jones Lang LaSalle conducted the study.
Meanwhile, East Las Olas Boulevard in Fort Lauderdale came in at No. 19, with a gross price per square foot of $36.84, down about 5 percent since 2011.
Brickell Avenue in Miami was the only other Florida street on the list. It ranked 14th at $39.09 per square foot.
The Royal Palm Way, Las Olas and Brickell submarkets command top rents because they attract businesses that serve affluent residents in South Florida, said Peter Reed, broker at Commercial Florida Realty Services. “Those locations are convenient,” Reed said. “People like to know their money is close.”
Royal Palm Way is known as “banker’s row” because of the contingent of wealth management and financial services firms, Jones Lang LaSalle said.
Sand Hill Road in Menlo Park, Calif. has the nation’s highest average office rent at $111. Fifth Avenue in Midtown Manhattan had the nation’s second-highest average rent at $102.
Source: Sun-Sentinel
Spirit Stays Grounded, Signs Broward County’s Largest Office Lease This Year
/in Done Deals, News/by adminSpirit Airlines Inc. has agreed to stay put at the Miramar Park of Commerce, where the company has based its South Florida operations since 1999.
The company announced Friday that it signed a 70,819-square-foot lease renewal at the 2844 and 2854 Corporate Way facility it calls the Spirit Support Center. The discount airline is expanding its presence at the facility by 14,625 square feet of office space. Financial terms of the 10-year lease were not disclosed.
Spirit moved its headquarters from Detroit to Miramar 14 years ago. The low-cost carrier now has more than 1,300 employees in South Florida.
Miramar Park of Commerce was developed by Sunbeam Properties Inc. Sunbeam vice presidents Andrew Ansin and Maridee Bell represented the park in the transaction. Studley Inc. senior managing director Chris Lovell, executive vice president Greg Katz and senior managing director Roy Abernathy represented Spirit.
The transaction is Broward County’s largest office lease in 2013, according to Studley.
“Our team spent over a year evaluating multiple cities and options,” Lovell said in a statement. “We are pleased that the employment and economic opportunities in South Florida and the partnership approach of Miramar Park of Commerce provided such convincing reasons for Spirit’s long-term commitment to this region.”
Source: DBR